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论文编号：	13931
作者编号：	1120191039
上传时间：	2023/6/6 17:01:06
中文题目：	会计稳健性对企业债务集中度的影响研究
英文题目：	Research on the Influence of Accounting Conservatism on Enterprise Debt Concentration
指导老师：	李姝
中文关键字：	会计稳健性；债务集中度；债权人协调成本；债务违约风险；清算价值
英文关键字：	Accounting Conservatism; Debt Concentration; Creditor Coordination Cost; Debt Default Risk; Liquidation Value
中文摘要：	面临不断变化的国际形势和新冠疫情冲击下的经济不确定性，我国宏观杠杆率逐渐攀升，杠杆结构有待优化的问题增加了经济实体还本付息的负担，并成为影响金融市场和宏观经济稳定的重要因素。2021年我国宏观杠杆率为272.5%，其中非金融企业部门杠杆率为153.7%，远高于居民部门杠杆率（72.2%）和政府部门杠杆率（46.6%）。从国际比较来看，我国非金融企业部门杠杆率大幅高于美国（80%）、日本（118.2%）、欧元区（111.2%）等发达国家，也超过新兴市场国家的杠杆率水平（110.9%）。在微观企业层面，海航与恒大等大型企业集团依托高杠杆实现快速扩张，规避监管隐藏大量表外负债，导致巨额债务违约，影响金融市场和宏观经济稳定。针对实体经济的债务问题，政府监管部门高度重视企业杠杆率和债务结构的问题。2015年12月，“去杠杆”作为供给侧结构性改革“三去一降一补”五大核心任务之一在中央经济工作会议上被提出。在债务总量增长一定的前提下，进一步推动债务结构优化，才能有效缓解债务风险。从2017年起，国家发改委、人民银行、财政部出台多项政策指导企业部门债务结构优化，平衡了稳增长与防风险之间的关系，引导企业合理使用债务融资工具，形成合理的债务类型结构。在大力提倡优化债务结构的背景下，如何使用各类债务融资工具，形成多元化和分散化的债务类型结构引起了理论界与实务界的高度关注，本文试图对此进行有益的拓展。 在理论层面，传统的资本结构理论基于债务同质性假设对企业如何在股权与债务之间进行选择、最优资本结构设计以及最小化资本成本等问题进行了广泛的探讨，实践中不同类型债务工具在现金流主张、抵押品设置、赔付优先级别、信息敏感性等方面存在诸多不同。公司不仅需要协调资本与负债的关系，还涉及在债务类型结构中进行权衡。债务集中度是债务类型结构的关键特征，其内涵是指企业为满足融资需求所使用的债务工具类型，包括信用负债、银行负债、债券融资、融资租赁等。当企业使用的债务工具类型越多，债务结构越分散时，债务集中度水平越低。公司可以在债务融资决策中选择多种债务工具类型，即低债务集中度的债务类型结构，优点是会获得广泛融资渠道提供的融资灵活性，代价是面临更高的债权人协调成本。考虑到会计稳健性作为保护债权人利益的质量特征，不仅降低了公司与不同类型债权人之间的协调成本，还促使公司使用分散的债务结构以获取融资灵活性，因此会计稳健性会降低企业债务集中度。基于上述逻辑，本文对会计稳健性对企业债务集中度的作用关系、内在机制以及异质性影响进行验证。首先，对资本结构理论、会计信息质量特征理论、债务契约理论、利益相关者理论进行了系统梳理。其次，对会计稳健性和债务融资类型影响因素以及经济后果等相关文献进行回顾述评。最后，根据理论分析提出研究假设，考虑到2019年新租赁准则实施导致租赁负债前后口径不可比，选择2007—2018年中国沪深A股非金融类上市公司为研究对象，利用数据库和手工收集数据计算债务集中度指标，实证检验了会计稳健性与企业债务集中度的关系、内在作用机制以及环境不确定性和企业资源禀赋的调节作用，以期推动相关领域的理论创新和文献拓展，并为完善公司信息披露行为、优化债务融资决策、改善债务市场资源配置效率提供经验证据。 本文的主要研究结论如下： 第一，上市公司会计稳健性降低了债务集中度水平，可能的解释是，会计稳健性降低了公司与不同类型债权人协调成本，表现为违约风险的下降和清算价值的上升。因此，当会计稳健性水平更高时，公司会使用分散的债务类型结构以获得融资灵活性。进一步地，会计稳健性发挥了债权人保护的作用，在法治化程度较低和金融发展水平较差的地区，债权人保护机制相对欠缺，会计稳健性对企业债务集中度的影响更显著，这表明会计稳健性满足了债权人的信息需求，帮助债权人及早识别企业可能面临的风险，保护债权人的合法权益。 第二，在会计稳健性影响企业债务集中度的内在逻辑方面，首先，会计稳健性增加债权人协调成功的可能性，表现为公司违约风险的下降，同时违约风险部分中介了会计稳健性与企业债务集中度的关系，证明了会计稳健性通过降低债务违约风险进而降低企业债务集中度；其次，会计稳健性与公司清算价值显著正相关，即会计稳健性通过提高公司清算价值降低债权人协调发生的成本损失，从而验证了清算价值部分中介了会计稳健性与企业债务集中度的关系。经过一系列稳健性检验和内生性问题处理后，会计稳健性影响企业债务集中度的违约风险机制和清算价值机制的研究结论仍然成立。 第三，在外部环境不确定性和企业资源禀赋对会计稳健性与债务集中度关系的调节作用方面，伴随环境不确定性的上升和企业资源禀赋的恶化，会计稳健性对债务集中度的影响效果逐渐提升。具体而言，当环境不确定性、环境动态性和环境丰富性越高时，会计稳健性显著降低了企业债务集中度；当企业融资约束程度越高、市场竞争力越弱以及供应链议价能力越弱时，会计稳健性对企业债务集中度的降低作用越明显。以上证据说明，较高的环境不确定性和较差的企业资源禀赋会提高公司与不同类型债权人协调的可能性和重要性，强化会计稳健性在公司债务类型结构决策中的作用。进一步地，会计稳健性影响下的公司债务类型结构调整发挥积极的经济后果，有助于改善公司业绩，降低经营风险以及减少债务融资成本。 本文的创新之处主要包括： 第一，聚焦于会计稳健性特征，丰富企业债务集中度驱动因素的相关研究。以往文献中关于债务结构的探讨集中于债务期限结构，而受限于数据的可获得性与研究的深入性，针对债务类型结构的讨论大多武断地划分为金融负债和经营负债。近年来部分学者从信用负债、银行负债、债券融资、融资租赁等层次进一步挖掘债务类型结构特征，并从管理层风险承担、内部控制缺陷等公司层面特征方面探究了其对债务类型结构的影响。然而，作为旨在保护债权人利益的会计信息质量特征，会计稳健性对于债务契约制定至关重要，当前文献尚未对会计稳健性如何影响债务集中度进行探讨，我们认为这距离形成债务集中度驱动因素的完整图景尚存较大差距。本文延续Platikanova和Soonawalla（2020），Li、Lou和Otto等（2021）的研究思路，通过中国资本市场独特研究场景，全面系统地回答了会计稳健性如何影响债务集中度的问题，深化对资本结构理论、会计信息质量特征理论、债务契约理论、利益相关者理论的认识，为探讨会计信息披露与企业债务融资决策关系的研究提供理论证据。 第二，依托债权人协调成本视角，结合我国资本市场突出的信息不对称和债务结构亟待优化问题，创新性地从债务违约风险和公司清算价值两方面考察了会计稳健性对企业债务集中度的影响机制，避免了单一机制检验的不足。具体而言，本文尝试将会计稳健性对债务集中度的影响总结为增加债权人协调成功的概率和降低协调失败的成本，表现是债务违约风险的下降和清算价值的提高，通过中介变量回归以及分析检验证实了上述机制的存在性，这一研究结论既是对先前文献的继承，又丰富了信息披露影响企业债务融资决策的相关研究。 第三，从外部环境不确定性和内部资源禀赋的视角拓展了会计稳健性与债务集中度关系的异质性研究。企业内外部环境处在不断变化的状态，企业如何对债务结构进行动态调整以应对内外部冲击并未受到现有文献的关注与重视。本文在探讨会计稳健性对债务集中度影响关系与作用机制的同时，考察不同环境不确定性和企业资源禀赋差异下的影响效果的异质性，并挖掘背后可能的原因。考虑到不同内外环境下会计稳健性对债务集中度的影响具有较大的研究空间，进一步区分环境动态性和环境丰富性、融资约束状况、市场竞争能力、供应链议价能力影响下的差异性，从而补充已有文献的相关成果，为不同内外环境下企业债务融资决策异质性提供理论参考。
英文摘要：	Faced with the ever-changing international situation and the economic uncertainty under the impact of the COVID-19, China's macro leverage ratio ratio has gradually climbed. The problems that the leverage structure needs to be optimized have increased the burden of debt service of economic entities, and become an important factor affecting the financial market and macroeconomic stability. In 2021, China's macro leverage ratio ratio will be 272.5%, of which the leverage ratio ratio of the non-financial enterprise sector will be 153.7%, which is far higher than the leverage ratio ratio of the residential sector (72.2%) and the leverage ratio of the government sector (46.6%). From the perspective