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论文编号：	4254
作者编号：	2120102244
上传时间：	2012/6/6 11:05:10
中文题目：	会计稳健性与企业贷款可获性的关系研究——来自中小板的数据
英文题目：	Reasearch on the Relationship between Accounting Conservation and the Availability of Loans for Listed Companies-Data from SMEs
指导老师：	周晓苏
中文关键字：	会计稳健性，贷款可获性，中小企业，持股比例
英文关键字：	Accounting Conservation, Loan Availability, Small and Medium Sized Enterprises, Shareholder Holdings
中文摘要：	本文以中国中小板2007年至2010年的上市公司为样本，采用实证研究的方法，以非经营应计项表征会计稳健性，考察会计稳健性是否能够增加企业债务融资的可获性。具体来讲，本文研究了会计稳健性在银行贷款中的作用，以及第一大股东持股和机构投资者持股的影响，并分别研究了会计稳健性对长期银行贷款和短期银行贷款可获性的作用。研究发现，上市公司的会计稳健性和银行贷款的可获性显著正相关，也就是说会计稳健性越高的企业，获取银行贷款的能力更强。从我国银行在信用评价和发放贷款环节依据各种指标比较筛选后，会计稳健性高的企业是更受银行青睐的。这一结论，为提高中小企业自身的融资能力提供了一个新的视角。在一定程度上也表明，我国银行的风险管理和利率市场化进程取得了一定的成效。银行贷款融资是中小企业融资的重要途径，如何能获得更多的银行贷款，对于上市公司的未来发展、提高生产能力、补充现金流、增强竞争力，具有重要的意义。基于本文的研究结论，管理层能够通过采用更加稳健的会计政策、更保守地估计收益、更主动及时地确认损失来满足银行的某些评价标准；采用稳健的会计政策的公司在资本市场上的财务表现可能没有采用激进的会计政策的公司优秀，这就会使其他渠道的融资成本升高，但是稳健的会计政策，能间接使贷款公司达到银行在授信过程中所要考察的标准，从而最终获得银行贷款。因而，提高会计稳健性，是需要获取银行贷款的中小企业应该认真考虑的一条途径。
英文摘要：	This study makes the stocks of China listed SMEs from 2007 to 2010 as the objects of study to examine if banks would prefer companies with high accounting conservation and then incorporate the result into the process of determining the amount of debts. Specifically, we examine the effects of the previous year’s accounting conservation on the current year’s amount of debts obtained from banks, the effects of the largest shareholder holdings and institutional investors holdings, and the effects of the previous year’s accounting conservation on the current year’s amount of long-term debts and short-term debts obtained from banks. According to the study, we find that there is significant positive relationship between accounting conservation of listed companies and the loan amounts, either under the situation of the total samples, or of the short-term debts. From the results, we can tell that banks in our country do take the accounting conservation factor into consideration determining the loan amounts. That is to say, it is for companies with high accounting conservation to obtain more loans from banks or have a lower debt cost. Loan financing is an important way of SME financing. How we can get more bank loans, for the future development of the listed companies, to increase production capacity, to supplement cash flow, to enhance competitiveness, is of great significance. The financial performance of conservative accounting policy in the capital markets may not be better than aggressive accounting policies. However, a prudent accounting policy makes companies to achieve the standards to be examined by the bank in the credit process so as to obtain bank loans. Thus, we suggest that companies that need to obtain loans from banks should consider pursuing more conservative accounting policies.
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