【作者】 燕玲；

【导师】 张先治；

【作者基本信息】 东北财经大学 ， 财务管理， 2013， 博士

【摘要】 企业融资行为是一种典型的代理行为,融资过程的本质是外部投资者将资金委托给融资企业生产经营使用。外部投资者之所以愿意提供资金的使用权,主要是依赖于借款企业还本付息的承诺,这种承诺能够保证外部投资者的利益不受侵害,并且这种承诺的生效依赖于外部投资者对企业的信任。信任的产生和延续需要有稳固的投资者利益保障机制。然而在涉及到投资者权益保障问题的研究时,传统金融理论更多的关注股东权益的保护,债权人权益保障问题一向是一个被现代公司金融理论所忽视的领域。究其原因主要是由于在正常情况下债权收益并未与企业的实际经营业绩挂钩,只有在企业无法支付到期债务或发生其他违背债务契约条款的情况下才会触发部分控制权由借款人向债权人的转移,因而传统的股东治理理论便忽略了债权人在融资过程中的风险问题,从而也忽略了对债权人权益保障问题的关注。然而,2006年金融危机的爆发使得债务成为理论界不得不重视的问题,当初不被人们在意的次贷危机竟然演变成了债务的海啸,使得全球经济陷入衰退。至此,债务问题俨然成为世界经济的关键词,与债务风险休戚相关的债权人权益保障问题便显得尤其重要。新会计准则实现了会计理念从收入费用观到资产负债表观的回归,会计理念的这一根本性变化使得会计目标从受托责任观变为决策有用观,这一变化揭示了新会计准则重在使会计信息更真实地反应企业的经济实质,强调有利于利益相关者的决策之用。在会计信息的决策有用性方面,金融危机的到来让我们切实体会到了会计能够对社会经济造成的重要影响,虽然有关公允价值的采用是否是金融危机爆发的罪魁祸首的争论仍在继续,但会计没有尽到客观反映和有效监督银行业资产负债表表外业务的职责,从而助长了金融危机的爆发则是一个不争的事实。因而,近年来有关会计准则的实施对企业及对经济的影响成为财务学界的热点研究议题之一。本文在前人研究债务融资影响因素的基础上,对会计准则变革对债务融资的影响进行研究。本文的研究具有一定的理论意义与现实意义。从理论价值来看,首先,针对会计准则国际趋同的研究,西方的理论和实证研究均建立在发达的市场经济条件下,我国处在转型经济时期,在国有企业普遍存在的完全竞争程度较低的市场中,西方研究的相关结论在我国是否具有适用性是一个值得探讨的问题。本文结合我国的制度背景对会计准则变革的实施后果进行研究。其次,本研究聚焦于会计准则变革对债务融资的影响,从会计准则整体以及具体会计准则两个层次进行研究,突破了现有研究中将会计准则作为一个整体进行研究的局限性。另外,通过梳理准则变革与债务融资之间的关系,构建会计对企业行为影响的路径机理,正视会计准则经济后果在企业行为(特别是债务融资行为)中的引导作用。本文旨在明确会计准则变革对企业债务融资行为的影响,丰富会计准则变革研究的理论基础和基础理论,丰富与完善债务融资行为的研究主题,增强会计学与财务管理学科的融合。从实用价值来看,首先,本研究明确了会计准则变革对企业债务融资行为的影响,发挥会计准则对企业债务融资行为的引导作用。利用本研究结论能够引导上市公司的债务行为与企业的财务状况及其他管理行为的协调,使得上市公司在融资的过程中能够有效控制风险点,降低债务融资可能带来的财务风险,并在此基础上发现提升企业价值的途径。其次,会计准则对企业融资行为影响的研究,为会计准则变革对其他管理行为影响的研究提供参考,也为今后其他政府政策或制度执行的非直接预期影响研究提供理论示范效应与思路启发。本文中会计准则变革主要是指2006年新会计准则的颁布。本文的研究内容分为八章,相关内容如下：第一章为导论。本部分主要对文章涉及的一些基本内容进行介绍,明确论文的选题背景、研究意义、研究目标和内容、技术路线图及研究方法等。第二章为文献综述。文献综述部分首先就文献的总体分布情况进行了介绍,就国内外有关会计准则变革的相关研究主题进行了阐述,引出最新的会计准则。在将债务融资国内外具体的研究情况进行梳理之后,着重就会计准则变革对债务融资的影响文献进行了回顾,厘清这个领域学者都在研究什么,存在的问题和不足,以及哪些主题研究存在缺乏,引出本文的主题,确定本文的研究方向。第三章对我国的制度背景和我国债务融资环境进行分析,为解释会计准则变革对我国债务融资的影响提供现实背景和理论依据。本部分对我国的债务融资现状进行了描述,以便对我国上市公司债务融资的总体状况有一个整体的认识。第四章为理论基础。本部分主要利用委托代理理论、信息不对称理论、债务契约理论阐述会计准则对债务融资影响的基本理论依据。第五章为会计准则变革与债务融资关系的理论分析。本部分对会计准则变革进行界定,并对会计准则变革带来的变化予以分析。将会计信息质量作为衡量会计准则实施效果的指标,并阐明会计准则变革的度量方法。本部分拟利用A股非金融类上市公司2002-2011年的数据为样本。对于会计信息质量的衡量,本文拟利用修正的Jones模型和修正的DD模型,以计算出的应计质量(DA)作为衡量会计信息质量的指标(Francis,2005; Barth,2008)。同时对债务融资的内涵与要素进行了界定,在此基础上从理论上分析了会计准则变革从哪些方面影响了会计信息质量,而会计信息质量又是怎样对与债务融资相关的债务代理成本产生影响,进而影响企业的债务期限结构及债务融资成本。第六章为会计准则变革对债务期限结构的影响。本部分拟利用2002-2011年的我国A股非金融类上市公司的数据为样本,以按照第五章的方法计算出来的衡量会计准则变革的指标为解释变量,对企业的债务期限结构进行解释,被解释变量是长期贷款(Ledebt),定义为长期贷款／总债务,本文将长期债务定义为到期日超过一年的债务。第七章为会计准则变革对债务融资成本的影响。本部分拟利用2002-2011年的我国A股非金融类上市公司的数据为样本,以按照第五章的方法计算出来衡量会计准则变革指标为解释变量,对企业的债务融资成本进行解释。第八章为研究结论和启示。本部分将对实证研究的结果予以解释,说明会计准则变革对企业融资行为的影响,并提出相应的建议与启示。本文的研究创新体现在以下几个方面：第一,以会计准则变革为切入点研究债务融资的影响因素,构建会计准则变革对债务融资影响的理论,对会计经济后果学说的研究领域进行探索性研究,丰富了会计准则变革与微观企业行为关系的研究。西方有关债务融资的研究文献从主题归纳情况看,集中于代理成本、信息不对称理论、契约理论、发行成本、公司治理、行为金融学等角度进行探讨,虽然个别文献研究了会计信息质量对债务融资的影响,但结合准则变革的研究研究缺乏。本文以会计准则变革为切入点对债务融资的影响因素进行研究,构建会计准则变革对债务融资影响的理论。第二,对我国的制度背景及债务融资现状进行了系统的分析。本文采用多元回归、参数和非参数检验、描述性统计等方法对行业类别、公司产权性质与债务期限结构及债务融资成本之间的关系进行了系统的研究。第三,本文的研究结论证实了高质量的会计准则在减少信息不对称过程中的作用。对管理者来说,通过正确利用新会计准则,提高会计信息质量,公司可以改善财务资源的管理,增加债务期限,降低因风险不确定所带来的违约风险溢价,进而降低债务融资成本。第四,目前国内学者对债务融资影响因素的实证研究存在很大的缺陷,本文在这些方面进行了改进。本文以中国非金融类上市公司的数据为样本构建多元回归模型,并对行业类别以及年份的影响予以控制。为了验证会计准则变革对债务融资的影响,本文使用准则变革前后5年的数据,以使样本期间达到10年。为了剔除个体效应以及不可察觉的异质性的影响,在稳健性检验部分构建了双向固定效应模型,以排除模型选择对回归结果的影响。同时,为了排除会计准则变革指标的度量方法对回归结果的影响,本采用两种不同的方法(修正的Jones模型和修正的DD模型)对会计准则变革指标进行度量。更多还原

