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Study on the Relationship between Debt Financing and Accounting Conservatism of Chinese Private Listed Companies

Author: QiuZuoZuo
Tutor: YuChaoZuo
School: Nanchang University
Course: Accounting
Keywords: Debt financing Accounting Conservatism Private Listed Companies Financial crisis
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 83
Quote: 0
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Abstract


Debt financing, accounting conservatism, has always been the research focus of the theoretical circles. China's private listed companies financing difficulties are quite common in the specific institutional context. In indirect financing, the financial system is not perfect cause difficulties in financing private enterprise; direct financing, the threshold is too high, China's capital market and the bond market financing conditions are too harsh, leading to financing is more difficult. From the source of funds - creditors angle of view, the creditors consider their own interests, prefer investment relationship, and few investment judgment standard to reflect the company's financial condition and results of operations of the accounting information decisions. In this paper, the financial crisis as the starting point, trying to discover the relationships between Debt Financing and Accounting Conservatism of Private Listed Companies in China. I believe that the financial crisis, China's private listed company's accounting information should be more robust. Related to the interests of the parties affected by the financial crisis, caught the sound of accounting information generated demand. Meanwhile, the from robust economic consequences, robust accounting information can help private enterprises to get more funds to solve their own problems of financing difficulties. Based on this idea, the paper selected in China from 2004 to 2006 and from 2009 to 2010 deep, the private companies of A shares listed on the Shanghai Stock Exchange as samples, Basu (1997) model, steady from the following three aspects investigated accounting nature of the change and characteristics: (1) in the pre-crisis and post-crisis era, China's private listed company in general whether there are accounting conservatism? (2) debt financing, the impact of accounting conservatism? (3) 2007 period and the spread of the outbreak of the world financial crisis period and 2008, the period for the watershed, private listed companies earnings conservatism is different in this two years ago after? results of this study show that: (1) in two different times, accounting conservatism in general. (2) Debt and Accounting Conservatism existence impact of higher overall debt levels, the more robust its accounting policies; addition, the higher the proportion of short-term borrowings, the company's accounting policy is more robust, and long-term borrowings contrary, the proportion of long-term borrowings in the higher its accounting policy soundness lower. (3) compared to the pre-crisis, post-crisis era enterprise accounting conservatism declined. These findings show that, in around crisis, Private Listed Companies in China and robustness; debt to some extent, can enhance corporate accounting conservatism; Financial Crisis, benign accounting conservatism has not been released soundness of private listed companies decreased.

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