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财务报告的稳健性在企业与内外各方的契约中发挥着重要作用,企业的股权再融资行为可能会受之影响。以2000~2010年中国A股上市公司股权再融资行为为研究对象的实证检验表明,会计稳健性水平越高的企业进行股权再融资的可能性越大,再融资费用率和再融资金额也越低。在多种稳健性测试下,这一结果仍保持稳定。
The robustness of financial reporting plays an important role in the contract between the business and the parties inside and outside the company and the refinancing of the company’s equity may be affected. Empirical tests on the equity refinancing behavior of China’s A-share listed companies from 2000 to 2010 show that the higher the firm’s accounting conservatism, the greater the probability of refinancing their equity, the higher the refinancing rate and the refinancing amount low. This result remains stable under a variety of robustness tests.