行业异质性、会计稳健性与农业企业债务融资能力

Industry Heterogeneity,Accounting Robustness and the Debt Financing Capacity of Agricultural Enterprises

本文选取2015-2020年中国A股上市公司为研究对象,分析会计稳健性与企业获取债务融资能力的关系,并研究了农业与非农业企业存在的差异。首先,通过构建双固定效应模型,分析影响企业债务融资能力的因素。其次,模型中加入企业行业类型调节变量来研究农业企业和非农业企业会计信息质量披露程度对债务融资能力的影响。更进一步,本文研究了不同产权性质企业的债务融资能力受会计稳健性影响的差别。结果表明:会计稳健性对于企业债务融资能力具有正向影响,即会计稳健性越高的企业其债务融资能力越强。企业行业类型起到重要的调节作用,与其它类型企业相比,会计稳健性对农业企业的债务融资能力的影响更加显著。相比于国企,民企通过增强会计稳健性对提高债务融资能力的促进作用更大。最后,提出农业企业在选择会计政策时应采取审慎的态度以提高自身的债务融资能力。

This paper selects China's A-share listed companies from 2015 to 2020 as the research object,analyzes the relationship between accounting soundness and enterprises' ability to obtain debt financing,and studies the differences between agricultural and non-agricultural enterprises.Firstly,by constructing a double fixed-effect model,the factors affecting the debt financing ability of enterprises are analyzed.Secondly,the moderating variable of enterprise industry type is added to the model to study the influence of the degree of disclosure of accounting information quality of agricultural enterprises and non-agricultural enterprises on the ability of debt financing.Furthermore,this paper examines the differences in the impact of debt financing capacity on accounting robustness of different equity enterprises.The results show that accounting soundness has a positive impact on the debt financing ability of enterprises,that is,the higher the accounting soundness,the stronger the debt financing ability of enterprises.The type of enterprise industry plays an important role in moderation,and the impact of accounting soundness on the debt financing ability of agricultural enterprises is more significant than that of other types of enterprises.Compared with state-owned enterprises,private enterprises play a greater role in improving debt financing capacity by enhancing accounting soundness.Finally,it is proposed that agricultural enterprises should adopt a prudent attitude when choosing accounting policies to improve their debt financing capabilities.