环境不确定性对企业债务融资成本影响探析——基于沪深A股上市公司数据

An Analysis of the Impact of Environmental Uncertainty on Enterprise Debt Financing Cost——Based on the Data of A-share Listed Companies in Shanghai and Shenzhen

从理论上分析环境不确定性对企业债务融资成本的影响效应,并以2015—2019年沪深A股上市公司为样本进行了实证研究。结果表明:环境不确定性与债务融资成本显著正相关,而会计稳健性有助于缓解二者的负相关关系,进一步考虑产权异质性,民营企业的缓解效应高于国有企业。外部环境不确定性会显著降低债务融资成本,而会计稳健性能够有效缓解环境不确定性给债务融资引致的消极影响。研究结果丰富了债务融资影响因素与会计稳健性经济后果的相关研究,并为政府部门完善会计稳健性方面的法律法规、企业优化债务契约提供了一定的理论依据和经验证据。

This paper makes a theoretical analysis of the impact of environmental uncertainty on enterprise debt financing cost.It also carries an empirical study on the sample of A-share listed companies in Shanghai and Shenzhen from 2015 to 2019.The results show that:there is a significant positive correlation between environmental uncertainty and debt financing cost,but accounting conservatism helps to alleviate the negative correlation.Further considering the heterogeneity of property rights,the mitigation effect of private enterprises is higher than that of state-owned enterprises.The conclusion shows that external environmental uncertainty will significantly reduce the cost of debt financing,and accounting conservatism can effectively alleviate the negative impact of environmental uncertainty on debt financing.The research results enrich the relevant research on the influencing factors of debt financing and the economic consequences of accounting conservatism,and provide some theoretical basis and empirical evidence for government departments to improve accounting conservatism laws and regulations and enterprises to optimize debt contracts.