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Study of the Effect of Debt Financing on Accounting Earnings Quality

Author: YuZuoMin
Tutor: SunFangCheng
School: Chongqing University of Technology
Course: Accounting
Keywords: Accounting earnings quality Debt financing creditor governance Debt category
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 5
Quote: 0
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Abstract


The ratio that debt financing in financing structure is not only the size thatcreditor’s right of claim, but also the degree that creditor participate in corporategovernance. According to our country’s practice and Company Law, creditorsparticipate in corporate governance by supervision decision-making for significantaffairs and operating activities. Accounting earnings quality can reflect the degree ofcorporate governance deeply. These years, due to the global financial crisis, manyenterprises developed difficulty. Capital was the foundation for enterprises survivaland developing. Since2008, the stock market in our country fluctuation fiercely, theexamination and approval for IPO and equity refunding slow down obviously, equityfunding is very difficult. As debt financing in corporate financial structure are moreand more, debt financing should play an important role in corporate governance. Inour country, the literature study of the effect of debt financing on accounting earningsquality is seldom, the existing study is integration with creditor governance in studyof corporate governance, or according to the nature of property right or maturitystructure to study creditor governance.Based on above, this article is based on agent theory, stakeholder theory,corporate governance theory. Apply the attitude of earnings management to measureaccounting earnings quality, use modified Jones model, obtain every year everyindustry’s regression coefficient, then calculate every sample’s discretionary accrualsas the substitution variable of accounting earnings quality. Use empirical research,based on the empirical evidences from A-share companies in Shanghai and Shenzhenstock exchange, study bank financing, supplier financing, client financing, relatedparty financing, bond financing separately. Lastly this article based on the empiricalfindings to put forward relevant policy suggestion.After study this article reach a conclusion:(1)as banks among state-ownedenterprise exists soft constrain, banks unwilling to extend credit to private enterprise,bank financing has negative effect in corporate governance, the more bank financing,the worse accounting earnings quality;(2)as according to credit rank supplier decide to whether provide supplier financing and supplier familiar with debtor enterprise’soperating, the higher the proportion of supplier financing, the better accountingearnings quality. But as the financial crisis, the effect of the debt contract was notobvious;(3)In buyer’s market, customers can choose many things, the relationshipbetween both sides is mutual benefit and win-win result, customer can participate incorporate governance easily. The more customer financing, the better accountingearnings quality. But customer financing is advance payment, it would not pay backby cash in the future. The customer’s initiative of participate in corporate governanceis under supplier’s;(4)The more related party financing, the more importance thatdebtor for related party, the more frequently and complexity of related-partytransaction, the debt contract was not play an role in supervise and constraint debtor,the lower of corporate governance level, the worse accounting earnings quality;(5)Asthe capital market’s supervision is more transparent and rigorous, the debt contractmanifest rigid restrictions. The more bond financing, the better accounting earningsquality. Compare with bank financing, bond financing can play a more powerful role.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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