of international comparison, China's non-financial enterprise sector leverage ratio ratio is significantly higher than that of the United States (80%), Japan (118.2%), the euro area (111.2%) and other developed countries, and also exceeds the leverage ratio level of emerging market countries (110.9%). At the micro enterprise level, large enterprise groups such as HNA and Evergrande rely on high leverage to achieve rapid expansion, hiding a large amount of off balance sheet liabilities to avoid regulation, leading to huge debt defaults, affecting financial market and macroeconomic stability. With regard to the debt problem of the real economy, the government regulatory authorities attach great importance to the leverage ratio ratio and debt structure of enterprises. In December 2015, "deleveraging" was proposed as one of the five core tasks of "three reductions, one reduction, and one supplement" in the supply side structural reform at the Central Economic Work Conference. Under the premise of a certain increase in total debt, further promoting the optimization of debt structure can effectively alleviate debt risks. Since 2017, the National Development and Reform Commission, the People's Bank of China and the Ministry of Finance have issued a number of policies to guide the optimization of the debt structure of the enterprise sector, balance the relationship between stable growth and risk prevention, guide enterprises to use debt Financing tools reasonably, and form a reasonable debt type structure. Under the background of vigorously promoting the optimization of debt structure, how to use various debt Financing tools to form a diversified and decentralized debt type structure has attracted great attention from the theoretical and practical circles. This paper attempts to expand this issue. At the theoretical level, traditional capital structure theory based on the assumption of debt homogeneity has extensively explored how companies choose between equity and debt, design the optimal capital structure, and minimize capital costs. In practice, different types of debt instruments have many differences in cash flow claims, collateral settings, compensation priority levels, information sensitivity, and other aspects. Companies not only need to coordinate the ratio between capital and debt, but also need to balance the structure of debt types. The debt concentration ratio is a key feature of the debt type structure. Its connotation refers to the types of debt instruments used by enterprises to meet financing needs, including credit liabilities, bank liabilities, bond financing, financial leasing, etc. When enterprises use more types of debt instruments and the debt structure is more dispersed, the debt concentration ratio level is lower. Companies can choose multiple types of debt instruments in their debt Financing decisions, that is, debt type structures with low debt concentration ratio. The advantage is that they will gain financing flexibility from a wide range of financing channels at the cost of higher coordination costs for creditors. Considering that accounting robustness, as the quality feature of protecting the interests of creditors, not only reduces the coordination cost between the company and different types of creditors, but also urges the company to use a more decentralized debt structure to obtain higher financing flexibility, so accounting robustness will reduce the concentration ratio of corporate debt. Based on the above logic, this paper verifies the impact of accounting robustness on corporate debt concentration ratio, its internal mechanism and heterogeneity. First of all, it systematically sorts out the capital structure theory, accounting information quality characteristics theory, debt contract theory, and stakeholder theory. Secondly, the paper reviews the relevant literature on accounting robustness, the influencing factors of debt Financing types and economic consequences. Finally, based on the theoretical analysis, the research hypothesis was proposed. Considering that the implementation of the new leasing standards in 2019 led to the incomparable caliber of lease liabilities before and after, the non-financial listed companies in Shanghai and Shenzhen A shares in China from 