会计信息可比性与债务契约定价研究

张先治1; 2; 徐 健2

会计信息可比性与债务契约定价研究

引用本文：张先治1,2，徐健2.会计信息可比性与债务契约定价研究[J].财经理论与实践,2021,(5):66-74

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作者	单位
张先治1,2，徐健2	（1. 海口经济学院德行智华会计学院，海南海口 571127； 2. 东北财经大学会计学院，辽宁大连 116025）

中文摘要:以2008-2019年A股上市公司为样本，基于风险溢价视角，运用普通最小二乘法（OLS）实证考察会计信息可比性对债务契约定价的影响效应。结果表明：可比性具有债务契约冲突的协调功能，金融机构对高会计信息可比性予以正面评价，倾向于为高会计信息可比性企业提供长期债务融资，且高会计信息可比性有助于降低企业债务融资成本。机制检验表明，资本市场能够识别企业的盈余管理行为，盈余管理与财务风险在会计信息可比性对债务契约定价的影响中发挥中介效应。进一步研究发现，高质量审计会弱化会计信息可比性对债务契约定价的影响效应。

中文关键词:会计信息可比性债务契约定价盈余管理财务风险

Research on Accounting Information Comparability and Debt Contract Pricing

Abstract:Taking A-share listed companies from 2008 to 2019 as samples, this paper uses ordinary least squares and mediating effect model to empirically investigate the impact of accounting information comparability on debt contract pricing from the perspective of risk premium. The results show that accounting information comparability has the function of coordinating debt contract conflicts, financial institutions give positive evaluation to high comparability of accounting information and tend to provide long-term debt financing for companies with high accounting information comparability, and high accounting information comparability is helpful to reduce the debt financing cost of companies. Mechanism test shows that the capital market can identify the earnings management behavior of companies, and earnings management and financial risk has mediating effect on the impact of accounting information comparability on debt contract pricing. Further research shows that high quality audit will weaken the impact of accounting information comparability on debt contract pricing.

keywords:accounting information comparability debt contract pricing earnings management financial risk

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