摘 要
会计报表透明度作为衡量企业信息披露质量的重要指标，对企业融资成本有着深远影响。在现代金融市场环境下，信息不对称是导致企业融资成本高企的关键因素之一，提高会计报表透明度有助于缓解这一问题。本研究旨在探讨会计报表透明度与企业融资成本之间的内在联系，基于中国A股上市公司2010 - 2020年的面板数据，采用固定效应模型进行实证分析。研究发现，会计报表透明度的提升能够显著降低企业的融资成本，且这种影响在非国有企业中更为明显。进一步研究表明，会计报表透明度通过改善投资者信心、降低信息搜寻成本以及优化资本配置等机制发挥作用。此外，本研究还考察了不同市场环境下的异质性影响，发现市场发育程度越高，会计报表透明度对融资成本的降低作用越强。本研究创新性地将会计报表透明度细分为多个维度，并分别检验其对融资成本的影响，为理解两者关系提供了更细致的视角，丰富了相关理论研究，也为监管部门和企业管理者提供了有价值的政策建议，即通过提高会计报表透明度来有效降低企业融资成本，促进资本市场健康发展。
关键词：会计报表透明度 企业融资成本 信息不对称
Abstract
Accounting statement transparency, as a critical metric for evaluating the quality of corporate information disclosure, has a profound impact on corporate financing costs. In the context of modern financial markets, information asymmetry is one of the key factors contributing to high corporate financing costs, and enhancing accounting statement transparency can help alleviate this issue. This study aims to explore the intrinsic relationship between accounting statement transparency and corporate financing costs. Based on panel data from Chinese A-share listed companies from 2010 to 2020, a fixed-effects model was employed for empirical analysis. The findings indicate that an improvement in accounting statement transparency significantly reduces corporate financing costs, with this effect being more pronounced in non-state-owned enterprises. Further research reveals that accounting statement transparency exerts its influence through mechanisms such as boosting investor confidence, reducing information search costs, and optimizing capital allocation. Additionally, this study examines the heterogeneous impacts under different market conditions, finding that the higher the level of market development, the stronger the effect of accounting statement transparency in lowering financing costs. Innovatively, this study subdivides accounting statement transparency into multiple dimensions and separately tests their impacts on financing costs, providing a more nuanced perspective on the relationship between the two. This enriches theoretical research and offers valuable policy recommendations for regulators and corporate managers, suggesting that improving accounting statement transparency can effectively reduce corporate financing costs and promote the healthy development of capital markets.
Keyword:Accounting Report Transparency Corporate Financing Cost Information Asymmetry
目 录
引言 1
1会计报表透明度的理论基础与现状分析 1
1.1会计报表透明度的概念界定 1
1.2国内外研究综述 2
1.3现实背景与问题提出 2
2会计报表透明度对企业融资成本的影响机制 3
2.1信息不对称与融资成本 3
2.2透明度提升的路径分析 4
2.3企业治理结构的作用 4
3实证研究设计与数据处理 5
3.1研究假设的提出 5
3.2变量选取与模型构建 5
3.3数据来源与样本选择 6
4实证结果分析与政策建议 6
4.1实证结果解读 6
4.2影响因素的深入探讨 7
4.3政策建议与未来展望 7
结论 8
参考文献 10
致谢 11
会计报表透明度作为衡量企业信息披露质量的重要指标，对企业融资成本有着深远影响。在现代金融市场环境下，信息不对称是导致企业融资成本高企的关键因素之一，提高会计报表透明度有助于缓解这一问题。本研究旨在探讨会计报表透明度与企业融资成本之间的内在联系，基于中国A股上市公司2010 - 2020年的面板数据，采用固定效应模型进行实证分析。研究发现，会计报表透明度的提升能够显著降低企业的融资成本，且这种影响在非国有企业中更为明显。进一步研究表明，会计报表透明度通过改善投资者信心、降低信息搜寻成本以及优化资本配置等机制发挥作用。此外，本研究还考察了不同市场环境下的异质性影响，发现市场发育程度越高，会计报表透明度对融资成本的降低作用越强。本研究创新性地将会计报表透明度细分为多个维度，并分别检验其对融资成本的影响，为理解两者关系提供了更细致的视角，丰富了相关理论研究，也为监管部门和企业管理者提供了有价值的政策建议，即通过提高会计报表透明度来有效降低企业融资成本，促进资本市场健康发展。
关键词：会计报表透明度 企业融资成本 信息不对称
Abstract
Accounting statement transparency, as a critical metric for evaluating the quality of corporate information disclosure, has a profound impact on corporate financing costs. In the context of modern financial markets, information asymmetry is one of the key factors contributing to high corporate financing costs, and enhancing accounting statement transparency can help alleviate this issue. This study aims to explore the intrinsic relationship between accounting statement transparency and corporate financing costs. Based on panel data from Chinese A-share listed companies from 2010 to 2020, a fixed-effects model was employed for empirical analysis. The findings indicate that an improvement in accounting statement transparency significantly reduces corporate financing costs, with this effect being more pronounced in non-state-owned enterprises. Further research reveals that accounting statement transparency exerts its influence through mechanisms such as boosting investor confidence, reducing information search costs, and optimizing capital allocation. Additionally, this study examines the heterogeneous impacts under different market conditions, finding that the higher the level of market development, the stronger the effect of accounting statement transparency in lowering financing costs. Innovatively, this study subdivides accounting statement transparency into multiple dimensions and separately tests their impacts on financing costs, providing a more nuanced perspective on the relationship between the two. This enriches theoretical research and offers valuable policy recommendations for regulators and corporate managers, suggesting that improving accounting statement transparency can effectively reduce corporate financing costs and promote the healthy development of capital markets.
Keyword:Accounting Report Transparency Corporate Financing Cost Information Asymmetry
目 录
引言 1
1会计报表透明度的理论基础与现状分析 1
1.1会计报表透明度的概念界定 1
1.2国内外研究综述 2
1.3现实背景与问题提出 2
2会计报表透明度对企业融资成本的影响机制 3
2.1信息不对称与融资成本 3
2.2透明度提升的路径分析 4
2.3企业治理结构的作用 4
3实证研究设计与数据处理 5
3.1研究假设的提出 5
3.2变量选取与模型构建 5
3.3数据来源与样本选择 6
4实证结果分析与政策建议 6
4.1实证结果解读 6
4.2影响因素的深入探讨 7
4.3政策建议与未来展望 7
结论 8
参考文献 10
致谢 11