2007 to 2018 were selected as the research objects. Using database and manually collected data, debt concentration ratio indicators were calculated, and the relationship between accounting robustness and corporate debt concentration ratio was empirically tested The internal mechanism and the moderating effect of environmental uncertainty and enterprise resource endowments are expected to promote theoretical innovation and literature expansion in relevant fields, and provide proven evidence for improving the company's information disclosure behavior, optimizing debt Financing decisions, and improving the efficiency of resource allocation in the debt market. The main research conclusions of this article are as follows: First, accounting robustness of listed companies reduces the level of debt concentration ratio. The possible explanation is that accounting robustness reduces the cost of coordination between companies and different types of creditors, which is reflected in the decline of default risk and the rise of liquidation value. Therefore, when the level of accounting robustness is higher, companies tend to use a decentralized debt type structure to obtain financing flexibility. Furthermore, accounting robustness has played a role in creditor protection. In areas with low degree of legalization and poor level of financial development, creditor protection mechanisms are relatively lacking, and accounting robustness has a more significant impact on the concentration ratio of corporate debt, which indicates that accounting robustness meets the information needs of creditors, helps creditors identify possible risks faced by enterprises as soon as possible, and protects the legitimate rights and interests of creditors. Second, in terms of the internal logic of accounting robustness affecting the concentration ratio of corporate debt, firstly, accounting robustness increases the possibility of successful creditor coordination, which is reflected in the decline of corporate default risk. At the same time, default risk partially mediates the relationship between accounting robustness and corporate debt concentration ratio, proving that accounting robustness reduces corporate debt concentration ratio by reducing debt default risk; Secondly, accounting robustness is significantly positively related to the company's liquidation value, that is, accounting robustness reduces the cost loss of creditor coordination by improving the company's liquidation value, thus verifying that liquidation value partially mediates the relationship between accounting robustness and the concentration ratio of corporate debt. After a series of robustness tests and endogeneity problems, the research conclusion of default risk mechanism and liquidation value mechanism that accounting robustness affects enterprise debt concentration ratio is still valid. Third, in terms of the moderating effect of external environmental uncertainty and enterprise resource endowment on the relationship between accounting robustness and debt concentration ratio, with the rise of environmental uncertainty and the deterioration of enterprise resource endowment, the effect of accounting robustness on debt concentration ratio has gradually improved. Specifically, when environmental uncertainty, environmental dynamics and environmental richness are higher, accounting robustness significantly reduces the concentration ratio of corporate debt; When the degree of financing constraints of enterprises is higher, the market competitiveness is weaker, and the bargaining power of supply chain is weaker, the reduction of accounting robustness on the concentration ratio of corporate debt is more obvious. The above empirical evidence shows that high environmental uncertainty and poor enterprise resource endowments will increase the possibility and importance of coordination between companies and different types of creditors, and strengthen the role of accounting robustness in corporate debt type structure decision-making. Furthermore, the restructuring of corporate debt types under the influence of accounting robustness has positive economic consequences, which helps to improve corporate performance, reduce operational risks and reduce debt Financing costs. The