【Abstract】 Corporate financing behavior is a typical act of agency. The outside investors entrust capital to financing enterprise and management, which is the essence of financing process. The reason why outside investors willing to provide funds is that there is a commitment between borrowers and lenders. The commitment can ensure the interests of outside investors against losses, and the commitment becomes effect when outside investors trust in the enterprise. The emergence and development of trust need a stable investors benefit safeguard mechanism. But when it comes to investor rights and interests protection question, traditional financial theory is more focusing on shareholder’s rights, creditor’s rights guarantee problem has always been neglected by modern corporate finance theory field. The reason is mainly due to the creditor’s rights and benefits under normal circumstances is not linked to enterprise’s actual business performance, only in the circumstance that enterprise is unable to pay debts or other violation of debt contracts happens, the partial transfer of control will trigger from the borrower to the creditor, and the traditional shareholder governance theory has ignored the risk of creditors in the process of financing, thus ignoring the attention to the problems of protection of the rights and interests of creditors. However, the outbreak of the financial crisis in2006makes the debt becomes theoretical problem which have to be pay more attention to. The subprime mortgage crisis which is ignored at the beginning has evolved into a debt tsunami, without any warning to the people in front, and the global economy into recession. At this point, the debt problem has become the world economy keywords, so intertwined with the debt risk of creditors’ rights and interests protection problem appears especially important. New accounting standards implemented accounting concept from Revenue-expense view to balance sheet view. The fundamental change of accounting concept makes the target from the entrusting liability viewpoints to useful viewpoints of policy-making, the change reveals the new accounting standards focus on make accounting information more fairly reflect the enterprise’s economic nature, emphasizes the beneficial to stakeholders in the decision-making. In terms of decision usefulness of accounting information, the arrival of financial crisis makes us truly feel the importance of accounting for social economy. Although the use of fair value is to blame for the outbreak of the financial crisis of the debate is still on, but failing to reflect the objective and effective accounting supervision and banking business outside the property debt table, thus contributing to the outbreak of the financial crisis is an indisputable fact. Therefore, in recent years, the economic consequence of adopting IFRS is one of the hottest research topics. So far as to today, there have been many effects of the implementation of standards is studied, but it’s only5years since new accounting standards’implementation. The economic consequences of adopting IFRS are not comprehensive. Based on this special phenomenon in China, this dissertation investigated the impact of new accounting standard on corporate debt financing of non-financial listed companies after the period of transition to new accounting standard in China.The research has certain theoretical significance and practical significance. From the theoretical value, first of all, for the study of international convergence of accounting standards, western theoretical and empirical studies are based on a developed market economy condition. And China is a country in transition economy period, the state-owned enterprise is widespread and the levels of competition is completely low in the market, whether western research of related conclusion has applicability in our country is a problem worthy to be discussed. Based on the background of China, the dissertation srudis the economic consequences of accounting standards change. Second, this study focuses on the impact of accounting standards change on debt financing of enterprises, from the overall and specific accounting standards for research, break through the existing research, the limitations of accounting standards as a whole was studied. In addition, by analyzing the relationship between accounting standards change and the debt financing of enterprises, build