会计准则变革对企业债务融资的影响
|
摘要
企业融资行为是一种典型的代理行为,融资过程的本质是外部投资者将资金委托给融资企业生产经营使用。外部投资者之所以愿意提供资金的使用权,主要是依赖于借款企业还本付息的承诺,这种承诺能够保证外部投资者的利益不受侵害,并且这种承诺的生效依赖于外部投资者对企业的信任。信任的产生和延续需要有稳固的投资者利益保障机制。然而在涉及到投资者权益保障问题的研究时,传统金融理论更多的关注股东权益的保护,债权人权益保障问题一向是一个被现代公司金融理论所忽视的领域。究其原因主要是由于在正常情况下债权收益并未与企业的实际经营业绩挂钩,只有在企业无法支付到期债务或发生其他违背债务契约条款的情况下才会触发部分控制权由借款人向债权人的转移,因而传统的股东治理理论便忽略了债权人在融资过程中的风险问题,从而也忽略了对债权人权益保障问题的关注。然而,2006年金融危机的爆发使得债务成为理论界不得不重视的问题,当初不被人们在意的次贷危机竟然演变成了债务的海啸,使得全球经济陷入衰退。至此,债务问题俨然成为世界经济的关键词,与债务风险休戚相关的债权人权益保障问题便显得尤其重要。新会计准则实现了会计理念从收入费用观到资产负债表观的回归,会计理念的这一根本性变化使得会计目标从受托责任观变为决策有用观,这一变化揭示了新会计准则重在使会计信息更真实地反应企业的经济实质,强调有利于利益相关者的决策之用。在会计信息的决策有用性方面,金融危机的到来让我们切实体会到了会计能够对社会经济造成的重要影响,虽然有关公允价值的采用是否是金融危机爆发的罪魁祸首的争论仍在继续,但会计没有尽到客观反映和有效监督银行业资产负债表表外业务的职责,从而助长了金融危机的爆发则是一个不争的事实。因而,近年来有关会计准则的实施对企业及对经济的影响成为财务学界的热点研究议题之一。本文在前人研究债务融资影响因素的基础上,对会计准则变革对债务融资的影响进行研究。
本文的研究具有一定的理论意义与现实意义。从理论价值来看,首先,针对会计准则国际趋同的研究,西方的理论和实证研究均建立在发达的市场经济条件下,我国处在转型经济时期,在国有企业普遍存在的完全竞争程度较低的市场中,西方研究的相关结论在我国是否具有适用性是一个值得探讨的问题。本文结合我国的制度背景对会计准则变革的实施后果进行研究。其次,本研究聚焦于会计准则变革对债务融资的影响,从会计准则整体以及具体会计准则两个层次进行研究,突破了现有研究中将会计准则作为一个整体进行研究的局限性。另外,通过梳理准则变革与债务融资之间的关系,构建会计对企业行为影响的路径机理,正视会计准则经济后果在企业行为(特别是债务融资行为)中的引导作用。本文旨在明确会计准则变革对企业债务融资行为的影响,丰富会计准则变革研究的理论基础和基础理论,丰富与完善债务融资行为的研究主题,增强会计学与财务管理学科的融合。从实用价值来看,首先,本研究明确了会计准则变革对企业债务融资行为的影响,发挥会计准则对企业债务融资行为的引导作用。利用本研究结论能够引导上市公司的债务行为与企业的财务状况及其他管理行为的协调,使得上市公司在融资的过程中能够有效控制风险点,降低债务融资可能带来的财务风险,并在此基础上发现提升企业价值的途径。其次,会计准则对企业融资行为影响的研究,为会计准则变革对其他管理行为影响的研究提供参考,也为今后其他政府政策或制度执行的非直接预期影响研究提供理论示范效应与思路启发。
本文中会计准则变革主要是指2006年新会计准则的颁布。本文的研究内容分为八章,相关内容如下：
第一章为导论。本部分主要对文章涉及的一些基本内容进行介绍,明确论文的选题背景、研究意义、研究目标和内容、技术路线图及研究方法等。
第二章为文献综述。文献综述部分首先就文献的总体分布情况进行了介绍,就国内外有关会计准则变革的相关研究主题进行了阐述,引出最新的会计准则。在将债务融资国内外具体的研究情况进行梳理之后,着重就会计准则变革对债务融资的影响文献进行了回顾,厘清这个领域学者都在研究什么,存在的问题和不足,以及哪些主题研究存在缺乏,引出本文的主题,确定本文的研究方向。
第三章对我国的制度背景和我国债务融资环境进行分析,为解释会计准则变革对我国债务融资的影响提供现实背景和理论依据。本部分对我国的债务融资现状进行了描述,以便对我国上市公司债务融资的总体状况有一个整体的认识。
第四章为理论基础。本部分主要利用委托代理理论、信息不对称理论、债务契约理论阐述会计准则对债务融资影响的基本理论依据。
第五章为会计准则变革与债务融资关系的理论分析。本部分对会计准则变革进行界定,并对会计准则变革带来的变化予以分析。将会计信息质量作为衡量会计准则实施效果的指标,并阐明会计准则变革的度量方法。本部分拟利用A股非金融类上市公司2002-2011年的数据为样本。对于会计信息质量的衡量,本文拟利用修正的Jones模型和修正的DD模型,以计算出的应计质量(DA)作为衡量会计信息质量的指标(Francis,2005; Barth,2008)。同时对债务融资的内涵与要素进行了界定,在此基础上从理论上分析了会计准则变革从哪些方面影响了会计信息质量,而会计信息质量又是怎样对与债务融资相关的债务代理成本产生影响,进而影响企业的债务期限结构及债务融资成本。
第六章为会计准则变革对债务期限结构的影响。本部分拟利用2002-2011年的我国A股非金融类上市公司的数据为样本,以按照第五章的方法计算出来的衡量会计准则变革的指标为解释变量,对企业的债务期限结构进行解释,被解释变量是长期贷款(Ledebt),定义为长期贷款／总债务,本文将长期债务定义为到期日超过一年的债务。
第七章为会计准则变革对债务融资成本的影响。本部分拟利用2002-2011年的我国A股非金融类上市公司的数据为样本,以按照第五章的方法计算出来衡量会计准则变革指标为解释变量,对企业的债务融资成本进行解释。
第八章为研究结论和启示。本部分将对实证研究的结果予以解释,说明会计准则变革对企业融资行为的影响,并提出相应的建议与启示。
本文的研究创新体现在以下几个方面：第一,以会计准则变革为切入点研究债务融资的影响因素,构建会计准则变革对债务融资影响的理论,对会计经济后果学说的研究领域进行探索性研究,丰富了会计准则变革与微观企业行为关系的研究。西方有关债务融资的研究文献从主题归纳情况看,集中于代理成本、信息不对称理论、契约理论、发行成本、公司治理、行为金融学等角度进行探讨,虽然个别文献研究了会计信息质量对债务融资的影响,但结合准则变革的研究研究缺乏。本文以会计准则变革为切入点对债务融资的影响因素进行研究,构建会计准则变革对债务融资影响的理论。第二,对我国的制度背景及债务融资现状进行了系统的分析。本文采用多元回归、参数和非参数检验、描述性统计等方法对行业类别、公司产权性质与债务期限结构及债务融资成本之间的关系进行了系统的研究。第三,本文的研究结论证实了高质量的会计准则在减少信息不对称过程中的作用。对管理者来说,通过正确利用新会计准则,提高会计信息质量,公司可以改善财务资源的管理,增加债务期限,降低因风险不确定所带来的违约风险溢价,进而降低债务融资成本。第四,目前国内学者对债务融资影响因素的实证研究存在很大的缺陷,本文在这些方面进行了改进。本文以中国非金融类上市公司的数据为样本构建多元回归模型,并对行业类别以及年份的影响予以控制。为了验证会计准则变革对债务融资的影响,本文使用准则变革前后5年的数据,以使样本期间达到10年。为了剔除个体效应以及不可察觉的异质性的影响,在稳健性检验部分构建了双向固定效应模型,以排除模型选择对回归结果的影响。同时,为了排除会计准则变革指标的度量方法对回归结果的影响,本采用两种不同的方法(修正的Jones模型和修正的DD模型)对会计准则变革指标进行度量。
Corporate financing behavior is a typical act of agency. The outside investors entrust capital to financing enterprise and management, which is the essence of financing process. The reason why outside investors willing to provide funds is that there is a commitment between borrowers and lenders. The commitment can ensure the interests of outside investors against losses, and the commitment becomes effect when outside investors trust in the enterprise. The emergence and development of trust need a stable investors benefit safeguard mechanism. But when it comes to investor rights and interests protection question, traditional financial theory is more focusing on shareholder's rights, creditor's rights guarantee problem has always been neglected by modern corporate finance theory field. The reason is mainly due to the creditor's rights and benefits under normal circumstances is not linked to enterprise's actual business performance, only in the circumstance that enterprise is unable to pay debts or other violation of debt contracts happens, the partial transfer of control will trigger from the borrower to the creditor, and the traditional shareholder governance theory has ignored the risk of creditors in the process of financing, thus ignoring the attention to the problems of protection of the rights and interests of creditors. However, the outbreak of the financial crisis in2006makes the debt becomes theoretical problem which have to be pay more attention to. The subprime mortgage crisis which is ignored at the beginning has evolved into a debt tsunami, without any warning to the people in front, and the global economy into recession. At this point, the debt problem has become the world economy keywords, so intertwined with the debt risk of creditors' rights and interests protection problem appears especially important. New accounting standards implemented accounting concept from Revenue-expense view to balance sheet view. The fundamental change of accounting concept makes the target from the entrusting liability viewpoints to useful viewpoints of policy-making, the change reveals the new accounting standards focus on make accounting information more fairly reflect the enterprise's economic nature, emphasizes the beneficial to stakeholders in the decision-making. In terms of decision usefulness of accounting information, the arrival of financial crisis makes us truly feel the importance of accounting for social economy. Although the use of fair value is to blame for the outbreak of the financial crisis of the debate is still on, but failing to reflect the objective and effective accounting supervision and banking business outside the property debt table, thus contributing to the outbreak of the financial crisis is an indisputable fact. Therefore, in recent years, the economic consequence of adopting IFRS is one of the hottest research topics. So far as to today, there have been many effects of the implementation of standards is studied, but it's only5years since new accounting standards'implementation. The economic consequences of adopting IFRS are not comprehensive. Based on this special phenomenon in China, this dissertation investigated the impact of new accounting standard on corporate debt financing of non-financial listed companies after the period of transition to new accounting standard in China.
The research has certain theoretical significance and practical significance. From the theoretical value, first of all, for the study of international convergence of accounting standards, western theoretical and empirical studies are based on a developed market economy condition. And China is a country in transition economy period, the state-owned enterprise is widespread and the levels of competition is completely low in the market, whether western research of related conclusion has applicability in our country is a problem worthy to be discussed. Based on the background of China, the dissertation srudis the economic consequences of accounting standards change. Second, this study focuses on the impact of accounting standards change on debt financing of enterprises, from the overall and specific accounting standards for research, break through the existing research, the limitations of accounting standards as a whole was studied. In addition, by analyzing the relationship between accounting standards change and the debt financing of enterprises, build the path of the mechanism between accounting standards and enterprise behavior, pay more attention to the economic consequences of accounting standards on the enterprise behavior (especially debt financing behavior). The purpose of this dissertation is to clarify the impact of accounting standards change on enterprise debt financing behavior, rich theoretical basis of accounting standards change research and basic theory, enrich and perfect the debt financing behavior research theme, strengthening financial management and accounting disciplines.
