| 产权特征、稳健会计政策与公司债务融资成本——来自中国证券市场的经验证据 |
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| 引用本文： | 张圣利.产权特征、稳健会计政策与公司债务融资成本——来自中国证券市场的经验证据[J].经济与管理,2014(6):45-50. |
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| 作者姓名： | 张圣利 |
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| 作者单位： | 河南理工大学 经济管理学院,河南 焦作,454000 |
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| 基金项目： | 国家自然科学基金项目(51304066)；河南理工大学博士基金项目(B2014-13)；河南理工大学校级课题 |
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| 摘 要： | 稳健性会计作为重要的公司治理机构，能够降低债权人和债务人之间的信息不对称程度。结合我国上市公司的产权特征，基于债务融资成本的角度，考察会计稳健性的经济后果发现，稳健的会计信息与更低的债务融资成本相关，而国有产权的性质削弱了会计稳健性与债务融资成本之间的负相关性。
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| 关 键 词： | 会计稳健性 债务融资成本 产权 |
Property Characteristics,Conservative Accounting Policies and Cost of Debt Financing:---Evidence from China's Security Market |
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| Zhang Shengli.Property Characteristics,Conservative Accounting Policies and Cost of Debt Financing:---Evidence from China's Security Market[J].Economy and Management,2014(6):45-50. |
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| Authors: | Zhang Shengli |
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| Institution: | Zhang Shengli (School of Economic and Management, Henan Polytechnic University, Jiaozno 454000, China) |
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| Abstract: | The accounting conservatism as an important corporate governance mechanism, which can reduce the degree of asymmetric information between creditors and debtors. Combining the property rights characteristics of China＇s listed companies, based on the perspective of debt financing cost, the paper investigates the economic consequences of accounting conservatism. The study finds that the conservative accounting information is associated with lower cost of debt financing, and the nature of the state-owned property weakens the negative correlation between accounting conservatism and the cost of debt financing. |
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| Keywords: | Accounting conservatism Cost of debt financing Ownership |
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