会计稳健性与上市公司债务融资治理

在讨论会计稳健原则的历史发展和债务融资治理关系的基础上,实证检验我国上市公司会计稳健性与债务融资治理。本文选取2001-2005年沪市A股上市公司的数据,结合面板回归研究方法,研究发现:(1)在我国上市公司中,稳健的会计能够降低股权代理成本,有公司治理作用;(2)稳健会计能够促进公司绩效提高,并且国有控股企业与非国有控股企业对稳健性会计的需求显著不同,非国有控股企业有更大的激励采用稳健的会计;(3)我国上市公司的债务融资治理功能的发挥受限;(4)债务契约并不是我国上市公司对稳健会计需求的主要原因。     

会计稳健性、机构投资者治理和债务融资成本

文章以2012—2017年我国沪深A股上市公司为样本,研究了会计稳健性与机构投资者治理对公司债务融资成本的交互影响。研究结果表明,会计稳健性与债务融资成本负相关;机构投资者持股与债务融资成本负相关;机构投资者持股会在一定程度上弱化会计稳健性和债务成本的负相关关系。根据机构投资者持股目的将其划分为稳定型和交易型两类时,发现相对于交易型机构投资者,稳定型机构投资者会进一步减弱会计稳健性与债务融资成本的负相关关系。这说明会计稳健性和机构投资者治理均有利于降低公司的债务融资成本,并且会计稳健性和机构投资者治理这两种治理机制在降低债务融资成本上呈现替代的关系。     

会计稳健性对企业债务融资成本影响分析

企业资金作为企业发展的最重要因素之一,显著影响了企业的经营状态,在其中会计有着十分重要的地位,并且有着举足轻重的作用。会计制度已经确立,但会计稳健性对企业财务融资成本的影响还需要进一步研究。基于此,本文介绍了相关的会计稳健性研究设计和实证分析,并且深入研究了相关建议,以供参考。     

经济政策不确定性、会计稳健性与债务融资

以2007—2016年我国A股上市公司为研究对象,实证考察经济政策不确定性对企业债务融资的影响,并进一步分析会计稳健性对二者关系的调节作用。研究结果显示:经济政策不确定性与债务融资显著负相关,会计稳健性有助于缓解二者的负相关关系,且民营企业的缓解效应高于国有企业。结论表明,经济政策波动带来的不确定性会显著降低企业的债务融资规模,而会计稳健性能够有效缓解经济政策不确定性给企业债务融资带来的不利影响。从外部视角研究宏观环境不确定性对债务融资的影响,并进一步明确不确定性的特定来源,丰富了债务融资影响因素的相关文献,同时对于企业缓解债务融资约束、优化债务契约也具有一定的借鉴意义。     

论民营企业会计稳健性与债务融资的关系

民营企业作为国民经济的重要组成部分,其生存和发展日益得到重视。适量举债,扩大经营规模,才能在竞争中立于不败之地。稳健性是会计计量与确认的重要原则,会计信息综合反映企业的偿债状况和经营业绩,也是债权人考察债务人综合状况的重要标准。本文从民营企业管理的角度,研究会计稳健性与债务融资的关系,旨在揭示会计稳健性对债务融资的影响程度及变化方向,从而明确企业各方参与者对会计信息质量的基本要求,促进企业建立最优资本结构,并最终应用于企业发展目标的实现。     

企业社会责任、会计稳健性和债务融资成本

本文基于2014-2017年我国A股主板的财务数据,实证分析了会计稳健性与债务融资成本、企业社会责任与会计稳健性对债务融资成本之间的交互影响。研究的结果表明,会计稳健性和债务融资成本呈反向变动关系;社会责任替代了会计稳健性对债务融资成本产生影响。     

税收征管及会计稳健性对债务融资成本的影响

企业的生存发展,离不开企业所处的内外环境,税收征管是企业生存发展的外部环境,会计稳健性则是企业生存发展的内部因素,两者相互影响又相互制约,都会直接或间接影响或改变企业债务融资的成本。文章通过分析税收征管及会计稳健性对债务融资成本的影响,探讨了二者对企业发展的积极影响,并为企业管理决策者提供决策依据。     

上市公司债务融资的治理研究

本文就我国上市公司债务融资的现状,总结了上市公司债务融资的经验.提出了上市公司债务融资的治理建议.     

债务融资与上市公司治理机制的完善

公司治理结构的核心在于企业通过权力制衡，监督管理者的绩效，保证股东和其他利益相关主体的权利。当前中国资本市场的普遍现象是，缺乏对上市公司治理结构的改善机制．上市公司把发行股票的直接融资方式当作一种圈钱的工具。本文分三个方面浅述了债务融资的间接融资方式对上市公司治理机制完善的有益之处，并提出了相关的政策建议：一是债务融资在完善公司治理机制作用的理论基础：二是债务融资对我国上市公司治理机制的意义；三是提出相关政策选择——加强商业银行在公司治理中所起的作用。     

上市公司债务融资的治理研究

本文就我国上市公司债务融资的现状,总结了上市公司债务融资的经验,提出了上市公司债务融资的治理建议。     

上市公司管理舞弊综述

进入20世纪90年代以来,世界性公司财务舞弊行为日益严重,我国也时有发生,尤其是近几年来,中国经济中出现了大面积、持续的财务舞弊现象,甚至可以用"造假成风"来形容.本论文分析了上市公司财务舞弊的动机、危害,并分析了导致管理舞弊的因素主要在于上市面临的压力、内外监管不力提供的机会和管理层寻求的借口.可以通过建立上市公司的内部控制、完善公司治理结构和实施科学有效的外部审计来防范管理舞弊.     