From the point of practical value, first of all, this dissertation has cleared the influence of accounting standards change on enterprise debt financing behavior, gives play to the guiding role of accounting standards for enterprise debt financing behavior. The research conclusions can guide the enterprise's debt behavior and the enterprise's financial situation of listed companies and other coordination management behavior, make the listed companies effectively control risk points in the process of financing, reduce the financial risk of the debt financing, and on this basis to find ways to improve enterprise value. Secondly, the research of the impact of accounting standards on corporate financing behavior provide a reference for the impact of accounting standards on other management behavior,and also for other government policy or system implementation in the future.
In this dissertation, the change of accounting standards mainly refers to new accounting standards promulgated in2006. Research of this dissertation can be divided into8chapters which proceed as follows:
The first chapter is the introduction. This part mainly introduces the content of the article, clear the background of the selected topic, research significance, research objectives and contents, technology roadmap, and research methods.
Chapter2reviews extant literature. The review on domestic and foreign relevant research related to the accounting standards change subject, which leads to the new accounting standards. The debt financing specific research situation at home and abroad were reviewed and comb, the dissertation focuses on the impact of accounting standards change on debt financing. And to clarify what scholars are studying in the field, existing problems and the insufficiency, and which is lack of subject research, lead to the topic of this dissertation, determine the research direction of this dissertation.
Chapter3analyzes the background of the system and debt financing environment in China, which provides realistic background and theoretical basis for the dissertation.
Chapter4is theoretical basis. This part illustrates with agent theory, asymmetric information theory, debt contract theory which is the basic theory of the dissertation.
Chapter5is theoretical analysis. First, define the accounting standards change, and clear the characteristics of accounting standards change. Second, put the quality of accounting information as a measure of accounting standards implementation effect. The dissertation uses two different methods (modified Jones model and correction of the DD model) as the measurement of accounting standards change. Starting from the basic principles of accounting standards change, analyze how the change of accounting concept from the revenue-expense view to balance sheet view to ease the degree of information asymmetry between shareholders and creditors, play a role in creditors' rights and interests protection, thereby lowering debt agency cost in the process of debt financing. On the basis of the analysis of basic principle of the new accounting standards, explain how the accounting standards change impact on debt maturity structure and debt financing cost.
Chapter6investigates the influence of new accounting standard on corporate debt maturity structure of non-financial listed companies after the period of transition to new accounting standard in China.
Chapter7investigates the influence of new accounting standard on the cost of debt financing of non-financial listed companies after the period of transition to new accounting standard in China.
Chapter8will summarize the studies on several levels above, point out the main contributions and shortcomings of this paper, and then point out the future research direction.
In this dissertation, research innovation embodied in the following respects. First, put the accounting standards change as a breakthrough point for debt financing research, establish theory of the impact of accounting standards on debt financing. Western research literature about debt financing focus on agency cost, information asymmetry theory, contract theory, debt issuance costs, corporate governance and behavioral finance. Although there are a few literatures document the relationship between accounting information and debt financing, but the combination of accounting standards change, and combining with the specific standards content lack of the study. This dissertation based on accounting standards change as the breakthrough point to study the influence factors of debt financing, build the theory that how accounting standards impact on debt financing of enterprises. Second, analyze the background of the system in China and the debt financing present situation. This dissertation uses multivariate regression, parametric and non-parametric test, descriptive statistics method to test such as the industry category, corporate nature of property rights and the relationship between the cost of debt maturity structure and debt financing; The financing behavior of listed companies in China from the angle of system, explains the financing structure and financing cost. Thirdly, the conclusion of the disseration confirms the role of high quality accounting standards on the process of reducing information asymmetry. For managers, through the correct use of the new accounting standards, improve the quality of accounting information, the managers can improve the management of financial resources, increase the debt maturity. And reduce the uncertainty which caused the risk of default risk premium, then decrease the cost of debt financing. Fourthly, from the outside to the inside, explore how the overall and specific accounting standards change impact on debt financing, and reveal the role on which accounting standards play in the process of corporate governance. Combining with the specific accounting standards change in the study of the economic consequences of accounting standards change, the dissertation focuses on the impact of accounting standards on creditors in the process of enterprise financing decisions. Fourthly, there are a lot of defects exist in the current domestic empirical studis of factors affecting debt, this dissertation on these aspects to be improved. In this dissertation, using the data of non-financial listed companies in China construct multiple regression model, and control the industry category and the influence of the year, In order to verify the impact of accounting standards change on debt financing, this dissertation uses the data of criterion change before and after five years, which make the sample reached during10years. In the robustness test we use two-way fixed effect model. The empirical model presented in robustness test allows us to control for unobservable firm specific effects (unobservable heterogeneity) and firm invariant time-specific effects. At the same time, in order to rule out the measurement of accounting standards change variables to the regression result, the dissertation use two different methods (modified Jones model and correction of the DD model) as the measurement of accounting standards change.
本文的研究具有一定的理论意义与现实意义。从理论价值来看,首先,针对会计准则国际趋同的研究,西方的理论和实证研究均建立在发达的市场经济条件下,我国处在转型经济时期,在国有企业普遍存在的完全竞争程度较低的市场中,西方研究的相关结论在我国是否具有适用性是一个值得探讨的问题。本文结合我国的制度背景对会计准则变革的实施后果进行研究。其次,本研究聚焦于会计准则变革对债务融资的影响,从会计准则整体以及具体会计准则两个层次进行研究,突破了现有研究中将会计准则作为一个整体进行研究的局限性。另外,通过梳理准则变革与债务融资之间的关系,构建会计对企业行为影响的路径机理,正视会计准则经济后果在企业行为(特别是债务融资行为)中的引导作用。本文旨在明确会计准则变革对企业债务融资行为的影响,丰富会计准则变革研究的理论基础和基础理论,丰富与完善债务融资行为的研究主题,增强会计学与财务管理学科的融合。从实用价值来看,首先,本研究明确了会计准则变革对企业债务融资行为的影响,发挥会计准则对企业债务融资行为的引导作用。利用本研究结论能够引导上市公司的债务行为与企业的财务状况及其他管理行为的协调,使得上市公司在融资的过程中能够有效控制风险点,降低债务融资可能带来的财务风险,并在此基础上发现提升企业价值的途径。其次,会计准则对企业融资行为影响的研究,为会计准则变革对其他管理行为影响的研究提供参考,也为今后其他政府政策或制度执行的非直接预期影响研究提供理论示范效应与思路启发。
本文中会计准则变革主要是指2006年新会计准则的颁布。本文的研究内容分为八章,相关内容如下：
第一章为导论。本部分主要对文章涉及的一些基本内容进行介绍,明确论文的选题背景、研究意义、研究目标和内容、技术路线图及研究方法等。
第二章为文献综述。文献综述部分首先就文献的总体分布情况进行了介绍,就国内外有关会计准则变革的相关研究主题进行了阐述,引出最新的会计准则。在将债务融资国内外具体的研究情况进行梳理之后,着重就会计准则变革对债务融资的影响文献进行了回顾,厘清这个领域学者都在研究什么,存在的问题和不足,以及哪些主题研究存在缺乏,引出本文的主题,确定本文的研究方向。
第三章对我国的制度背景和我国债务融资环境进行分析,为解释会计准则变革对我国债务融资的影响提供现实背景和理论依据。本部分对我国的债务融资现状进行了描述,以便对我国上市公司债务融资的总体状况有一个整体的认识。
第四章为理论基础。本部分主要利用委托代理理论、信息不对称理论、债务契约理论阐述会计准则对债务融资影响的基本理论依据。
第五章为会计准则变革与债务融资关系的理论分析。本部分对会计准则变革进行界定,并对会计准则变革带来的变化予以分析。将会计信息质量作为衡量会计准则实施效果的指标,并阐明会计准则变革的度量方法。本部分拟利用A股非金融类上市公司2002-2011年的数据为样本。对于会计信息质量的衡量,本文拟利用修正的Jones模型和修正的DD模型,以计算出的应计质量(DA)作为衡量会计信息质量的指标(Francis,2005; Barth,2008)。同时对债务融资的内涵与要素进行了界定,在此基础上从理论上分析了会计准则变革从哪些方面影响了会计信息质量,而会计信息质量又是怎样对与债务融资相关的债务代理成本产生影响,进而影响企业的债务期限结构及债务融资成本。
第六章为会计准则变革对债务期限结构的影响。本部分拟利用2002-2011年的我国A股非金融类上市公司的数据为样本,以按照第五章的方法计算出来的衡量会计准则变革的指标为解释变量,对企业的债务期限结构进行解释,被解释变量是长期贷款(Ledebt),定义为长期贷款／总债务,本文将长期债务定义为到期日超过一年的债务。
第七章为会计准则变革对债务融资成本的影响。本部分拟利用2002-2011年的我国A股非金融类上市公司的数据为样本,以按照第五章的方法计算出来衡量会计准则变革指标为解释变量,对企业的债务融资成本进行解释。
第八章为研究结论和启示。本部分将对实证研究的结果予以解释,说明会计准则变革对企业融资行为的影响,并提出相应的建议与启示。
本文的研究创新体现在以下几个方面：第一,以会计准则变革为切入点研究债务融资的影响因素,构建会计准则变革对债务融资影响的理论,对会计经济后果学说的研究领域进行探索性研究,丰富了会计准则变革与微观企业行为关系的研究。西方有关债务融资的研究文献从主题归纳情况看,集中于代理成本、信息不对称理论、契约理论、发行成本、公司治理、行为金融学等角度进行探讨,虽然个别文献研究了会计信息质量对债务融资的影响,但结合准则变革的研究研究缺乏。本文以会计准则变革为切入点对债务融资的影响因素进行研究,构建会计准则变革对债务融资影响的理论。第二,对我国的制度背景及债务融资现状进行了系统的分析。本文采用多元回归、参数和非参数检验、描述性统计等方法对行业类别、公司产权性质与债务期限结构及债务融资成本之间的关系进行了系统的研究。第三,本文的研究结论证实了高质量的会计准则在减少信息不对称过程中的作用。对管理者来说,通过正确利用新会计准则,提高会计信息质量,公司可以改善财务资源的管理,增加债务期限,降低因风险不确定所带来的违约风险溢价,进而降低债务融资成本。第四,目前国内学者对债务融资影响因素的实证研究存在很大的缺陷,本文在这些方面进行了改进。本文以中国非金融类上市公司的数据为样本构建多元回归模型,并对行业类别以及年份的影响予以控制。为了验证会计准则变革对债务融资的影响,本文使用准则变革前后5年的数据,以使样本期间达到10年。为了剔除个体效应以及不可察觉的异质性的影响,在稳健性检验部分构建了双向固定效应模型,以排除模型选择对回归结果的影响。同时,为了排除会计准则变革指标的度量方法对回归结果的影响,本采用两种不同的方法(修正的Jones模型和修正的DD模型)对会计准则变革指标进行度量。
Corporate financing behavior is a typical act of agency. The outside investors entrust capital to financing enterprise and management, which is the essence of financing process. The reason why outside investors willing to provide funds is that there is a commitment between borrowers and lenders. The commitment can ensure the interests of outside investors against losses, and the commitment becomes effect when outside investors trust in the enterprise. The emergence and development of trust need a stable investors benefit safeguard mechanism. But when it comes to investor rights and interests protection question, traditional financial theory is more focusing on shareholder's rights, creditor's rights guarantee problem has always been neglected by modern corporate finance theory field. The reason is mainly due to the creditor's rights and benefits under normal circumstances is not linked to enterprise's actual business performance, only in the circumstance that enterprise is unable to pay debts or other violation of debt contracts happens, the partial transfer of control will trigger from the borrower to the creditor, and the traditional shareholder governance theory has ignored the risk of creditors in the process of financing, thus ignoring the attention to the problems of protection of the rights and interests of creditors. However, the outbreak of the financial crisis in2006makes the debt becomes theoretical problem which have to be pay more attention to. The subprime mortgage crisis which is ignored at the beginning has evolved into a debt tsunami, without any warning to the people in front, and the global economy into recession. At this point, the debt problem has become the world economy keywords, so intertwined with the debt risk of creditors' rights and interests protection problem appears especially important. New accounting standards implemented accounting concept from Revenue-expense view to balance sheet view. The fundamental change of accounting concept makes the target from the entrusting liability viewpoints to useful viewpoints of policy-making, the change reveals the new accounting standards focus on make accounting information more fairly reflect the enterprise's economic nature, emphasizes the beneficial to stakeholders in the decision-making. In terms of decision usefulness of accounting information, the arrival of financial crisis makes us truly feel the importance of accounting for social economy. Although the use of fair value is to blame for the outbreak of the financial crisis of the debate is still on, but failing to reflect the objective and effective accounting supervision and banking business outside the property debt table, thus contributing to the outbreak of the financial crisis is an indisputable fact. Therefore, in recent years, the economic consequence of adopting IFRS is one of the hottest research topics. So far as to today, there have been many effects of the implementation of standards is studied, but it's only5years since new accounting standards'implementation. The economic consequences of adopting IFRS are not comprehensive. Based on this special phenomenon in China, this dissertation investigated the impact of new accounting standard on corporate debt financing of non-financial listed companies after the period of transition to new accounting standard in China.
