以2010—2013年我国沪深A股民营上市公司为研究样本，实证考察了政治关联与会计信息质量对融资约束的影响，并进一步分析制度环境在其中的作用。研究发现，政治关联与会计信息质量均能缓解企业面临的融资约束状况；并且政治关联与会计信息质量对融资约束的影响具有“替代效应”；这种“替代效应”在不同制度环境中存在差异，在市场化进程慢、政府干预严重、法治化水平低的地区表现得更加显著。研究结果对于提高会计信息的有用性与治理政治关联的负面影响，有重要启示作用。%Using the data of Chinese A-share private listed companies collected from 2010 to 2013 as samples,this paper examines the influence of political connections,the quality of accounting information on financing constraints. Moreover,the study analyzes the role played by institutional environment. The result shows that improving the quality of accounting information and building up political connections can both ease the financing constraints of enterprises. The influence of both political connection and the quality of accounting information on financing constraints has a substitutional effect,which varies in degrees in different institutional environments,and becomes significant in areas where slow marketization,serious government intervention and low-level legalization take place. The research results have important implications for both improving the vctilization of accounting information and managing the negative influence of political connections.
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