民营企业债务融资成本研究——基于利率市场化和会计稳健性双重视角

The Debt Financing Cost of Private Listed Firms——Based on Rate Marketization and Accounting Conservation

本文通过对国泰安数据库中的民营企业数据进行固定效应面板回归,借鉴已有研究构建的利率市场化程度指数,从利率市场化程度和会计稳健性双重视角对民营企业债务融资成本进行实证研究,结果表明:利率市场化程度与民营企业债务融资成本显著负相关,会计稳健性与民营企业债务融资成本显著正相关,会计稳健性的提高能够缓解利率市场化程度提高带来的债务融资成本的增加。该结论对我国民营企业在利率市场化环境下,提高自身会计稳健性,减少债务融资成本具有很好的启示作用。

Based on the GTA database of private enterprise fixed effect panel data regression, drawing on existing research to build market-oriented interest rate index, the market interest rate and the degree of accounting conservatism dual perspective of an empirical study of private corporate debt financing costs, the results show that: the interest rate market-oriented and private enterprise debt financing costs significantly negatively correlated, accounting conservatism and private corporate debt financing costs significantly positive correlation, accounting conservatism improved to ease the interest rate market-oriented to improve from the increase of debt financing costs. The conclusion of China's private enterprises in the interest rate market environment, improve their accounting conservatism, reduce the cost of debt financing has a good inspiration.