The research has certain theoretical significance and practical significance. From the theoretical value, first of all, for the study of international convergence of accounting standards, western theoretical and empirical studies are based on a developed market economy condition. And China is a country in transition economy period, the state-owned enterprise is widespread and the levels of competition is completely low in the market, whether western research of related conclusion has applicability in our country is a problem worthy to be discussed. Based on the background of China, the dissertation srudis the economic consequences of accounting standards change. Second, this study focuses on the impact of accounting standards change on debt financing of enterprises, from the overall and specific accounting standards for research, break through the existing research, the limitations of accounting standards as a whole was studied. In addition, by analyzing the relationship between accounting standards change and the debt financing of enterprises, build the path of the mechanism between accounting standards and enterprise behavior, pay more attention to the economic consequences of accounting standards on the enterprise behavior (especially debt financing behavior). The purpose of this dissertation is to clarify the impact of accounting standards change on enterprise debt financing behavior, rich theoretical basis of accounting standards change research and basic theory, enrich and perfect the debt financing behavior research theme, strengthening financial management and accounting disciplines.
From the point of practical value, first of all, this dissertation has cleared the influence of accounting standards change on enterprise debt financing behavior, gives play to the guiding role of accounting standards for enterprise debt financing behavior. The research conclusions can guide the enterprise's debt behavior and the enterprise's financial situation of listed companies and other coordination management behavior, make the listed companies effectively control risk points in the process of financing, reduce the financial risk of the debt financing, and on this basis to find ways to improve enterprise value. Secondly, the research of the impact of accounting standards on corporate financing behavior provide a reference for the impact of accounting standards on other management behavior,and also for other government policy or system implementation in the future.
In this dissertation, the change of accounting standards mainly refers to new accounting standards promulgated in2006. Research of this dissertation can be divided into8chapters which proceed as follows:
The first chapter is the introduction. This part mainly introduces the content of the article, clear the background of the selected topic, research significance, research objectives and contents, technology roadmap, and research methods.
Chapter2reviews extant literature. The review on domestic and foreign relevant research related to the accounting standards change subject, which leads to the new accounting standards. The debt financing specific research situation at home and abroad were reviewed and comb, the dissertation focuses on the impact of accounting standards change on debt financing. And to clarify what scholars are studying in the field, existing problems and the insufficiency, and which is lack of subject research, lead to the topic of this dissertation, determine the research direction of this dissertation.
Chapter3analyzes the background of the system and debt financing environment in China, which provides realistic background and theoretical basis for the dissertation.
Chapter4is theoretical basis. This part illustrates with agent theory, asymmetric information theory, debt contract theory which is the basic theory of the dissertation.
Chapter5is theoretical analysis. First, define the accounting standards change, and clear the characteristics of accounting standards change. Second, put the quality of accounting information as a measure of accounting standards implementation effect. The dissertation uses two different methods (modified Jones model and correction of the DD model) as the measurement of accounting standards change. Starting from the basic principles of accounting standards change, analyze how the change of accounting concept from the revenue-expense view to balance sheet view to ease the degree of information asymmetry between shareholders and creditors, play a role in creditors' rights and interests protection, thereby lowering debt agency cost in the process of debt financing. On the basis of the analysis of basic principle of the new accounting standards, explain how the accounting standards change impact on debt maturity structure and debt financing cost.
Chapter6investigates the influence of new accounting standard on corporate debt maturity structure of non-financial listed companies after the period of transition to new accounting standard in China.
Chapter7investigates the influence of new accounting standard on the cost of debt financing of non-financial listed companies after the period of transition to new accounting standard in China.
Chapter8will summarize the studies on several levels above, point out the main contributions and shortcomings of this paper, and then point out the future research direction.
In this dissertation, research innovation embodied in the following respects. First, put the accounting standards change as a breakthrough point for debt financing research, establish theory of the impact of accounting standards on debt financing. Western research literature about debt financing focus on agency cost, information asymmetry theory, contract theory, debt issuance costs, corporate governance and behavioral finance. Although there are a few literatures document the relationship between accounting information and debt financing, but the combination of accounting standards change, and combining with the specific standards content lack of the study. This dissertation based on accounting standards change as the breakthrough point to study the influence factors of debt financing, build the theory that how accounting standards impact on debt financing of enterprises. Second, analyze the background of the system in China and the debt financing present situation. This dissertation uses multivariate regression, parametric and non-parametric test, descriptive statistics method to test such as the industry category, corporate nature of property rights and the relationship between the cost of debt maturity structure and debt financing; The financing behavior of listed companies in China from the angle of system, explains the financing structure and financing cost. Thirdly, the conclusion of the disseration confirms the role of high quality accounting standards on the process of reducing information asymmetry. For managers, through the correct use of the new accounting standards, improve the quality of accounting information, the managers can improve the management of financial resources, increase the debt maturity. And reduce the uncertainty which caused the risk of default risk premium, then decrease the cost of debt financing. Fourthly, from the outside to the inside, explore how the overall and specific accounting standards change impact on debt financing, and reveal the role on which accounting standards play in the process of corporate governance. Combining with the specific accounting standards change in the study of the economic consequences of accounting standards change, the dissertation focuses on the impact of accounting standards on creditors in the process of enterprise financing decisions. Fourthly, there are a lot of defects exist in the current domestic empirical studis of factors affecting debt, this dissertation on these aspects to be improved. In this dissertation, using the data of non-financial listed companies in China construct multiple regression model, and control the industry category and the influence of the year, In order to verify the impact of accounting standards change on debt financing, this dissertation uses the data of criterion change before and after five years, which make the sample reached during10years. In the robustness test we use two-way fixed effect model. The empirical model presented in robustness test allows us to control for unobservable firm specific effects (unobservable heterogeneity) and firm invariant time-specific effects. At the same time, in order to rule out the measurement of accounting standards change variables to the regression result, the dissertation use two different methods (modified Jones model and correction of the DD model) as the measurement of accounting standards change.
引文
[1]陈耿、周军.企业债务融资结构研究—一个基于代理成本的理论分析[J].财经研究,2004, (2)：58-65.
[2]陈磊.基于不完全契约的表外融资研究[D].财政部财政科学研究所,2012.
[3]程书强、杨娜.新会计准则下上市公司盈余管理存在的可能性及实施途径分析[J].管理世界,2010,(12)：178-179.
[4]崔伟.公司治理与债务成本——来自深交所A股上市公司的经验证据[J].财会通讯(学术版),2008, (1)：73-76.
[5]丁庭选.基于公司治理的银行债务融资契约研究[D].华中科技大学,2008.
[6]郭道扬.论两大法系的会计法律制度体系[J].会计研究,2002, (8)：3-9.
[7]韩德宗、向凯.我国上市公司债权融资结构的实证研究——以医药、生物制品行业为例[J].经济科学,2003,(2)：68-75.
[8]葛家澍.美国关于高质量会计准则的讨论及其对我们的启示[J].会计研究,1999,(5)：3-10.
[9]葛家澍.关于高质量会计准则的几个问题[J].会计研究,2002, (10)：16-23.
[10]葛家澍、刘峰.从会计准则的性质看会计准则的制订[J].会计研究,1996,(2)19-24.
[11]郭均英、齐乐.我国新资产减值准则实施效果的实证分析[J].财政研究,2009,(1)：70-73.
[12]何靖.中国上市公司债务期限结构研究[D].湖南大学,2008.
[13]黄燕铭.新会计准则对上市公司经营行为与公司估值水平的影响[J].经济与管理研究,2006,(9)：70-75.
[14]姜国华、李远鹏、牛建军.我国会计准则和国际会计准则盈余报告差异及经济后果研究[J].会计研究,2006,(9)：27-34.
[15]姜国华、饶品贵.宏观经济政策与微观企业行为——拓展会计与财务研究新领域[J].会计研究,2011,(3)：9-18.
[16]蒋琰.权益成本、债务成本与公司治理：影响差异性研究[J].管理世界,2009,(11)：144-155.
[17]姜英兵、严婷.制度环境对会计准则执行的影响研究[J].会计研究,2012,(4)：69-78.
[18]姜英兵、张爽.新会计准则与应计异象[J].经济管理,2010, (11)：115-123.
[19]金智.新会计准则、会计信息质量与股价同步性[J].会计研究,2010,(7)：19-26.
[20]雷光勇.企业会计契约：动态过程与效率[J].经济研究,2004,(5)：98-106.
[21]雷森、李传昭、李奔波.信号传递下的企业债务期限结构选择[J].重庆大学学报,2004,(9)：123-125.
[22]廖秀梅.会计信息的信贷决策有用性：基于所有权制度制约的研究[J],会计研究,2007, (5)：31-38.
[23]李锦霖.信息披露的投资者保护效应研究[D].暨南大学,2012.
[24]李树华.上市公司境内外审计报告税后净利差异之实证分析[J].会计研究,1997,(1)：219-24.
[25]林钟高.会计准则：制定、变迁与绩效分析[J].南开管理评论,1998,(1)：52-59.
[26]刘峰、吴风、钟瑞庆.会计准则能提高会计信息质量吗——来自中国股市的初步证据[J].会计研究,2004,(5)：8-19.
[27]林毅夫、李志赞.政策性负担、道德风险与预算软约束[J].经济研究,2004,(2)：17-27.
[28]刘运国、吴小蒙、蒋涛.产权性质、债务融资与会计稳健性——来自中国上市公司的经验证据[J].会计研究,2010,(1)：43-50.
[29]刘玉廷.抓住机遇,巩固成果,全面推进我国的会计改革[J].会计研究,2001,(12)：3-8.
[30]刘玉廷、高一斌、王宏.会计改革与国际趋同[R],中国财政年鉴(中国财政杂志社),2006：167-169.
[31]刘永泽、孙翯.我国上市公司公允价值信息的价值相关性——基于企业会计准则国际趋同背景的经验研究[J].会计研究.2011, (2)：16-22.
[32]娄芳、李玉博、原红旗.新会计准则对现金股利和会计盈余关系影响的研究[J].管理世界,2010,(1)：122-132.
[33]陆正飞、祝继高、孙便霞.盈余管理、会计信息与银行债务契约[J].管理世界,2008,(3)： 152-158.
[34]陆正华、李瑞娜、钟伟.会计准则国际趋同是否有效改善了会计信息质量[J].财会月刊,2011, (32)：6-9.
[35]潘敏.资本结构、金融契约与公司治理[M].中国金融出版社,2002.