the path of the mechanism between accounting standards and enterprise behavior, pay more attention to the economic consequences of accounting standards on the enterprise behavior (especially debt financing behavior). The purpose of this dissertation is to clarify the impact of accounting standards change on enterprise debt financing behavior, rich theoretical basis of accounting standards change research and basic theory, enrich and perfect the debt financing behavior research theme, strengthening financial management and accounting disciplines.From the point of practical value, first of all, this dissertation has cleared the influence of accounting standards change on enterprise debt financing behavior, gives play to the guiding role of accounting standards for enterprise debt financing behavior. The research conclusions can guide the enterprise’s debt behavior and the enterprise’s financial situation of listed companies and other coordination management behavior, make the listed companies effectively control risk points in the process of financing, reduce the financial risk of the debt financing, and on this basis to find ways to improve enterprise value. Secondly, the research of the impact of accounting standards on corporate financing behavior provide a reference for the impact of accounting standards on other management behavior,and also for other government policy or system implementation in the future.In this dissertation, the change of accounting standards mainly refers to new accounting standards promulgated in2006. Research of this dissertation can be divided into8chapters which proceed as follows:The first chapter is the introduction. This part mainly introduces the content of the article, clear the background of the selected topic, research significance, research objectives and contents, technology roadmap, and research methods.Chapter2reviews extant literature. The review on domestic and foreign relevant research related to the accounting standards change subject, which leads to the new accounting standards. The debt financing specific research situation at home and abroad were reviewed and comb, the dissertation focuses on the impact of accounting standards change on debt financing. And to clarify what scholars are studying in the field, existing problems and the insufficiency, and which is lack of subject research, lead to the topic of this dissertation, determine the research direction of this dissertation.Chapter3analyzes the background of the system and debt financing environment in China, which provides realistic background and theoretical basis for the dissertation.Chapter4is theoretical basis. This part illustrates with agent theory, asymmetric information theory, debt contract theory which is the basic theory of the dissertation.Chapter5is theoretical analysis. First, define the accounting standards change, and clear the characteristics of accounting standards change. Second, put the quality of accounting information as a measure of accounting standards implementation effect. The dissertation uses two different methods (modified Jones model and correction of the DD model) as the measurement of accounting standards change. Starting from the basic principles of accounting standards change, analyze how the change of accounting concept from the revenue-expense view to balance sheet view to ease the degree of information asymmetry between shareholders and creditors, play a role in creditors’ rights and interests protection, thereby lowering debt agency cost in the process of debt financing. On the basis of the analysis of basic principle of the new accounting standards, explain how the accounting standards change impact on debt maturity structure and debt financing cost.Chapter6investigates the influence of new accounting standard on corporate debt maturity structure of