货币政策、会计稳健性与中小上市公司债务融资

Monetary Policy, Accounting Conservatism and Cost of Debt Financingof Small and Medium-sized Listed Companies

以2009—2016年中国中小板和创业板797家非金融上市公司数据,检验货币政策对会计稳健性的影响,以及货币政策、会计稳健性,对中小上市公司债务融资成本的影响。实证研究表明,当货币政策紧缩时,中小上市公司的会计稳健性提高;而且与宽松时期相比,在货币政策紧缩时期,中小上市公司债务融资成本,随着会计稳健性的提升而增加的程度更为显著。这进一步解释了宏观政策对微观企业的传导和影响机制,有助于理解宏观经济环境下微观企业实体的行为。

Changes in monetary policy will inevitably affect the behavior of enterprises.The study takes data of 797 non-financial SME(Small and Medium-sized Enterprise)and GEM(Growth Enterprise Market)from 2009 to 2016 to examine the impact of monetary policy on accounting conservatism,and the impact of monetary policy and accounting conservatism on the cost of debt financing of small and mediumsized listed companies.Empirical study shows that:under tight monetary policy,the accounting conservatism of small and mediumsized listed companies was improved.Furthermore,the cost of debt financing of small and medium-sized listed companies increases significantly with the improvement of accounting conservatism especially during the period of monetary policy tightening.It further explains the transmission and influence mechanism of macro policies on micro enterprises,and helps to understand the behavior of micro enterprises under macroeconomic policies.