[36]彭一浩.信用贷款_制度环境与会计信息质量[D].复旦大学,2010.
[37]邱旭蓉.会计信息质量对融资成本的敏感性研究一—股权VS债务[D],南京财经大学,2011.
[38]饶艳超、胡奕明.银行信贷中会计信息的使用情况调查与分析[J].会计研究,2005,(4)：36.-41.
[39]孙刚.控股权性质、会计稳健性与不对称投资效率——基于我国上市公司的再检验[J].山西财经大学学报,2010, (5)：74-84.
[40]孙铮、刘凤委、李增泉.市场化程度、政府干预与企业债务期限结构——来自我国上市公司的经验证据[J].经济研究,2005, (5)：52-63.
[41]孙铮、李增泉、王景斌.所有权性质、会计信息与债务契约[J].管理世界,2006,(10)：100-107.
[42]谭小平.公司特征与公司债务期限结构——来自我国上市公司的经验证据[J].江西社会科学,2008,(6)：212-216.
[43]谭小平.我国上市公司债务期限结构研究[D],暨南大学,2005.
[44]陶晓慧、柳建华.会计稳健性、债务期限结构与债权人保护[J].山西财经大学学报,2010, (4)：93-99.
[45]王东静、张祥建.利率市场化、企业融资与金融机构信贷行为研究[J].世界经济,2007, (2)：50-59.
[46]王凤华、张晓明.我国上市公司会计信息透明度对股价同步性影响的实证研究[J].中国软科学,2009,(1)：321-326.
[47]汪祥耀、叶正虹.执行新会计准则是否降低了股权资本成本——基于我国资本市场的经验证据[J].中国工业经济,2011, (3)：119-128.
[48]王跃堂、钟蕾.美国会计准则制定模式的发展动向及其对我国的启示[J].外国经济与管理,2003,(10)：25-48.
[49]肖作平.债务期限结构和区域因素——来自中国上市公司的经验证据[J].证券市场导报,2007, (11)：43-50.
[50]肖作平、李孔.债务期限结构的影响因素：理论与证据[J].证券市场导报,2004,(3)：24-29.
[51]肖作平、廖理.大股东、债权人保护和公司债务期限结构选择——来自中国上市公司的经验证据[J].管理世界,2006, (10)：99-113.
[52]修宗峰.股权分置改革、会计准则变迁与决策有用性[J].山西财经大学学报,2011, (6)：106-113.
[53]徐莉莎.新企业会计准则实施效果研究[D].厦门大学,2009.
[54]徐玉德、洪金明.制度环境、信息披露质量与银行债务融资约束——来自深市A股上市公司的经验证据,中国会计学会高等工科院校分会2010年学术年会论文集,2010：975-986.
[55]杨胜刚、何靖.债务期限、杠杆和成长机会——基于中国上市公司的实证研究[J].求索,2007, (3)：6-9.
[56]杨孙蕾、许慧、许家林.产权性质、信息风险与企业长期借款——来自中国上市公司的经验证据[J].江西财经大学学报,2011, (2)：19-28.
[57]杨兴全、郑军.基于代理成本的企业债务融资契约安排研究[J].会计研究,2004,(7)： 61-66.
[58]杨兴全、宋惠敏.我国上市公司债务期限结构影响因素的实证研究[J]..管理现代化,2006, (1)：13-16.
[59]叶康涛、刘行.会计准则变迁与盈余管理的税收成本[c].中国会计学会2011学术年会,2011,中国重庆.
[60]叶志锋、胡玉明、纳超洪.基于银行借款融资动机的盈余管理研究——来自中国证券市场的经验证据[J].山西财经大学学报,2008, (1)：118-124.
[61]袁卫秋.我国上市公司的债务期限结构——基于权衡思想的实证研究[J].会计研究,2005, (12)：53-58.
[62]袁卫秋.债务期限结构的权衡思想的实证检验[J].商业经济与管理,2006,(2)：71-76.
[63]于富生、张敏.信息披露质量与债务成本——来自中国证券市场的经验证据[J].审计与经济研究,2007, (5)：93-96.
[64]余明桂、罗娟、汪祈妤.商业信用的融资性动机研究现状与展望[J].财会通讯,2010,(6)：107-111.
[65]赵惠芳、翟晓蕾、潘立生.会计信息对投资决策有用性的实证研究[J].山西财经大学学报,2009,(2)：119-124.
[66]周继先.信息共享、银企关系与融资成本——基于中国上市公司贷款数据的经验研究[J].宏观经济研究,2011, (11)：83-93.
[67]张波涛.基于所得税差异的上市公司债务融资决策模型[D],大连理工大学,2008.
[68]张鹏.证券设计：理论评述与我国借鉴[J].证券市场导报,2001, (8)：52-57.
[69]张晓东.中国上市公司财务报告人为操控的实证研究[D],东北财经大学,2010.
[70]朱凯、赵旭颖、孙红.会计准则改革、信息准确度与价值相关性——基于中国会计准则改革的经验证据[J].管理世界,2009, (4)：47-54.
[1]Alford A, Jones J, Leftwich R, et al.,1993, "The relative informativeness of accounting disclosures in different countries" [J]. Journal of Accounting Research, 31.PP183-223.
[2]Ali, A.,and Hwang, L.,2000, "Country-specific factors related to financial reporting and the value relevance of accounting data " [J] Journal of Accounting Research,38(1),PP1-21.
[3]Altman E I. Financial Ratios,1968, "Discriminant Analysis and the Prediction of Corporate Bankruptcy" [J]. The Journal of Finance,23(4)rPP589-609.
[4]Arena Matteo P.,and Dewally Michael,2012, "Firm location and corporate debt" [J].Journal of Banking and Finance,36(4),PP 1079-1092.
[5]Armstrong, C. S., W. R. Guay, et al.,2010, "The role of information and financial reporting in corporate governance and debt contracting" [J]. Journal of Accounting and Economics,50(2),PP 179-234.
[6]Ball, R.,2001, "Infrastructure requirements for an economically efficient system of public financial reporting and disclosure" [J]. Brookings-Wharton Papers on Financial Services,PP127-169.
[7]Ball, R.,and Shivakumar, L.,2005, "Earnings quality in U.K. private firms" [J]. Journal of Accounting and Economics,39(1),PP83-128.
[8]Barclay M.J.,and Smith Jr.C.W.,1995, "The maturity of corporate debt" [J]. Journal of Finance,50,PP609-631.
[9]Barnea, A., Haugen, R. A. and Senbet, L. W.,1980, "A rationale for debt maturity structure and call provisions in the agency theoretic framework" [J] Journal of Finance,35(5),PP1223-1234.
[10]Barth Mary E., Landsman Wayne R.,and Lang Mark H.,2008, "International accounting standards and accounting quality " [J]. Journal of Accounting Research,46(3),PP467-498.
[11]Bartov E, Gul F A, Tsui J S L.,2000, "Discretionary-accruals models and audit qualifications" [J]. Journal of Accounting and Economics,30(3),PP421-452.
[12]Beatty, A., K. Ramesh, et al.,2002, "The importance of accounting changes in debt contracts:the cost of flexibility in covenant calculations" [J] Journal of Accounting and Economics 33(2),PP205-227.
[13]Berger,Allen N.,Marco A.Espinosa-Vega,W.Scott Frame, and Nathan H.Miller,2005, " Debt maturity, risk, and asymmetric information " [J]. Journal of Finance,60(6),PP2895-2923.
[14]Berle A A, Means G C.,1932, "The modern corporation and private property" [M]. Transaction Pub.
[15]Bernard, T. E.,1995, "Thermal stress" [M].In Fundamentals of Industrial Hygiene,4th ed., ed. B. Plog. National Safet Council, Chicago.
[16]Bharath S.T., J.Sunder, and S.V.Sunder,2008, "Accounting quality and debt contracting" [J]. The Accounting Review,83(1),PP1-28.
[17]Bhattacharya, U., H., Daouk and M. Welker,2003, "The World Pricing of Earnings Opacity" [J].The Accounting Review,78(3),PP641-678.
[18]Bhojraj S, Sengupta P.,2003, "Effect of corporate governance on bond ratings and yields:The role of institutional investors and outside directors" [J]. The Journal of Business,76(3),PP455-475.
[19]Biddle G.C., and G.Hilary,2006, " Accounting quality and firm-level capital investment" [J]. The Accounting Review,81(5),PP963-982.
[20]Biddle, G. C., G. Hilary, et al.,2009, "How does financial reporting quality relate to investment efficiency? " [J].Journal of Accounting and Economics 48(2-3),PP 112-131.
[21]Black F, Scholes M.,1973, "The pricing of options and corporate liabilities" [J]. The Journal of Political Economy,81(3),PP637-654.
[22]Bliss Mark A., and Gul Ferdinand A.,2012, "Political connection and cost of debt: Some Malaysian evidence", Journal of Banking and Finance,36(5),PP 1520-1527.
[23]Borisova Ginka, and Megginson William L.,2011,"Does government ownership affect the cost of debt? Evidence from privatization " [J].Review of financial studies,24(8),PP2693-2737.
[24]Botosan C A, Plumlee M A.,2002, "Are-examination of disclosure level and the expected cost of equity capital" [J]. Journal of accounting research,40(1),PP21-40.
[25]Brick, I. and A. Ravid,1985, "The Relevance of Debt Maturity Structure" [J]. Journal of Finance,40, PP1423-1437.
[26]Burgstahler D C, Hail L, Leuz C.,2006, "The importance of reporting incentives: Earnings management in European private and public firms" [J]. The Accounting Review,81(5),PP983-1016.
[27]Bushman R.M, and Smith A.J.,2001, "Financial accounting information and corporate governance" [J]. Journal of Accounting and Economics,32,PP237-333.
[28]Bushman R, Chen Q, Engel E, et al.,2004, "Financial accounting information, organizational complexity and corporate governance systems" [J] Journal of Accounting and Economics,37(2),PP 167-201.
[29]Bushman R M, Piotroski J D.,2006, "Financial reporting incentives for conservative accounting:The influence of legal and political institutions" [J]. Journal of Accounting and Economics,42(1),PP107-148.
[30]Cantillo M., and Wright J.,2000, "How do firms choose their lenders? An empirical investigation" [J]. Review of financial studies,(13),PP155-189.
[31]Cao Yanming,2009, "Corporate Governance and the Cost of Debt" [J]. Proceedings of 2009 International Conference on Growth of Firm and Management Innovation,PP 173-178.
[32]Carey M.Prowse S.et al.,1993, "The economics of the private placement markets:a new look" [J]. Financial Markets,Institutions and Instrument,(2),PP 1-66.
[33]Chemmanur T., and Fulghieri P.,1994, "Reputation, renegotiation, and the choice between band loans and pubilicly traded debt " [J].Review of Financial Studies,(7),PP475-506.
[34]Chen,K.,and H.Yuan.,2004, " Earnings Management and Capital Resource Allocation:Evidence from China's Accounting-Based Regulation of Rights Issues" [J]. The accounting Review,79(3),PP645-665.
[35]Chen H, Tang Q, Jiang Y, et al.,2010, "The role of international financial reporting standards in accounting quality:Evidence from the European Union" [J]. Journal of international financial management & accounting,21 (3),PP220-278.
[36]Christine Botosan,1997, "Disclosure Level and the Cost of Equity Capital" [J]. The Accounting Review,72(3), PP323-349.
[37]Christensen Hans B., Lee Edward, and Walker Martin,2009, "Do IFRS reconciliations convey information? The effect of debt contracting" [J]. Journal of Accounting Research,47(5),PP 1167-1199.
[38]Clarkson P, Hanna J D, Richardson G D, et al.,2011, "The impact of IFRS adoption on the value relevance of book value and earnings" [J]. Journal of Contemporary Accounting & Economics,7(1),PP1-17.
