税收征管、会计稳健性与债务融资成本

发布时间：2018-09-19 10:28

【摘要】：本文以2010-2014年中国沪深两市A股非金融类上市公司为样本,分析了税收征管下会计稳健性对债务融资成本的影响。研究发现:企业会计稳健性越高,其融资成本越低;在税收征管力度较大的地区,企业债务融资成本相对较低,在税收征管力度较宽松的地区,企业债务融资成本相对较高;当企业外部税收征管力度较大时,会计稳健性对债务融资成本降低的作用越大。再进一步分析中,还发现民营企业中,会计稳健性降低债务融资成本的作用更加显著,且会计稳健性与税收征管在民营企业中的互补关系也更加显著。这说明税收征管与会计稳健性均有利于降低债务融资成本,而且税收征管与会计稳健性这两种机制在降低债务融资成本上呈现互补关系。
[Abstract]:This paper analyzes the impact of accounting conservatism on debt financing cost under tax collection by taking A shares non-financial listed companies in Shanghai and Shenzhen stock markets in China from 2010 to 2014 as samples. It is found that the higher the accounting conservatism, the lower the financing cost, the lower the financing cost of corporate debt in the region with higher tax collection and administration, and the higher the financing cost of corporate debt is in the area where the tax collection and management is relatively loose. When the external tax collection and management is strong, accounting conservatism plays a more important role in reducing debt financing costs. In further analysis, it is also found that accounting conservatism plays a more important role in reducing debt financing costs in private enterprises, and the complementary relationship between accounting conservatism and tax collection and management in private enterprises is more significant. This shows that both tax collection and accounting conservatism are conducive to reducing debt financing costs, and the two mechanisms of tax collection and accounting conservatism are complementary to each other in reducing debt financing costs.
【作者单位】：陕西理工大学管理学院;
【分类号】：F275;F812.42

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