会计信息质量检查与上市公司融资约束

The Inspection of Accounting Information Quality and Financing Constraints of Listed Companies

为及时监测公司会计信息、维护经济发展稳定,财政部门建立了会计信息质量检查制度,对所有依法建账公司的年度财务报告进行监管。文章从会计信息质量检查这一视角考察了该制度对上市公司融资约束的影响及其作用机制。实证结果发现,在会计信息质量检查公告后,被检查公司的融资约束程度明显加剧;会计信息质量检查主要通过降低声誉、加大盈利波动以及提高违规风险等途径发挥作用。进一步研究表明,公司在会计信息质量检查后债务融资成本和股权融资成本均显著上升;会计信息质量检查特征和公司会计调整情况的异质性均对被检查公司融资约束产生差异性影响。研究揭示了会计信息质量检查能够对被检查公司未来的融资条件与行为产生影响,为政府会计监管政策的完善与探索提供了有益的经验证据。

In order to timely monitor the companys’accounting information and maintain the stability of economic development,the Ministry of Finance has established the Inspection Program of Accounting Information Quality(IPAIQ)to supervise the annual financial reports of all companies that have established accounts in accordance with the law.From the perspective of the IPAIQ,this paper examines the influence of IPAIQ on corporate financing constraints and its influence mechanism.The empirical results show that after the announcement of IPAIQ,the financing constraint level of the inspected companies is significantly increased by reducing reputation,increasing profit fluctuation and increasing violation risk.Further research finds that IPAIQ improves the debt and equity financing costs of inspected companies.In addition,the characteristics of the inspection of accounting information quality and the heterogeneity of corporate accounting adjustment have a different impact on the financing constraints of inspected companies.The research reveals that IPAIQ has an impact on the future financing conditions and behaviors of inspected companies,and provides useful empirical evidence for the improvement and exploration of government accounting supervision policies.