innovations of this article mainly include: First, focus on the characteristics of accounting robustness and enrich the relevant research on the drivers of corporate debt concentration ratio. Previous literature on debt structure has focused on debt maturity structure, but due to the availability of data and the depth of research, discussions on debt type structure have mostly been arbitrarily divided into financial liabilities and operational liabilities. In recent years, some scholars have further explored the structural characteristics of debt types from the perspectives of credit liabilities, bank liabilities, bond financing, and financial leasing, and explored their impact on the structure of debt types from the perspective of corporate level characteristics such as management's risk taking, and internal control deficiencies. However, as a quality feature of accounting information aimed at protecting the interests of creditors, accounting robustness is crucial to the formulation of debt contracts. The current literature has not yet explored how accounting robustness affects debt concentration ratio. We believe that there is still a big gap between this and the formation of a complete picture of debt concentration ratio drivers. This paper continues the research ideas of Platikanova and Soonawalla (2020), Li, Lou and Otto (2021), through the unique research scenario of China's capital market, comprehensively and systematically answers the question of how accounting robustness affects debt concentration ratio, and deepens the understanding of capital structure theory, accounting information quality characteristics theory, debt contract theory, and stakeholder theory, It provides theoretical evidence for the research on the relationship between accounting information disclosure and enterprise debt Financing decision-making. Second, relying on the perspective of creditor coordination cost, combined with the prominent information asymmetry in China's capital market and the problems of debt structure that need to be optimized, this paper innovatively examined the mechanism of accounting robustness's impact on the concentration ratio of corporate debt from the risk of debt default and the value of corporate liquidation, avoiding the lack of a single mechanism test. Specifically, this paper attempts to summarize the impact of accounting robustness on debt concentration ratio as increasing the probability of creditor coordination success and reducing the cost of coordination failure, which is reflected in the decline of debt default risk and the increase of liquidation value. The existence of the above mechanism is confirmed through intermediary variable regression and analysis test. This research conclusion is a continuation of previous literature, It also enriches relevant research on the impact of information disclosure on corporate debt Financing decisions. Third, from the perspective of external environment uncertainty and internal resource endowment, this paper expands the heterogeneity research on the relationship between accounting robustness and debt concentration ratio. The internal and external environment of enterprises is constantly changing, and how enterprises dynamically adjust their debt structure to cope with internal and external shocks has not received attention and attention from existing literature. While exploring the relationship and mechanism of accounting robustness's impact on debt concentration ratio, this paper examines the heterogeneity of impact effects under different environmental uncertainties and enterprise resource endowments, and explores the possible reasons behind it. Considering that the impact of accounting robustness on debt concentration ratio under different internal and external environments has a large research space, further distinguish the differences under the impact of environmental dynamics and environmental richness, financing constraints, market competitiveness, supply chain bargaining power, so as to supplement the relevant results of existing literature and provide theoretical reference for the heterogeneity of enterprise debt Financing decisions under different internal and external environments.
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