non-financial listed companies after the period of transition to new accounting standard in China. Chapter7investigates the influence of new accounting standard on the cost of debt financing of non-financial listed companies after the period of transition to new accounting standard in China.Chapter8will summarize the studies on several levels above, point out the main contributions and shortcomings of this paper, and then point out the future research direction.In this dissertation, research innovation embodied in the following respects. First, put the accounting standards change as a breakthrough point for debt financing research, establish theory of the impact of accounting standards on debt financing. Western research literature about debt financing focus on agency cost, information asymmetry theory, contract theory, debt issuance costs, corporate governance and behavioral finance. Although there are a few literatures document the relationship between accounting information and debt financing, but the combination of accounting standards change, and combining with the specific standards content lack of the study. This dissertation based on accounting standards change as the breakthrough point to study the influence factors of debt financing, build the theory that how accounting standards impact on debt financing of enterprises. Second, analyze the background of the system in China and the debt financing present situation. This dissertation uses multivariate regression, parametric and non-parametric test, descriptive statistics method to test such as the industry category, corporate nature of property rights and the relationship between the cost of debt maturity structure and debt financing; The financing behavior of listed companies in China from the angle of system, explains the financing structure and financing cost. Thirdly, the conclusion of the disseration confirms the role of high quality accounting standards on the process of reducing information asymmetry. For managers, through the correct use of the new accounting standards, improve the quality of accounting information, the managers can improve the management of financial resources, increase the debt maturity. And reduce the uncertainty which caused the risk of default risk premium, then decrease the cost of debt financing. Fourthly, from the outside to the inside, explore how the overall and specific accounting standards change impact on debt financing, and reveal the role on which accounting standards play in the process of corporate governance. Combining with the specific accounting standards change in the study of the economic consequences of accounting standards change, the dissertation focuses on the impact of accounting standards on creditors in the process of enterprise financing decisions. Fourthly, there are a lot of defects exist in the current domestic empirical studis of factors affecting debt, this dissertation on these aspects to be improved. In this dissertation, using the data of non-financial listed companies in China construct multiple regression model, and control the industry category and the influence of the year, In order to verify the impact of accounting standards change on debt financing, this dissertation uses the data of criterion change before and after five years, which make the sample reached during10years. In the robustness test we use two-way fixed effect model. The empirical model presented in robustness test allows us to control for unobservable firm specific effects (unobservable heterogeneity) and firm invariant time-specific effects. At the same time, in order to rule out the measurement of accounting standards change variables to the regression result, the dissertation use two different methods (modified Jones model and correction of the DD model) as the measurement of accounting standards change.更多还原