货币政策影响下的会计信息是否有用?——关于会计信息对信贷决策有用性的研究

Is the Accounting Information Useful in the Influence of Monetary Policy?——A Study of the Usefulness of Accounting Information in Credit Decision Making

本文以中国沪深两市A股上市公司为研究样本,探讨货币政策对会计信息在信贷决策中的有用性的影响。研究结果表明:与紧缩期相比,货币政策宽松时期的会计信息在信贷决策过程中的有用性较为显著;所有权性质差异并未在货币政策宽松时期影响会计信息的作用;货币政策紧缩时期,与国有企业相比,非国有企业融资压力加剧造成会计信息的人为扭曲。

A-share companies listed in the Shanghai and Shenzhen stock markets as samples,this paper researches the influence of monetary policy on the usefulness of accounting information in credit decision making.The results of the paper show that the usefulness of accounting information in credit decision making in the period of loose monetary policy is more significant than that in the period of tight monetary policy;the difference in ownership nature does not impacts the usefulness of accounting information in the period of loose monetary policy;compared with the state-owned enterprises,the increasing difficulties of non-state-owned enterprises in financing result in the intentional distortion of accounting information which weakens the usefulness of accounting information in credit decision making of banks.