摘 要
会计稳健性作为企业财务信息质量的重要特征，对企业债务融资成本具有重要影响。在当前复杂多变的经济环境下，债权人面临的信息不对称和风险不确定性增加，研究会计稳健性与企业债务融资成本之间的关系有助于揭示财务信息质量对资本市场的价值。本研究旨在探讨会计稳健性如何影响企业债务融资成本，通过构建包含沪深两市A股非金融类上市公司2010 - 2020年的面板数据集，采用固定效应模型进行实证分析。研究发现，会计稳健性与企业债务融资成本之间存在显著负相关关系，即较高的会计稳健性能够降低企业的债务融资成本。进一步研究发现，这种影响在不同产权性质、行业竞争程度以及宏观经济环境下的表现有所差异，国有企业、竞争激烈行业的企业以及经济下行期会计稳健性的成本节约效应更为明显。创新点在于从债务融资成本视角考察会计稳健性的经济后果，丰富了会计稳健性经济后果的研究范畴，为优化企业财务信息披露政策提供理论依据，同时为企业提升会计稳健性以降低融资成本提供了实践指导。
关键词：会计稳健性；债务融资成本；信息不对称；固定效应模型；经济后果
Abstract
Accounting conservatism, as a critical attribute of financial information quality, plays a significant role in influencing corporate debt financing costs. In the current complex and volatile economic environment, creditors face increased information asymmetry and uncertainty, making the study of the relationship between accounting conservatism and corporate debt financing costs essential to uncover the value of financial information quality in capital markets. This study investigates how accounting conservatism affects corporate debt financing costs by constructing a panel dataset comprising non-financial listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2020 and employing a fixed-effects model for empirical analysis. The findings reveal a significant negative correlation between accounting conservatism and corporate debt financing costs, indicating that higher levels of accounting conservatism can reduce debt financing costs for firms. Further analysis shows that this effect varies across different ownership structures, industry competition levels, and macroeconomic conditions, with state-owned enterprises, firms in highly competitive industries, and those operating during economic downturns exhibiting more pronounced cost-saving effects of accounting conservatism. The novelty of this research lies in examining the economic consequences of accounting conservatism from the perspective of debt financing costs, thereby enriching the scope of studies on the economic outcomes of accounting conservatism and providing theoretical support for optimizing corporate financial disclosure policies. Additionally, it offers practical guidance for firms to enhance accounting conservatism to lower financing costs.
Keywords：Accounting Conservatism；Debt Financing Cost；Information Asymmetry；Fixed Effects Model；Economic Consequences
目 录
摘 要 I
Abstract II
引 言 1
第一章 会计稳健性的理论基础与债务融资成本 2
1.1 会计稳健性的概念界定 2
1.2 债务融资成本的构成要素 2
1.3 会计稳健性影响债务融资成本的机制 3
第二章 会计稳健性对债权人决策的影响 5
2.1 信息不对称与债权人风险评估 5
2.2 会计稳健性增强债权人的信任 5
2.3 稳健会计信息对贷款定价的作用 6
第三章 会计稳健性对企业信用评级的影响 8
3.1 信用评级机构的评价标准 8
3.2 会计稳健性提升企业信用等级 8
3.3 信用评级变化对融资成本的影响 9
第四章 实证研究：会计稳健性与债务融资成本的关系 11
4.1 研究假设与样本选择 11
4.2 实证模型构建与变量设定 11
4.3 实证结果分析与讨论会计稳健性对企业债务融资成本有着显著影响 12
结 论 13
参考文献 14
致 谢 15