[39]Collins D W, Kothari S P.,1989, "An analysis of intertemporal and cross-sectional determinants of earnings response coefficients" [J]Journal of Accounting and Economics,11(2),PP143-181.
[40]Costello, A. M.,2011, "The impact of financial reporting quality on debt contracting: Evidence from internal control weakness reports" [J] Journal of Accounting Research.49(1),PP97-136.
[41]Covrig, V.L., DeFond, M.J., Hung, M.,2007, "Foreign mutual funds holdings, and the voluntary adoption of international accounting standards" [J] Journal of Accounting Research 45, PP41-70.
[42]Cuijpers R, Buijink W.,2005, "Voluntary adoption of non-local GAAP in the European Union:A study of determinants and consequences" [J].European Accounting Review,2005,14(3),PP487-524.
[43]Daniservska P.,2002, "Is debt maturity determined by asymetric information about short-term or long-trem earings" [R].working paper.
[44]Daske H, Hail L, Leuz C, et al.,2007, "Adopting a Label:Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions" [J]. Working Paper.
[45]Datta S., Iskandar-Datta M., and Raman K.,2005, "Managerial stock ownership and the maturity structure of corporate debt" [J]. Journal of Finance,(5),PP2333-2350.
[46]Dechow P M, Dichev I D.,2002, "The quality of accruals and earnings:The role of accrual estimation errors" [J]. The accounting review,77(s-1),PP35-59.
[47]Dechow P M, Sloan R G,1995, "Sweeney A P. Detecting earnings management" [J]. Accounting Review,PP193-225.
[48]DeFond M L, Jiambalvo J.,1997, "Debt covenant violation and manipulation of accruals" [J] Journal of accounting and economics,17(1),PP145-176.
[49]DeFond M, Hu X, Hung M, et al.,2011, "The impact of mandatory IFRS adoption on foreign mutual fund ownership:The role of comparability" [J] Journal of Accounting and Economics,51(3),PP240-258.
[50]Denis D J., and Mihov V T.,2003, "The choice among bank debt, non-bank private debt and public debt:evidence from new corporate borrowings" [J]. Journal of Financial Economics,70,PP2-28.
[51]Diamond D W.,1991, "Debt maturity and liquidity risk" [J].Quarterly Journal of Economics,106,PP709-737.
[52]Duffie D, Lando D.,2001, "Term structures of credit spreads with incomplete accounting information" [J]. Econometrica.69(3),PP633-664.
[53]Easley D.,O'Hara M,2004, "Information and the cost of capital" [J]Journal of Finance,49(4),PP1553-1583.
[54]Easton P D, Zmijewski M E.,1989, "Cross-sectional variation in the stock market response to accounting earnings announcements" [J].Journal of accounting and economics,11(2),PP117-141.
[55]Elyasiani Elyas, Jia Jingyi (Jane), and Mao Connie X.,2010, "Institutional ownership stability and the cost of debt" [J]. Journal of Financial Market,13(4),PP475-500.
[56]Ettredge M L, Kwon S Y, Smith D B, et al.2005, "The impact of SFAS No.131 business segment data on the market's ability to anticipate future earnings" [J]. The Accounting Review.2005,80(3),PP773-804.
[57]Faccio M, Lang L H P.,2002, "The ultimate ownership of Western European corporations" [J]. Journal of financial economics,65(3),PP365-395.
[58]Faccio, M., J. J. Mcconnell,and R.W., Masulis,2006, "Political Connections and Corporate Bailouts" [J]. Journal of Finance,(6),PP2597-2635.
[59]Fama E F, Miller M H.,1972, "The theory of finance" [M]. Holt, Rinehart and Winston New York.
[60]Fama E, and Jensen M.C.,1983, "Separation of ownership and control" [J]. Journal of Law and Economics,26,PP301-325.
[61]Fama E.,1990, " Contract costs and financing decisions " [J] Journal of Business,63,PP71-92.
[62]Fama, E.F.,and K.R. French,1993, "Common Risk Factors in the Returns on Stocks and Bonds" [J]. Journal of Financial Economics,33(1),PP3-56.
[63]Fan Joseph P. H., Titman Sheridan, and Twite Garry,2012, "An International Comparison of Capital Structure and Debt Maturity Choices" [J]. Journal of Financial and Quantitative Analysis,47(1),PP23-56.
[64]Fan, J., and Wong, T. J.,2002, "Corporate ownership structure and the informativeness of accounting earnings in East Asia " [J]. Journal of Accounting and Economics,33(3),PP401-425.
[65]Fields L. Paige, Fraser Donald R.,and Subrahmanyam Avanidhar,2012, "Board quality and the cost of debt capital:The case of bank loans" [J]. Journal of Banking and Finance,36(5),PP 1536-1547.
[66]Fischer Black, and Myron Scholes,1973, "The pricing of options and corporate liabilities" [J]. Journal of Political Economy,81 (3),PP637-654.
[67]Fisher E.O., Robert Heinkel, and Josef Zenchner,1989, "Dynamic capital structure choice:theory and test" [J]. Journal of Finance,44,PP 19-40.
[68]Flannery M.,1986, "Asymmetric information and risk debt maturity structure choice" [J]. Journal of Finance,41,PP18-38.
[69]Francis J., R.LaFond, P.M.Olsson, and K.Schipper,2005, "The market pricing of accruals quality" [J]. Journal of Accounting and Economics,39(2),PP295-327.
[70]Garcia-Teruel Pedro J., Martinez-Solano Pedro,and Sanchez-Ballesta Juan Pedro,2009, "Accruals quality and corporate cash holdings" [J].Accounting and Finance,49(1),PP95-115.
[71]Garcia-Teruel Pedro J., Martinez-Solano Pedro,and Sanchez-Ballesta Juan P.,2010, "Accruals quality and debt maturity structure" [J]. Abacus-A Journal of Accounting Finance and Business Studies,46(2),PP 188-210.
[72]Ge W, Kim J B, Song B Y.2012, "Internal governance, legal institutions and bank loan contracting around the world " [J]. Journal of Corporate Finance,18(3),PP413-432.
[73]Ghosh C, Giambona E, Harding J P, et al.,2011, "How Entrenchment, Incentives and Governance Influence REIT Capital Structure" [J]. The Journal of Real Estate Finance and Economics,43(1),PP39-72.
[74]Giambona E, Harding J P, Sirmans C F.,2008, "Explaining the variation in REIT capital structure:The role of asset liquidation value " [J].Real Estate Economics,36(1),PP111-137.
[75]Giesecke K,2001, "Default and information" [J]. Working Paper.
[76]Giesecke K, Goldberg L.,2008, "The market price of credit risk:the impact of asymmetric information" [J]. Working Paper.
[77]Gonzalez Victor M.,2009, "Debt maturity and risk:evidence from Spanish firms" [J]. Universia Business Review,(22),PP88-101.
[78]Greenwood R, Hanson S, Stein J C.,2010, "A Gap-Filling Theory of Corporate Debt Maturity Choice" [J]. The Journal of Finance,65(3),PP993-1028.
[79]Guedes J.,Opler T,1996, "The determinants of the maturity of corporate debt issues" [J]. Journal of Finance,51,PP1809-1833.
[80]Hanlon. M, Laplante S, Shevlin T.,2005, "Evidence on the possible information loss of conforming book income and taxable income" [J]. Journal of Law and Economics,48(2), PP407-442.
[81]Hanlon M, Heitzman S.,2010, "A review of tax research" [J]. Journal of Accounting and Economics,50(2),PP127-178.
[82]Hart O, Moore J.,1994, "A Theory of Debt Based on the Inalienability of Human Capital" [J].The Quarterly Journal of Economics,109(4),PP841-879.
[83]Hart O.,1995, "Corporate governance:some theory and implications" [J]. The Economic Journal, (105),PP678-689.
[84]Haw, I., Hu, B., Hwang, L.,and Wu, W,2004, "Ultimate ownership, income management, and legal and extra-legal institutions" [J]. Journal of Accounting Research,42(2),PP423-462.
[85]Harwood E, Manzon Jr G B.,2000, "Tax clienteles and debt maturity" [J}.Journal of the American Taxation Association,22(2),PP22-39.
[86]Healy P.M., and K.G.Palepu,2001, "Information asymmetry, corportate disclosure, and the capital markets:a review of the empirical disclosure literature" [J]. Journal of Accounting and Economics,31(1),PP405-440.
[87]Heyman D, Deloof M, Ooghe H.,2008, "The financial structure of private held Belgian firms" [J]. Small Business Economics,30(3),PP301-313.
[88]Holthausen R W.,2003, "Testing the relative power of accounting standards versus incentives and other institutional features to influence the outcome of financial reporting in an international setting " [J]. Journal of Accounting and Economics,36(1),PP271-283.
[89]Ho T S Y, Singer R F.,1982, "Bond indenture provisions and the risk of corporate debt" [J]. Journal of Financial Economics,10(4),PP375-406.
[90]Houston J., and Venkataraman S.,1994, "Optimal maturity structure with multiple debt claims" [J]. Journal of Finance and Quantitative Analysis,29,PP179-198.
[91]Houston J., and James C.,1996, "Bank information monopolies and the mix of private and public debt claims" [J]. Journal of Finance,51,PP 1863-1890.
[92]Hung M, Subramanyam K R.,2007, "Financial statement effects of adopting international accounting standards:the case of Germany" [J]. Review of Accounting Studies.,12(4),PP 623-657.
[93]Jaffee D M, Russell T.,1976, "Imperfect information, uncertainty, and credit rationing" [J]. The Quarterly Journal of Economics,90(4),PP651-666.
[94]Jensen M.C., and Meckling W.H.,1976, "Theory of the firm:managerial behavior, agency costs, and capital structrue" [J]. Journal of Financial Economics,3,PP305-360.
[95]Johnson S.,1997, "An empirical analysis of the determinants of the corporate debt ownership structure" [J]. Journal of Financial and Quantitative Analysis.32,PP47-69.
[96]Jones J J.,1991, "Earnings management during import relief investigations" [J]. Journal of accounting research,PP 193-228.
[97]Jorion P, Shi C, Zhang S.,2009, "Tightening credit standards:the role of accounting quality" [J]. Review of Accounting Studies,14(1),PP123-160.
[98]Jun S G, Jen F C.,2003, "Trade-off model of debt maturity structure" [J]. Review of Quantitative Finance and Accounting,20(1),PP5-34.
[99]Kahl M.,2002, "Economic distress, financial distress and dynamic liquidation" [J]. Journal of Finance,57,PP135-168.
[100]Kale, J.R. and T.H. Noe,1990, "Dividends, uncertainty, and underwriter costs under asymmetric information" [J] Journal of Financial Research,13,PP265-277.
[101]Kane A.,Marcus A.J.,McDonald R.L.,1985, "Debt policy and rate of return premium to leverage" [J]. Journal of Financial and Quantitative Analysis,20,PP479-499.
[102]Kaplan Robert,1985, "Evidence of the effect of bonus schemes on accounting procedure on accruals decisions " [J].Journal of Accounting and Economics,7(1-3),PP 109-113.
[103]Keeton W R.,1979, "Equilibrium credit rationing" [M]. Garland New York.
[104]Kestens K, Van Cauwenberge P, Christiaens J.,2012, "The effect of the notional interest deduction on the capital structure of Belgian SMEs" [J]. Environment and Planning-Part C,30(2),PP228.
[105]Kim J B, Tsui J S L, Yi C H.,2011, "The voluntary adoption of international financial reporting standards and loan contracting around the world" [J]. Review of Accounting Studies,16(4),PP779-811.
[106]Kosi U, Florou A.,2009, "The economic consequences of mandatory IFRS adoption for debt financing" [J].Working Peper.
