会计稳健性与企业融资效率的关系研究

摘要

The present essay employs the cumulative accrued model and CSCORE model respectively to measure the unconditional and conditional accounting conservatisms of the sample enterprise, and tests empirically the relation between the two by analyzing the principal components to extract the comprehensive index to measure the financing efficiency. The empirical results show that the accounting conservatism helps improve significantly the financing efficiency of the enterprise. And compared with the conditional accounting conservatism afterwards, the unconditional accounting conservatism of in-born accounting system in the enterprise can improve drastically the financing efficiency of the enterprise.%采用累计应计模型和 CSCORE 模型分别度量样本企业的非条件和条件会计稳健性，并通过主成分分析提取综合指标衡量融资效率，实证检验两者的关系。研究结果表明会计稳健性与企业融资效率正相关，即企业会计稳健性的提高有助于改善融资效率；相对于事后的条件稳健性，内生于企业会计制度的非条件稳健性对企业融资效率的提高作用更加显著。