货币政策、会计信息可比性与资本结构动态调整

Monetary Policy,Accounting Information Comparability and Adjustment of Financing Structure

宏观经济政策能够对微观企业的会计信息质量和资本结构动态调整发挥作用。本文以2007~2015年中国沪深两市A股主板市场共1 642家上市公司的非面板数据为研究对象,考察了不同的货币政策下,会计信息可比性对上市公司资本结构动态调整速度的影响。研究结果表明,会计信息可比性的提高能够显著提高资本结构的动态调整速度。进一步研究表明,货币政策宽松时,会计信息可比性对调整速度的正向促进作用减弱;货币政策紧缩时,会计信息可比性对调整速度的正向促进作用增强。因此,监管部门应当加强对上市公司会计信息质量的监管,提高上市公司的会计信息可比性,以促进资本结构的优化。本文的研究有助于理解会计信息质量在宏观经济政策与微观经济行为之间发挥的作用,丰富了宏观经济政策、会计信息质量与微观经济行为之间关系的研究文献,为监管部门加强会计信息质量监管、优化宏观经济传导和资源配置提供理论支持与实证证据。

Macroeconomic policy can influence accounting information comparability and adjustment of financing structure of the microscopic enterprise. Using the sample of 1642 A-Share listed companies from 2007 through 2015,this paper investigates whether monetary policy and the comparability of accounting information influence dynamic adjustment of capital structure. The finding is that high accounting information comparability can significantly speed the adjustment of capital structure;the higher comparability,the bigger effect. Further analysis indicates,when the monetary policy is loose,the positive stimulus of accounting information comparability to the adjustment speed of capital structure is weaking;when the monetary policy is constrictive,the positive stimulus of accounting information comparability to the adjustment speed of capital structure is enhancing. So,regulators should require companies to improve the accounting information quality in order to promote the capital structure optimization and improve the adjustment speed of capital structure. This study is helpful to understand the function of accounting information quality between macroeconomic policies and micro economic behavior,and enriches the literature of the relationship among macroeconomic policy, accounting information quality and micro economic behavior. It will provide theoretical support and empirical evidence for the regulatory authorities to strengthen the quality supervision of accounting information,optimize macroeconomic transmission and resource allocation.