[107]Krishnaswanm S., and Sprindt P.Subramnaiam V.,1999, "Information asymmetry, monitoring and the placement structure of corporate debt" [J]. Journal of Financial Economics,51,PP407-434.
[108]Lai K W.,2011, "The cost of debt when all-equity firms raise sfinance:The role of investment opportunities, audit quality and debt maturity" [J]. Journal of Banking & Finance,35(8),PP1931-1940.
[109]Lambert, R. A., C. Leuz, et al.,2012, "Information asymmetry, information precision, and the cost of capital" [J].Review of Finance 16(1),PP 1-29.
[110]Landsman W R, Maydew E L, Thornock J R.,2012, "The information content of annual earnings announcements and mandatory adoption of IFRS" [J]. Journal of Accounting and Economics.,53(1),PP34-54.
[111]La Porta, R., Lopez-De-Silanes, F., Shleifer, A.,and Vishny, R.,1998, "Law and finance" [J]. Journal of Political Economy,106(6),PP1113-1155.
[112]La Porta, R., Lopez-De-Silanes, F., Shleifer, A. and Vishny, R.,2002, "Government Ownership of Banks" [J]. Journal of Finance,57,PP265-361.
[113]Leland Hayne,and David Pyle,1977, "Information asymmetries, financial structure, and financial intermediation" [J]. Journal of Finance,32,PP371-388.
[114]Leland Hayne E. and Klaus Toft,1996, "Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads," [J]. Journal of Finance 51, PP987-1019.
[115]Leuz C.,and Verrecchia R.,2000, "The economic consequences of increased disclosure" [J]. Journal of Accounting Research,38,PP91-124.
[116]Leuz, C. and R. E. Verrecchia,2008, "Economic Consequences of Financial Reporting and Disclosure Regulation:A Review and Suggestions for Future Research" [J]. Working Paper.
[117]Li K, Yue H, Zhao L.,2009, "Ownership, institutions, and capital structure:Evidence from China" [J]. Journal of Comparative Economics,37(3),PP471-490.
[118]Li, S.,2010, "Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital? " [J]. The Accounting Review 85, PP607-636.
[119]Lorca C, S a nchez-Ballesta J P, Garc i a-Meca E.,2011, "Board Effectiveness and Cost of Debt" [J]. Journal of business ethics,100(4),PP613-631.
[120]Mansi Sattar A., Maxwell William F., and Wald John K.,2009, "Creditor Protection Laws and the Cost of Debt" [J]. Journal of Law and Economics,52(4),PP701-726.
[121]Mao Shuzhen,Liu Zhiyuan,Yue Guolin,2009, "Government control, debt maturity structure and financial distress" [J].Proceedings of the 5th International Symposium for Corporate Governance, Books 1 and 2, PP257-264.
[122]McNichols M F, Stubben S R.,2008, "Does earnings management affect firms' investment decisions?" [J]. The Accounting Review,83(6),PP 1571-1603.
[123]McNichols M F.,2002, "Discussion of the quality of accruals and earnings:The role of accrual estimation errors" [J]. The accounting review,77(s-1),PP61-69.
[124]Merton, R. C.,1974, "On the pricing of corporate debt:The risk structure of interest rates " [J]. The Journal of Finance 29(2),PP449-470.
[125]Modigliani F, Miller M H.,1958, "The cost of capital, corporation finance and the theory of investment" [J].The American economic review,48(3),PP261-297.
[126]Morris J.,1976b, "A model for corporate debt maturity decisions" [J]. Journal of Financial and Quantitative Analysis,11,PP339-357.
[127]Mueller H, Inderst R.,1999, "Ownership concentration, monitoring, and the agency cost of debt" [J]. Working Paper.
[128]Myers S.C.,1977, "Determinants of corporate borrowing" [J]. Journal of Financial Economics,5,PP 147-175.
[129]Myers S.C.,and Majluf N.S,1984, "Corporate financing and investment decisions when firms have information that investors do not have" [J]. Journal of Finance and Economics,13,PP187-221.
[130]N Berger A, F Udell G.,1998, "The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle" [J]. Journal of Banking & Finance,22(6),PP613-673.
[131]N. Soderstrom and K. J. Sun,2007, "IFRS adoption and accounting quality:a review" [J]. European Accounting Review,16(4),PP675-702.
[132]Ortiz-Molina H, Penas M F.,2008, "Lending to small businesses: The role of loan maturity in addressing information problems " [J]. Small Business Economics,30(4),PP361-383.
[133]Ozkan A.,2000, "An empirical analysis of corporate debt maturity structure" [J]. European Financial Management,6,PP 197-212.
[134]Platikanova P.,2009, "Market liquidity effects of the IFRS introduction in Europe" [J]. Working Paper.
[135]Pound J.,1988, "Proxy contests and the efficiency of shareholder oversight" [J]. Journal of financial economics,20,PP237-265.
[136]Sengupta P.,1998, "Corporate disclosure quality and the cost of debt" [J]. Accounting Review,73(4),PP459-474.
[137]Rajan R.G.,1992, "Insiders and outsiders:the choice between infomed and arm's length debt" [J]. Journal of Finance,47,PP1367-1400.
[138]Ramakrishnan R., and Thakor A.,1984, "Information reliability and a theory of financial intermediation" [J].Review of Economic Studies,51,PP415-432.
[139]Riedl, E.J.,2004, "An examination of long-lived asset impairments" [J].,The Accounting Review,79,PP823-54.
[140]Samant A A.,1992, "Corporate liability choice under asymmetric information:a theoretical and empirical study of interest rate swaps" [M]. Indiana University.
[141]Sharpe S.A.,1991, "Credit rationing, concessionary lending, and debt maturity" [J]. Journal of Banking and Finance,15,PP581-604.
[142]Shleifer A, Vishny R W.,1989, " Management entrenchment:The case of manager-specific investments" [J]. Journal of financial economics,25(1),PP123-139.
[143]Shleifer, Andrei, and Robert Vishny,1997, "A survey of corporate governance" [J].Journal of Finance52, PP737-783.
[144]Shou C, Li-li C.,2009, "The effect of managerial overconfidence on listed companies'capital structure and debt maturity structure" [C].Management Science and Engineering,2009. ICMSE 2009. International Conference on, IEEE.
[145]Sloan R G.,2001, "Financial accounting and corporate governance:a discussion" [J]. Journal of Accounting and Economics,32(1),PP335-347.
[146]Smith Clieford.W. Jr.,1986, "Investment banking and the capital acquisition process" [J]. Journal of Financial Economics,15,PP3-29.
[147]Smith C W, Warner J B.,1979, "On financial contracting:An analysis of bond covenants" [J] Journal of Financial Economics,7(2),PP 117-161.
[148]Stiglitz J.E,1974,"On the irrelevance of corporate financial policy" [J]. The American Review,64,PP851-866.
[149]Stiglitz, J. E. and A. Weiss,1981, "Credit rationing in markets with imperfect information" [J].The American economic review,71 (3),PP393-410.
[150]Stohs M.H., and Mauer D.C.,1996, "The determinants of corporate debt maturity structure" [J]. Journal of Business,69,PP279-312.
[151]Sunder S.1997, "Theory of accounting and control" [M].South-Western College Pub.
[152]Tasic Nikola, and Valev Neven,2010, "The provision of long-term financing in the transition economies" [J].Journal of Comparative Economics,38(2),PP160-172.
[153]Wang Shiou-Chih,Su Jui-Hung,2007, "Timeliness of earning announcements to detect accounting quality" [C].Thirteenth ISSAT International Conference on Reliability and Quality in Design, Proceedings,PP317-320.
[154]Watts R, Zimmerman J.,1986, "Positive accounting theory" [J]. Working Paper.
[155]Welker M.,1995, "Disclosure Policy,Information Asymmetry, and Liquidity in Equity Markets" [J]. Contemporary accounting research,11(2),PP801-827.
[156]Wiggins J.B.,1990, "The relation between risk and optimal debt maturity and the value of leverage" [J] Journal of Financial and Quantitative Analysis,25(3), PP377-386.
[157]Yosha O.,1995,"Information disclosure costs, and the choice of financing source"[J]. Journal of Financial Intermediation,(4),PP3-20.
[158]Young D., and Guenther D.,2002, " Financial reporting environments and international capital mobility" [J]. Journal of Accounting Research,41(3),PP553-579.
[159]Zeff S A.,1978, "The Rise of 'Economic Consequences'" [M]. Division of Research, Graduate School of Business Administration, Harvard University.
[160]Zheng Xiaolan, El Ghoul Sadok, and Guedhami Omrane,2012, "National culture and corporate debt maturity" [J]Journal of Banking and Finance,36(2),PP468-488.
[2]陈磊.基于不完全契约的表外融资研究[D].财政部财政科学研究所,2012.
[3]程书强、杨娜.新会计准则下上市公司盈余管理存在的可能性及实施途径分析[J].管理世界,2010,(12)：178-179.
[4]崔伟.公司治理与债务成本——来自深交所A股上市公司的经验证据[J].财会通讯(学术版),2008, (1)：73-76.
[5]丁庭选.基于公司治理的银行债务融资契约研究[D].华中科技大学,2008.
[6]郭道扬.论两大法系的会计法律制度体系[J].会计研究,2002, (8)：3-9.
[7]韩德宗、向凯.我国上市公司债权融资结构的实证研究——以医药、生物制品行业为例[J].经济科学,2003,(2)：68-75.
[8]葛家澍.美国关于高质量会计准则的讨论及其对我们的启示[J].会计研究,1999,(5)：3-10.
[9]葛家澍.关于高质量会计准则的几个问题[J].会计研究,2002, (10)：16-23.
[10]葛家澍、刘峰.从会计准则的性质看会计准则的制订[J].会计研究,1996,(2)19-24.
[11]郭均英、齐乐.我国新资产减值准则实施效果的实证分析[J].财政研究,2009,(1)：70-73.
[12]何靖.中国上市公司债务期限结构研究[D].湖南大学,2008.
[13]黄燕铭.新会计准则对上市公司经营行为与公司估值水平的影响[J].经济与管理研究,2006,(9)：70-75.
[14]姜国华、李远鹏、牛建军.我国会计准则和国际会计准则盈余报告差异及经济后果研究[J].会计研究,2006,(9)：27-34.
[15]姜国华、饶品贵.宏观经济政策与微观企业行为——拓展会计与财务研究新领域[J].会计研究,2011,(3)：9-18.
[16]蒋琰.权益成本、债务成本与公司治理：影响差异性研究[J].管理世界,2009,(11)：144-155.
[17]姜英兵、严婷.制度环境对会计准则执行的影响研究[J].会计研究,2012,(4)：69-78.
[18]姜英兵、张爽.新会计准则与应计异象[J].经济管理,2010, (11)：115-123.
[19]金智.新会计准则、会计信息质量与股价同步性[J].会计研究,2010,(7)：19-26.
[20]雷光勇.企业会计契约：动态过程与效率[J].经济研究,2004,(5)：98-106.
[21]雷森、李传昭、李奔波.信号传递下的企业债务期限结构选择[J].重庆大学学报,2004,(9)：123-125.
[22]廖秀梅.会计信息的信贷决策有用性：基于所有权制度制约的研究[J],会计研究,2007, (5)：31-38.
[23]李锦霖.信息披露的投资者保护效应研究[D].暨南大学,2012.
[24]李树华.上市公司境内外审计报告税后净利差异之实证分析[J].会计研究,1997,(1)：219-24.
[25]林钟高.会计准则：制定、变迁与绩效分析[J].南开管理评论,1998,(1)：52-59.
[26]刘峰、吴风、钟瑞庆.会计准则能提高会计信息质量吗——来自中国股市的初步证据[J].会计研究,2004,(5)：8-19.
