可比的会计信息与债务担保有替代效应吗?

Is There a Substitution Effect Between Comparable Accounting Information and Debt Guarantees?

提高会计信息可比性是制定会计准则的主要目标之一。文章以会计信息可比性为经,债务担保为纬,采用我国A股上市公司为研究样本,考察会计信息可比性与债务担保是否有替代效应,研究结果表明:会计信息可比性与债务担保呈现替代效应。换而言之,会计信息可比性越强,债务人担保需求越小;考虑产权性质后发现,或许是预算软约束的缘故,会计信息可比性与债务担保的替代效应在国企中更微弱;企业的风险等级同样影响着此种替代效应,表现为在高风险企业中该效应更为明显;进一步研究发现,会计信息可比性还能影响债务期限结构、增加商业信用融资,并且能够带来更为优惠的贷款条件。

Improving the accounting information comparability is one of the main objectives of accounting standards.Herein, accounting information comparability is used as longitude and debt guarantees as latitude.China’s A-share listed companies are taken as research samples to examine whether there is substitution effect between accounting information comparability and debt guarantees.The results obtained are summarized as below.(1)The accounting information comparability and debt guarantees appear substitution effect.In other words,the greater the comparability of accounting information,the smaller the debtor’s guarantee demand;(2)Considering property rights,the soft budget constraint may be responsible for the weakening substitution effect between accounting information comparability and debt guarantee in state-owned enterprises;(3)The risk level of the enterprise also influences the substitution effect,which is more obvious in the high-risk enterprises;(4)Further studies have found that the accounting information comparability can also affect the debt maturity structure,increase commercial credit financing,and bring more favorable loan conditions.