环境不确定性、会计信息透明度与债务资本成本的关系研究

Environmental Uncertainty,Accounting Information Transparency and Debt Capital Cost

引入“环境不确定性”特征要素,以2014—2018年我国深圳A股上市公司为研究对象,考察环境不确定性对于会计信息透明度以及债务资本成本的影响机制和作用效果。研究结果表明,环境不确定性对企业的债务资本成本具有显著的消极作用。进一步研究发现,提高会计信息透明度促使会计信息的治理效应得到有效发挥,可减轻环境不确定性对于债务资本成本的消极影响,扩展了债务资本成本研究因素领域的研究,为企业降低债务资本成本提供参考。

This paper introduces the characteristic element of“environmental uncertainty”,taking A share in Shenzhen Stock Market in China from 2014 to 2018 as the research object,investigates the influence mechanism and effect of environmental uncertainty on the transparency of accounting information and the cost of debt capital.The results show that environmental uncertainty has a significant negative effect on the cost of debt capital.Further research shows that improving the transparency of accounting information can bring the governance effect of accounting information into full play and reduce the negative impact of environmental uncertainty on debt capital cost.This paper expands the research on the factors of debt capital cost,and provides a reference for enterprises to reduce debt capital cost.