[27]林毅夫、李志赞.政策性负担、道德风险与预算软约束[J].经济研究,2004,(2)：17-27.
[28]刘运国、吴小蒙、蒋涛.产权性质、债务融资与会计稳健性——来自中国上市公司的经验证据[J].会计研究,2010,(1)：43-50.
[29]刘玉廷.抓住机遇,巩固成果,全面推进我国的会计改革[J].会计研究,2001,(12)：3-8.
[30]刘玉廷、高一斌、王宏.会计改革与国际趋同[R],中国财政年鉴(中国财政杂志社),2006：167-169.
[31]刘永泽、孙翯.我国上市公司公允价值信息的价值相关性——基于企业会计准则国际趋同背景的经验研究[J].会计研究.2011, (2)：16-22.
[32]娄芳、李玉博、原红旗.新会计准则对现金股利和会计盈余关系影响的研究[J].管理世界,2010,(1)：122-132.
[33]陆正飞、祝继高、孙便霞.盈余管理、会计信息与银行债务契约[J].管理世界,2008,(3)： 152-158.
[34]陆正华、李瑞娜、钟伟.会计准则国际趋同是否有效改善了会计信息质量[J].财会月刊,2011, (32)：6-9.
[35]潘敏.资本结构、金融契约与公司治理[M].中国金融出版社,2002.
[36]彭一浩.信用贷款_制度环境与会计信息质量[D].复旦大学,2010.
[37]邱旭蓉.会计信息质量对融资成本的敏感性研究一—股权VS债务[D],南京财经大学,2011.
[38]饶艳超、胡奕明.银行信贷中会计信息的使用情况调查与分析[J].会计研究,2005,(4)：36.-41.
[39]孙刚.控股权性质、会计稳健性与不对称投资效率——基于我国上市公司的再检验[J].山西财经大学学报,2010, (5)：74-84.
[40]孙铮、刘凤委、李增泉.市场化程度、政府干预与企业债务期限结构——来自我国上市公司的经验证据[J].经济研究,2005, (5)：52-63.
[41]孙铮、李增泉、王景斌.所有权性质、会计信息与债务契约[J].管理世界,2006,(10)：100-107.
[42]谭小平.公司特征与公司债务期限结构——来自我国上市公司的经验证据[J].江西社会科学,2008,(6)：212-216.
[43]谭小平.我国上市公司债务期限结构研究[D],暨南大学,2005.
[44]陶晓慧、柳建华.会计稳健性、债务期限结构与债权人保护[J].山西财经大学学报,2010, (4)：93-99.
[45]王东静、张祥建.利率市场化、企业融资与金融机构信贷行为研究[J].世界经济,2007, (2)：50-59.
[46]王凤华、张晓明.我国上市公司会计信息透明度对股价同步性影响的实证研究[J].中国软科学,2009,(1)：321-326.
[47]汪祥耀、叶正虹.执行新会计准则是否降低了股权资本成本——基于我国资本市场的经验证据[J].中国工业经济,2011, (3)：119-128.
[48]王跃堂、钟蕾.美国会计准则制定模式的发展动向及其对我国的启示[J].外国经济与管理,2003,(10)：25-48.
[49]肖作平.债务期限结构和区域因素——来自中国上市公司的经验证据[J].证券市场导报,2007, (11)：43-50.
[50]肖作平、李孔.债务期限结构的影响因素：理论与证据[J].证券市场导报,2004,(3)：24-29.
[51]肖作平、廖理.大股东、债权人保护和公司债务期限结构选择——来自中国上市公司的经验证据[J].管理世界,2006, (10)：99-113.
[52]修宗峰.股权分置改革、会计准则变迁与决策有用性[J].山西财经大学学报,2011, (6)：106-113.
[53]徐莉莎.新企业会计准则实施效果研究[D].厦门大学,2009.
[54]徐玉德、洪金明.制度环境、信息披露质量与银行债务融资约束——来自深市A股上市公司的经验证据,中国会计学会高等工科院校分会2010年学术年会论文集,2010：975-986.
[55]杨胜刚、何靖.债务期限、杠杆和成长机会——基于中国上市公司的实证研究[J].求索,2007, (3)：6-9.
[56]杨孙蕾、许慧、许家林.产权性质、信息风险与企业长期借款——来自中国上市公司的经验证据[J].江西财经大学学报,2011, (2)：19-28.
[57]杨兴全、郑军.基于代理成本的企业债务融资契约安排研究[J].会计研究,2004,(7)： 61-66.
[58]杨兴全、宋惠敏.我国上市公司债务期限结构影响因素的实证研究[J]..管理现代化,2006, (1)：13-16.
[59]叶康涛、刘行.会计准则变迁与盈余管理的税收成本[c].中国会计学会2011学术年会,2011,中国重庆.
[60]叶志锋、胡玉明、纳超洪.基于银行借款融资动机的盈余管理研究——来自中国证券市场的经验证据[J].山西财经大学学报,2008, (1)：118-124.
[61]袁卫秋.我国上市公司的债务期限结构——基于权衡思想的实证研究[J].会计研究,2005, (12)：53-58.
[62]袁卫秋.债务期限结构的权衡思想的实证检验[J].商业经济与管理,2006,(2)：71-76.
[63]于富生、张敏.信息披露质量与债务成本——来自中国证券市场的经验证据[J].审计与经济研究,2007, (5)：93-96.
[64]余明桂、罗娟、汪祈妤.商业信用的融资性动机研究现状与展望[J].财会通讯,2010,(6)：107-111.
[65]赵惠芳、翟晓蕾、潘立生.会计信息对投资决策有用性的实证研究[J].山西财经大学学报,2009,(2)：119-124.
[66]周继先.信息共享、银企关系与融资成本——基于中国上市公司贷款数据的经验研究[J].宏观经济研究,2011, (11)：83-93.
[67]张波涛.基于所得税差异的上市公司债务融资决策模型[D],大连理工大学,2008.
[68]张鹏.证券设计：理论评述与我国借鉴[J].证券市场导报,2001, (8)：52-57.
[69]张晓东.中国上市公司财务报告人为操控的实证研究[D],东北财经大学,2010.
[70]朱凯、赵旭颖、孙红.会计准则改革、信息准确度与价值相关性——基于中国会计准则改革的经验证据[J].管理世界,2009, (4)：47-54.
[1]Alford A, Jones J, Leftwich R, et al.,1993, "The relative informativeness of accounting disclosures in different countries" [J]. Journal of Accounting Research, 31.PP183-223.
[2]Ali, A.,and Hwang, L.,2000, "Country-specific factors related to financial reporting and the value relevance of accounting data " [J] Journal of Accounting Research,38(1),PP1-21.
[3]Altman E I. Financial Ratios,1968, "Discriminant Analysis and the Prediction of Corporate Bankruptcy" [J]. The Journal of Finance,23(4)rPP589-609.
[4]Arena Matteo P.,and Dewally Michael,2012, "Firm location and corporate debt" [J].Journal of Banking and Finance,36(4),PP 1079-1092.
[5]Armstrong, C. S., W. R. Guay, et al.,2010, "The role of information and financial reporting in corporate governance and debt contracting" [J]. Journal of Accounting and Economics,50(2),PP 179-234.
[6]Ball, R.,2001, "Infrastructure requirements for an economically efficient system of public financial reporting and disclosure" [J]. Brookings-Wharton Papers on Financial Services,PP127-169.
[7]Ball, R.,and Shivakumar, L.,2005, "Earnings quality in U.K. private firms" [J]. Journal of Accounting and Economics,39(1),PP83-128.
[8]Barclay M.J.,and Smith Jr.C.W.,1995, "The maturity of corporate debt" [J]. Journal of Finance,50,PP609-631.
[9]Barnea, A., Haugen, R. A. and Senbet, L. W.,1980, "A rationale for debt maturity structure and call provisions in the agency theoretic framework" [J] Journal of Finance,35(5),PP1223-1234.
[10]Barth Mary E., Landsman Wayne R.,and Lang Mark H.,2008, "International accounting standards and accounting quality " [J]. Journal of Accounting Research,46(3),PP467-498.
[11]Bartov E, Gul F A, Tsui J S L.,2000, "Discretionary-accruals models and audit qualifications" [J]. Journal of Accounting and Economics,30(3),PP421-452.
[12]Beatty, A., K. Ramesh, et al.,2002, "The importance of accounting changes in debt contracts:the cost of flexibility in covenant calculations" [J] Journal of Accounting and Economics 33(2),PP205-227.
[13]Berger,Allen N.,Marco A.Espinosa-Vega,W.Scott Frame, and Nathan H.Miller,2005, " Debt maturity, risk, and asymmetric information " [J]. Journal of Finance,60(6),PP2895-2923.
[14]Berle A A, Means G C.,1932, "The modern corporation and private property" [M]. Transaction Pub.
[15]Bernard, T. E.,1995, "Thermal stress" [M].In Fundamentals of Industrial Hygiene,4th ed., ed. B. Plog. National Safet Council, Chicago.
[16]Bharath S.T., J.Sunder, and S.V.Sunder,2008, "Accounting quality and debt contracting" [J]. The Accounting Review,83(1),PP1-28.
[17]Bhattacharya, U., H., Daouk and M. Welker,2003, "The World Pricing of Earnings Opacity" [J].The Accounting Review,78(3),PP641-678.
[18]Bhojraj S, Sengupta P.,2003, "Effect of corporate governance on bond ratings and yields:The role of institutional investors and outside directors" [J]. The Journal of Business,76(3),PP455-475.
[19]Biddle G.C., and G.Hilary,2006, " Accounting quality and firm-level capital investment" [J]. The Accounting Review,81(5),PP963-982.
[20]Biddle, G. C., G. Hilary, et al.,2009, "How does financial reporting quality relate to investment efficiency? " [J].Journal of Accounting and Economics 48(2-3),PP 112-131.
[21]Black F, Scholes M.,1973, "The pricing of options and corporate liabilities" [J]. The Journal of Political Economy,81(3),PP637-654.
[22]Bliss Mark A., and Gul Ferdinand A.,2012, "Political connection and cost of debt: Some Malaysian evidence", Journal of Banking and Finance,36(5),PP 1520-1527.
[23]Borisova Ginka, and Megginson William L.,2011,"Does government ownership affect the cost of debt? Evidence from privatization " [J].Review of financial studies,24(8),PP2693-2737.
[24]Botosan C A, Plumlee M A.,2002, "Are-examination of disclosure level and the expected cost of equity capital" [J]. Journal of accounting research,40(1),PP21-40.
[25]Brick, I. and A. Ravid,1985, "The Relevance of Debt Maturity Structure" [J]. Journal of Finance,40, PP1423-1437.
[26]Burgstahler D C, Hail L, Leuz C.,2006, "The importance of reporting incentives: Earnings management in European private and public firms" [J]. The Accounting Review,81(5),PP983-1016.
[27]Bushman R.M, and Smith A.J.,2001, "Financial accounting information and corporate governance" [J]. Journal of Accounting and Economics,32,PP237-333.
[28]Bushman R, Chen Q, Engel E, et al.,2004, "Financial accounting information, organizational complexity and corporate governance systems" [J] Journal of Accounting and Economics,37(2),PP 167-201.
[29]Bushman R M, Piotroski J D.,2006, "Financial reporting incentives for conservative accounting:The influence of legal and political institutions" [J]. Journal of Accounting and Economics,42(1),PP107-148.
[30]Cantillo M., and Wright J.,2000, "How do firms choose their lenders? An empirical investigation" [J]. Review of financial studies,(13),PP155-189.
[31]Cao Yanming,2009, "Corporate Governance and the Cost of Debt" [J]. Proceedings of 2009 International Conference on Growth of Firm and Management Innovation,PP 173-178.
