会计信息质量、资产可抵押性与融资约束

发布时间：2018-08-11 13:41

【摘要】：本文选择2002-2015年我国沪深两市上市企业为研究对象,分析了会计信息质量、资产可抵押性与融资约束三者之间的关系。研究表明:会计信息质量与融资约束之间显著负相关,即企业的会计信息质量越高,其受到的融资约束水平程度越低;资产可抵押性与融资约束之间显著负相关,即企业的资产可抵押性越强,其融资越容易;随着会计信息质量的不断提升,资产可抵押性对融资约束的缓解作用得到了削弱。通过进一步将企业分为国有企业和民营企业两类,发现国有企业中会计信息质量、资产可抵押性与融资约束之间均负相关,但并不显著;而在民营企业中,会计信息质量和资产可抵押性均能显著缓解企业的融资约束,且会计信息质量显著抑制了资产可抵押性与融资约束之间的负相关。
[Abstract]:This paper selects the listed enterprises in Shanghai and Shenzhen stock markets from 2002 to 2015 as the research object, and analyzes the relationship among accounting information quality, asset mortgagability and financing constraints. The research shows that there is a significant negative correlation between accounting information quality and financing constraints, that is, the higher the quality of accounting information, the lower the level of financing constraints, and the negative correlation between asset mortgage and financing constraints. That is, the stronger the mortgagability of the assets, the easier the financing; with the continuous improvement of the quality of accounting information, the mitigation of the financing constraints is weakened. By further classifying the enterprises into state-owned enterprises and private enterprises, it is found that the quality of accounting information, the mortgagability of assets and the financing constraints are all negative correlation, but not significant, but in private enterprises, Both the quality of accounting information and the mortgagability of assets can significantly alleviate the financing constraints of enterprises, and the quality of accounting information significantly inhibits the negative correlation between asset mortgagability and financing constraints.
【作者单位】：山东工商学院会计学院;
【分类号】：F275;F832.4

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