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Research on the Influence of the Comprehensive Income of Domestic Listed Companies on Debt Covenants

Author: CaoYingZhuo
Tutor: LiuPing
School: East China Jiaotong University
Course: Accounting
Keywords: Comprehensive income Accounting information Debt covenant
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 2
Quote: 0
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Abstract


Since the comprehensive income (CI) disclosed in the2009annual financial report, thereare lots of studies research on the value relevance of CI. But few research has been studied onthe debt contract usefulness of CI (the influence of the CI on creditors’ decision)professionally by now. In view of the special properties of CI and the other comprehensiveincome (OCI) and based on reviewing a large number of studies of domestic and overseas,this paper builds the multiple regression model which consider the loan scale and the loanincrement as substitute variables and uses the empirical research method to examine theinfluence of the CI of Shanghai A-share listed companies on the loan scale and the loanincrement of the next year, the major conclusions are as follows:First, the NI, CI and OCI are all significantly related to the creditors’ loan scale.Especially, NI is positively correlated to the loan scale. And due to the long-term uncertaintyof OCI, OCI and CI are negatively correlated to the loan scale.Then, the CI and OCI are all negatively correlated to the long-term loan increment.Third, the CI is negatively correlated to the short-term loan increment. As the uncertaintyof OCI is not so serious in short time, the CI and OCI are all more significantly related to thecreditors’ short-term loan decision than the NI.Forth, the study shows the CI is more significant relevant to creditors’ long-term loandecision than to creditors’ short-term loan decision.Through the research on the debt contract usefulness of the CI information, we foundthat the CI is useful to creditors’ loan decisions, so we hope creditors can pay more attentionto comprehensive income information in order to help them to make better decisions.

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