会计稳健性存在的必要性备受争议, 本文以其对投资和融资行为的影响为切入点, 解析并检验了会计稳健性对投资效率以及外部融资方式的影响.本文以2007-2015年沪深A股上市公司为样本的实证研究发现, 会计稳健性能够促使投资效率改善, 在一定程度上解决了非效率投资的治理问题;面对债务融资与权益融资的选择问题, 会计稳健性促进投资不足企业选择债务融资而非权益融资方式筹资, 符合优序融资理论中的外部融资顺序;进一步研究表明, 会计稳健性、投资不足与债务融资方式之间的关系不受债务期限的影响而受产权性质的影响, 会计稳健性在投资不足的国有企业对债务融资促进作用更显著.以上结论为会计稳健性减少非理性的投资和融资行为提供了证据和治理思路.%Accounting conservatism is a controversial accounting principle. Based on its impact on the behaviors of investment and financing, this paper selects the data of Shanghai and Shenzhen A share listed companies from 2007 to 2015 as the research sample and empirically tests the impact of accounting conservatism on investment efficiency and external financing ways. The research shows that, accounting conservatism can promote the improvement of investment efficiency, so, to some extent, it solves the problem of governance of inefficient investment. Accounting conservatism promotes the enterprises which are under-investment to choose the way of debt financing rather than the way of equity financing to raise funds. It solves the problem of conflict between debt financing and equity financing, and it is consistent with the order of external financing in the pecking order theory. Further research shows that not debt maturity but the property rights affects the relationship among accounting conservatism, investment efficiency and debt financing, and accounting conservatism plays a more significant role in state-owned enterprises. These conclusions provide new evidence and governance ideas for the accounting conservatism to reduce the irrational investment and financing behavior.
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