会计监督、产权性质与信用风险的关系实证研究

发布时间：2018-05-05 07:05

本文选题：信用风险 + 产权性质　；参考：《华南理工大学》2013年硕士论文

【摘要】：随着美国2007年金融危机的传播和蔓延，信用风险越来越受到学术界的关注。信用交易的产生与信用制度的建立加速了市场经济下的商品流动，促使了多种金融工具的诞生和发展。企业作为现代市场经济的重要组成部分，是信用最主要的载体之一，与各个市场主体存在多个契约关系。当这些契约不能如期履行时就产生了信用风险。信用风险被定义为交易对手未能履行约定契约中的义务而造成经济损失的风险，有关文献也称之为违约风险。不管是企业的经营活动、筹资活动还是投资活动，契约行为构成了这些经济活动的主要内容。所以将信用风险由金融领域拓展开到企业各个契约活动中非常必要。影响企业信用风险的因素有很多，如企业经营业绩、盈利能力以及宏观经济的影响等都会对企业信用风险产生不同程度的影响。对企业信用风险问题的研究也越来越受到学术界和实务界的关注。然而，目前学术界大多围绕信用风险度量方法适用性、合理性进行相关研究，实证研究的成就相对较少，尤其是考虑企业会计监督和产权结构等方面影响。在企业不同产权背景下，提高会计监督效用能否为企业降低信用风险水平提供一定的帮助成为我们目前关注的问题。同时，在我国独特的转型经济制度背景下，政府在社会经济运行中发挥的作用非常显著，国有与民营企业的经营活动受到政府的影响程度不同，两类企业受到会计监管的程度也因此有差异。基于这些因素，本文将外部会计监督效用与产权性质结合起来，综合考察两者对企业信用风险的影响。本文利用中国证券市场1211家上市公司的数据，研究不同所有制性质的公司信用风险以及企业会计监督程度对信用风险的影响。具体而言，主要针对以下三个问题进行回答：（1）外部会计监督效果对企业信用风险有没有影响？（2）国有企业和民营企业的信用风险水平是否有差别？（3）对国有与民营企业两类产权性质不同的企业，会计监督对不同企业信用风险的影响是否存在显著差异？换言之，会计监督的改善对哪类企业的信用风险改善作用更大？若能解决以上问题，既能丰富国内外学术学者对信用风险问题研究的成果，又能帮助银行和其他债权人降低发放贷款的违约风险，降低违约带来的成本和损失。最终实证结果显示，，会计监督水平与企业信用风险水平成负相关；与民营企业相比，国有企业具有更高的信用风险水平；与国有企业相比，会计监督对民营企业信用风险的影响程度更明显，均与假设一致。论文最后给上市公司提出了一些建议，认为完善上市企业的会计治理结构、加强第三方的监督力度有利于降低企业的信用风险水平。企业应该建立预警机制，降低信用风险带来的成本和损失。
[Abstract]:With the spread and spread of American financial crisis in 2007, credit risk has been paid more and more attention by academic circles. The emergence of credit transaction and the establishment of credit system accelerate the flow of goods under the market economy and promote the birth and development of various financial instruments. As an important part of modern market economy, enterprise is one of the most important carriers of credit. Credit risks arise when these contracts are not fulfilled as scheduled. Credit risk is defined as the risk of economic loss caused by the failure of counterparty to fulfill the obligations in the contract, which is also called default risk. Whether it is the business activity, the financing activity or the investment activity, the contract behavior constitutes the main content of these economic activities. Therefore, it is necessary to expand the credit risk from the financial field to the various contract activities of enterprises. There are many factors that affect the enterprise credit risk, such as the business performance, the profit ability and the macroeconomic influence, all of which will affect the enterprise credit risk to different degrees. The research on enterprise credit risk has been paid more and more attention by academic and practical circles. However, at present, the academic circles mostly focus on the applicability and rationality of credit risk measurement, and the achievement of empirical research is relatively few, especially considering the influence of enterprise accounting supervision and property structure. Under the background of different property rights, whether we can improve the effectiveness of accounting supervision to help enterprises reduce the level of credit risk has become a problem that we pay attention to at present. At the same time, under the background of our country's unique transition economy system, the government plays a very significant role in the social and economic operation, and the operating activities of state-owned enterprises and private enterprises are affected by different degrees of government. The degree of accounting supervision of the two types of enterprises is therefore different. Based on these factors, this paper combines the utility of external accounting supervision with the nature of property rights, and comprehensively examines the impact of the two on the credit risk of enterprises. Based on the data of 1211 listed companies in China's securities market, this paper studies the credit risk of companies with different ownership and the influence of the degree of accounting supervision on the credit risk. Specifically, Main answer to the following three questions: 1) does the effect of external accounting supervision have an impact on the credit risk of enterprises? (2) is there a difference in the level of credit risk between state-owned enterprises and private enterprises? 3) there are two types of property rights for state-owned and private enterprises Enterprises of different natures, Is there a significant difference in the impact of accounting supervision on the credit risk of different enterprises? In other words, the improvement of accounting supervision plays a more important role in improving the credit risk of which kind of enterprises? If the above problems can be solved, it can not only enrich the research achievements of scholars at home and abroad on credit risk, but also help banks and other creditors reduce the default risk and reduce the cost and loss caused by default. The final empirical results show that the level of accounting supervision is negatively correlated with the level of enterprise credit risk; compared with private enterprises, state-owned enterprises have a higher level of credit risk; compared with state-owned enterprises, The influence of accounting supervision on the credit risk of private enterprises is more obvious and consistent with the hypothesis. At the end of the paper, some suggestions are put forward to the listed companies, that perfecting the accounting governance structure of the listed enterprises and strengthening the supervision of the third parties are conducive to reducing the credit risk level of the enterprises. Enterprises should establish early warning mechanism to reduce the cost and loss of credit risk.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F271

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