本文關(guān)鍵詞：環(huán)境不確定性、會計信息披露質(zhì)量與債務(wù)成本　出處：《安徽大學》2017年碩士論文　論文類型：學位論文

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【摘要】：債務(wù)融資是我國企業(yè)融資的重要的方式之一,企業(yè)債務(wù)融資成本問題一直是財務(wù)研究的熱點話題,如何降低債務(wù)融資成本是企業(yè)管理的重中之重,因此對于債務(wù)成本的影響因素的研究具有十分重要的意義。研究表明,公司治理水平、會計穩(wěn)健性、產(chǎn)權(quán)性質(zhì)、企業(yè)規(guī)模以及負債水平等因素均對債務(wù)成本造成影響。本文從債務(wù)融資成本的影響因素的角度分析會計信息披露質(zhì)量與債務(wù)成本的關(guān)系。會計信息披露機制是公司治理結(jié)構(gòu)的一個重要組成部分,會計信息披露質(zhì)量的高低對于優(yōu)化企業(yè)資源結(jié)構(gòu)、提高資本效率具有深遠影響。而高質(zhì)量的會計信息的披露會減少債權(quán)人與債務(wù)人之間的信息不對稱,降低債權(quán)人的風險以及監(jiān)督成本,進而降低債務(wù)成本。2008年金融危機的爆發(fā)至今,我國經(jīng)濟處于經(jīng)濟轉(zhuǎn)型過程中,企業(yè)面臨的外部環(huán)境更加復雜與動蕩,外部環(huán)境不確定因素增多,結(jié)合外部環(huán)境不確定性,研究環(huán)境不確定與債務(wù)成本之間的關(guān)系以及在企業(yè)面臨環(huán)境不確定性加大的情況下,會計信息披露質(zhì)量與債務(wù)成本的關(guān)系會發(fā)生怎樣的變化。文章以相關(guān)理論為先導,融合中國資本市場特征以及企業(yè)境況,運用規(guī)范與實證相結(jié)合的研究方法,探討環(huán)境不確定性、會計信息披露質(zhì)量與債務(wù)成本之間的關(guān)系,從內(nèi)外部兩個層面探討債務(wù)成本的影響因素以及會計信息披露質(zhì)量的治理效果。本篇文章的內(nèi)容框架為五個方面。緒論部分結(jié)合國內(nèi)外文獻進行綜述得出本文的研究背景、研究意義和研究方法,在此基礎(chǔ)上指出本文創(chuàng)新之處;第二部分針對文中主要專業(yè)術(shù)語的概念進行一一闡釋,引入論文主題涉及到的相關(guān)基礎(chǔ)理論;第三部分為理論分析與研究假設(shè),主要是采用圖表的形式,對2010-2015年我國深交所上市公司所面臨的環(huán)境不確定狀況、會計信息披露質(zhì)量情況以及債務(wù)成本現(xiàn)狀進行較為詳細的描述,對三者之間的關(guān)系進行理論剖析,進而提出本文假設(shè);第四部分實證研究主要是對樣本數(shù)據(jù)進行模型檢驗以此得到假設(shè)成立與否的過程,本文以2010-2015年深交所A股主板上市公司共1123家企業(yè)數(shù)據(jù)為研究對象,對數(shù)據(jù)進行深入分析以證明假設(shè);最后綜合表達本篇論文結(jié)論,以此提出相應的政策改善方案。本文研究發(fā)現(xiàn):(1)會計信息披露質(zhì)量與債務(wù)成本呈顯著負相關(guān)。(2)環(huán)境不確定性與債務(wù)成本呈顯著正相關(guān)。(3)在環(huán)境不確定性增大時,會計信息披露質(zhì)量對債務(wù)成本的影響加大。
[Abstract]:Debt financing is one of the important financing way, the costs of debt financing problem has been a hot topic of financial research, how to reduce the cost of debt financing is the priority among priorities of the enterprise management, so the research on the influence factors of the cost of debt is of great significance. The study shows that the level of corporate governance, accounting the robustness, the nature of property rights, enterprise factors and levels of debt scale has an impact on the cost of debt. This paper analyze the relationship between the quality of accounting information disclosure and the cost of debt from the perspective of factors influencing the debt financing cost. Accounting information disclosure mechanism is an important part of corporate governance structure, the quality of accounting information disclosure for the level of optimization enterprise resource structure, improve the efficiency of capital has a far-reaching influence. But the quality of accounting information disclosure will reduce between the creditor and the debtor The information asymmetry, reduce the risk of creditors and supervision cost, and reduce the cost of debt the outbreak of the financial crisis in.2008 so far, China's economy is in the process of economic restructuring, the company's external environment is more complex and volatile external environment, increased uncertainty, combined with the uncertainty of external environment, the study of the relationship between environmental uncertainty and cost of debt and in the enterprises are facing increasing environmental uncertainty, the relationship between the quality of accounting information disclosure and the cost of debt will happen. Based on the related theory as the guide, fusion feature Chinese capital market and enterprise situation, using research methods of combining normative and empirical research, environmental uncertainty, the relationship between accounting information the quality of disclosure and the cost of debt, the cost of debt and to explore the influence factors of accounting information disclosure quality from two aspects of internal and external The effect of governance. The content framework of this article into five parts. The introduction part unifies the domestic and foreign literature review that the research background, research significance and research methods, pointed out the innovation of this article is on the basis of the second part of the main technical terms; the concept of one by one interpretation of related basic theory into the topic involved; the third part is theoretical analysis and research hypothesis, is mainly used in the form of charts, listed on the Shenzhen Stock Exchange in China 2010-2015 company faces the environmental uncertainty, described in detail the quality of accounting information disclosure and the cost of debt situation, the theoretical analysis of the relationship between the three, and then put forward this hypothesis; the fourth part is the empirical research is mainly carried out model test on the sample data to get the hypothesis established or not, this paper takes 2010-2015 years deep A total of 1123 enterprises in the data exchange of A A-share listed companies as the research object, in-depth analysis of the data to prove the hypothesis; finally the comprehensive expression of this thesis conclusion, put forward the corresponding policy improvement. This study found that: (1) the quality of accounting information disclosure and the cost of debt is negatively correlated. (2) a positively related to environmental uncertainty and the cost of debt. (3) in environmental uncertainty increases with the increase of the quality of accounting information disclosure on the cost of debt.

【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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