加强负债融资的管理促进经济管理正常运行

本校1960年10月被中央确定为全国13所重点综合大学之一,1988年更名为青岛海洋大学,校名为邓小平同志题写,2002年10月10日经国家教育部批准更名为中国海洋大学,2006年4月,学校"十五""211工程"建设顺利通过专家验收,该文就经济管理方面进行论述.     

Government ownership and the cost of debt for Chinese listed corporations

This study investigates the impact of government controlling ownership on the cost of debt of Chinese listed corporations. We find that corporations under government control have a lower cost of debt compared to corporations under private control, and that government ownership is most beneficial when firms exhibit financial distress, have high excess shareholder control, or operate in provinces with low institutional development. Our evidence that government ownership plays an important role in reducing Chinese firms' cost of debt may help explain why government involvement in business corporations remains prevalent in China after decades of economic reform.     

Family involvement and new venture debt financing

New ventures often require debt financing but face difficulties convincing lenders of their creditworthiness because of agency problems. Researchers have shown that social capital can help small firms reduce lenders' agency concerns but new ventures do not yet have their own social capital. We propose that family involvement increases a venture's ability to borrow family social capital for the purpose of obtaining debt financing. Empirical tests with 1267 new ventures suggest that family involvement directly and indirectly improves a new venture's access to debt financing.     

浅析我国上市公司财务舞弊现象及应对措施

上市公司财务舞弊行为在当今全球证券市场上是一个普遍存在的现象。财务舞弊严重地削弱了市场的资源配置功能,影响了证券市场的健康发展,具有极大的社会危害性,因此,对上市公司财务舞弊的动机和防范对策进行分析具有重要的现实意义。     

Pecking order and debt capacity considerations for high-growth companies seeking financing

This paper examines incremental financing decisions within high-growth businesses. A large longitudinal dataset, free of survivorship bias, to cover financing events of high-growth businesses for up to 8 years is analyzed. The empirical evidence shows that profitable businesses prefer to finance investments with retained earnings, even if they have unused debt capacity. External equity is particularly important for unprofitable businesses with high debt levels, limited cash flows, high risk of failure or significant investments in intangible assets. These findings are consistent with the extended pecking order theory controlling for constraints imposed by debt capacity. It suggests that new equity issues are particularly important to allow high-growth businesses to grow beyond their debt capacity.     

Family-centered goals,family board representation,and debt financing

Small Business Economics - This study investigates the effect of both family-centered goals and family board representation (family member representation on the board of directors) on family firm...     

Long-term debt maturity and financing constraints of SMEs during the Global Financial Crisis

We use the recent financial crisis to investigate financing constraints of private small and medium-sized enterprises (SMEs) in Belgium. We hypothesize that SMEs with a large proportion of long-term debt maturing at the start of the crisis had difficulties to renew their loans due to the negative credit supply shock, and hence could invest less. We find a substantial variation in the maturity structure of long-term debt. Firms which at the start of the crisis had a larger part of their long-term debt maturing within the next year experienced a significantly larger drop in investments in 2009. This effect is driven by firms which are ex ante more likely to be financially constrained. Consistent with a causal effect of a credit supply shock to corporate investments, we find no effect in “placebo” periods without a negative credit supply shock.     

Optimal reserve management and sovereign debt

Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming constant debt levels does not allow addressing one of the puzzles behind using reserves as a means to avoid the negative effects of crisis: why do not sovereign countries reduce their sovereign debt instead? To study the joint decision of holding sovereign debt and reserves, we construct a stochastic dynamic equilibrium model calibrated to a sample of emerging markets. We obtain that the reserve accumulation does not play a quantitatively important role in this model. In fact, we find the optimal policy is not to hold reserves at all. This finding is robust to considering interest rate shocks, sudden stops, contingent reserves and reserve dependent output costs.     

Access to finance,working capital management and company value: Evidences from Brazilian companies listed on BM&FBOVESPA

In this research, we have analyzed the impact of financial leverage on the relationship between working capital and company value and how financial constraints on access to financing affect this relationship. In addition, we have analyzed the relationship between working capital and company value. Using a sample of Brazilian public companies listed on BM&FBOVESPA from 1995 through 2009, we found evidence for the following conclusions: an extra Real (R$) of investment in working capital is significantly less worth, on average, than an extra Real (R$) of investment in cash; and, on average, increasing the level of working capital at the beginning of a fiscal year reduces company value.