[32]Carey M.Prowse S.et al.,1993, "The economics of the private placement markets:a new look" [J]. Financial Markets,Institutions and Instrument,(2),PP 1-66.
[33]Chemmanur T., and Fulghieri P.,1994, "Reputation, renegotiation, and the choice between band loans and pubilicly traded debt " [J].Review of Financial Studies,(7),PP475-506.
[34]Chen,K.,and H.Yuan.,2004, " Earnings Management and Capital Resource Allocation:Evidence from China's Accounting-Based Regulation of Rights Issues" [J]. The accounting Review,79(3),PP645-665.
[35]Chen H, Tang Q, Jiang Y, et al.,2010, "The role of international financial reporting standards in accounting quality:Evidence from the European Union" [J]. Journal of international financial management & accounting,21 (3),PP220-278.
[36]Christine Botosan,1997, "Disclosure Level and the Cost of Equity Capital" [J]. The Accounting Review,72(3), PP323-349.
[37]Christensen Hans B., Lee Edward, and Walker Martin,2009, "Do IFRS reconciliations convey information? The effect of debt contracting" [J]. Journal of Accounting Research,47(5),PP 1167-1199.
[38]Clarkson P, Hanna J D, Richardson G D, et al.,2011, "The impact of IFRS adoption on the value relevance of book value and earnings" [J]. Journal of Contemporary Accounting & Economics,7(1),PP1-17.
[39]Collins D W, Kothari S P.,1989, "An analysis of intertemporal and cross-sectional determinants of earnings response coefficients" [J]Journal of Accounting and Economics,11(2),PP143-181.
[40]Costello, A. M.,2011, "The impact of financial reporting quality on debt contracting: Evidence from internal control weakness reports" [J] Journal of Accounting Research.49(1),PP97-136.
[41]Covrig, V.L., DeFond, M.J., Hung, M.,2007, "Foreign mutual funds holdings, and the voluntary adoption of international accounting standards" [J] Journal of Accounting Research 45, PP41-70.
[42]Cuijpers R, Buijink W.,2005, "Voluntary adoption of non-local GAAP in the European Union:A study of determinants and consequences" [J].European Accounting Review,2005,14(3),PP487-524.
[43]Daniservska P.,2002, "Is debt maturity determined by asymetric information about short-term or long-trem earings" [R].working paper.
[44]Daske H, Hail L, Leuz C, et al.,2007, "Adopting a Label:Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions" [J]. Working Paper.
[45]Datta S., Iskandar-Datta M., and Raman K.,2005, "Managerial stock ownership and the maturity structure of corporate debt" [J]. Journal of Finance,(5),PP2333-2350.
[46]Dechow P M, Dichev I D.,2002, "The quality of accruals and earnings:The role of accrual estimation errors" [J]. The accounting review,77(s-1),PP35-59.
[47]Dechow P M, Sloan R G,1995, "Sweeney A P. Detecting earnings management" [J]. Accounting Review,PP193-225.
[48]DeFond M L, Jiambalvo J.,1997, "Debt covenant violation and manipulation of accruals" [J] Journal of accounting and economics,17(1),PP145-176.
[49]DeFond M, Hu X, Hung M, et al.,2011, "The impact of mandatory IFRS adoption on foreign mutual fund ownership:The role of comparability" [J] Journal of Accounting and Economics,51(3),PP240-258.
[50]Denis D J., and Mihov V T.,2003, "The choice among bank debt, non-bank private debt and public debt:evidence from new corporate borrowings" [J]. Journal of Financial Economics,70,PP2-28.
[51]Diamond D W.,1991, "Debt maturity and liquidity risk" [J].Quarterly Journal of Economics,106,PP709-737.
[52]Duffie D, Lando D.,2001, "Term structures of credit spreads with incomplete accounting information" [J]. Econometrica.69(3),PP633-664.
[53]Easley D.,O'Hara M,2004, "Information and the cost of capital" [J]Journal of Finance,49(4),PP1553-1583.
[54]Easton P D, Zmijewski M E.,1989, "Cross-sectional variation in the stock market response to accounting earnings announcements" [J].Journal of accounting and economics,11(2),PP117-141.
[55]Elyasiani Elyas, Jia Jingyi (Jane), and Mao Connie X.,2010, "Institutional ownership stability and the cost of debt" [J]. Journal of Financial Market,13(4),PP475-500.
[56]Ettredge M L, Kwon S Y, Smith D B, et al.2005, "The impact of SFAS No.131 business segment data on the market's ability to anticipate future earnings" [J]. The Accounting Review.2005,80(3),PP773-804.
[57]Faccio M, Lang L H P.,2002, "The ultimate ownership of Western European corporations" [J]. Journal of financial economics,65(3),PP365-395.
[58]Faccio, M., J. J. Mcconnell,and R.W., Masulis,2006, "Political Connections and Corporate Bailouts" [J]. Journal of Finance,(6),PP2597-2635.
[59]Fama E F, Miller M H.,1972, "The theory of finance" [M]. Holt, Rinehart and Winston New York.
[60]Fama E, and Jensen M.C.,1983, "Separation of ownership and control" [J]. Journal of Law and Economics,26,PP301-325.
[61]Fama E.,1990, " Contract costs and financing decisions " [J] Journal of Business,63,PP71-92.
[62]Fama, E.F.,and K.R. French,1993, "Common Risk Factors in the Returns on Stocks and Bonds" [J]. Journal of Financial Economics,33(1),PP3-56.
[63]Fan Joseph P. H., Titman Sheridan, and Twite Garry,2012, "An International Comparison of Capital Structure and Debt Maturity Choices" [J]. Journal of Financial and Quantitative Analysis,47(1),PP23-56.
[64]Fan, J., and Wong, T. J.,2002, "Corporate ownership structure and the informativeness of accounting earnings in East Asia " [J]. Journal of Accounting and Economics,33(3),PP401-425.
[65]Fields L. Paige, Fraser Donald R.,and Subrahmanyam Avanidhar,2012, "Board quality and the cost of debt capital:The case of bank loans" [J]. Journal of Banking and Finance,36(5),PP 1536-1547.
[66]Fischer Black, and Myron Scholes,1973, "The pricing of options and corporate liabilities" [J]. Journal of Political Economy,81 (3),PP637-654.
[67]Fisher E.O., Robert Heinkel, and Josef Zenchner,1989, "Dynamic capital structure choice:theory and test" [J]. Journal of Finance,44,PP 19-40.
[68]Flannery M.,1986, "Asymmetric information and risk debt maturity structure choice" [J]. Journal of Finance,41,PP18-38.
[69]Francis J., R.LaFond, P.M.Olsson, and K.Schipper,2005, "The market pricing of accruals quality" [J]. Journal of Accounting and Economics,39(2),PP295-327.
[70]Garcia-Teruel Pedro J., Martinez-Solano Pedro,and Sanchez-Ballesta Juan Pedro,2009, "Accruals quality and corporate cash holdings" [J].Accounting and Finance,49(1),PP95-115.
[71]Garcia-Teruel Pedro J., Martinez-Solano Pedro,and Sanchez-Ballesta Juan P.,2010, "Accruals quality and debt maturity structure" [J]. Abacus-A Journal of Accounting Finance and Business Studies,46(2),PP 188-210.
[72]Ge W, Kim J B, Song B Y.2012, "Internal governance, legal institutions and bank loan contracting around the world " [J]. Journal of Corporate Finance,18(3),PP413-432.
[73]Ghosh C, Giambona E, Harding J P, et al.,2011, "How Entrenchment, Incentives and Governance Influence REIT Capital Structure" [J]. The Journal of Real Estate Finance and Economics,43(1),PP39-72.
[74]Giambona E, Harding J P, Sirmans C F.,2008, "Explaining the variation in REIT capital structure:The role of asset liquidation value " [J].Real Estate Economics,36(1),PP111-137.
[75]Giesecke K,2001, "Default and information" [J]. Working Paper.
[76]Giesecke K, Goldberg L.,2008, "The market price of credit risk:the impact of asymmetric information" [J]. Working Paper.
[77]Gonzalez Victor M.,2009, "Debt maturity and risk:evidence from Spanish firms" [J]. Universia Business Review,(22),PP88-101.
[78]Greenwood R, Hanson S, Stein J C.,2010, "A Gap-Filling Theory of Corporate Debt Maturity Choice" [J]. The Journal of Finance,65(3),PP993-1028.
[79]Guedes J.,Opler T,1996, "The determinants of the maturity of corporate debt issues" [J]. Journal of Finance,51,PP1809-1833.
[80]Hanlon. M, Laplante S, Shevlin T.,2005, "Evidence on the possible information loss of conforming book income and taxable income" [J]. Journal of Law and Economics,48(2), PP407-442.
[81]Hanlon M, Heitzman S.,2010, "A review of tax research" [J]. Journal of Accounting and Economics,50(2),PP127-178.
[82]Hart O, Moore J.,1994, "A Theory of Debt Based on the Inalienability of Human Capital" [J].The Quarterly Journal of Economics,109(4),PP841-879.
[83]Hart O.,1995, "Corporate governance:some theory and implications" [J]. The Economic Journal, (105),PP678-689.
[84]Haw, I., Hu, B., Hwang, L.,and Wu, W,2004, "Ultimate ownership, income management, and legal and extra-legal institutions" [J]. Journal of Accounting Research,42(2),PP423-462.
[85]Harwood E, Manzon Jr G B.,2000, "Tax clienteles and debt maturity" [J}.Journal of the American Taxation Association,22(2),PP22-39.
[86]Healy P.M., and K.G.Palepu,2001, "Information asymmetry, corportate disclosure, and the capital markets:a review of the empirical disclosure literature" [J]. Journal of Accounting and Economics,31(1),PP405-440.
[87]Heyman D, Deloof M, Ooghe H.,2008, "The financial structure of private held Belgian firms" [J]. Small Business Economics,30(3),PP301-313.
[88]Holthausen R W.,2003, "Testing the relative power of accounting standards versus incentives and other institutional features to influence the outcome of financial reporting in an international setting " [J]. Journal of Accounting and Economics,36(1),PP271-283.
[89]Ho T S Y, Singer R F.,1982, "Bond indenture provisions and the risk of corporate debt" [J]. Journal of Financial Economics,10(4),PP375-406.
[90]Houston J., and Venkataraman S.,1994, "Optimal maturity structure with multiple debt claims" [J]. Journal of Finance and Quantitative Analysis,29,PP179-198.
[91]Houston J., and James C.,1996, "Bank information monopolies and the mix of private and public debt claims" [J]. Journal of Finance,51,PP 1863-1890.
[92]Hung M, Subramanyam K R.,2007, "Financial statement effects of adopting international accounting standards:the case of Germany" [J]. Review of Accounting Studies.,12(4),PP 623-657.
[93]Jaffee D M, Russell T.,1976, "Imperfect information, uncertainty, and credit rationing" [J]. The Quarterly Journal of Economics,90(4),PP651-666.
[94]Jensen M.C., and Meckling W.H.,1976, "Theory of the firm:managerial behavior, agency costs, and capital structrue" [J]. Journal of Financial Economics,3,PP305-360.
[95]Johnson S.,1997, "An empirical analysis of the determinants of the corporate debt ownership structure" [J]. Journal of Financial and Quantitative Analysis.32,PP47-69.
[96]Jones J J.,1991, "Earnings management during import relief investigations" [J]. Journal of accounting research,PP 193-228.
[97]Jorion P, Shi C, Zhang S.,2009, "Tightening credit standards:the role of accounting quality" [J]. Review of Accounting Studies,14(1),PP123-160.
[98]Jun S G, Jen F C.,2003, "Trade-off model of debt maturity structure" [J]. Review of Quantitative Finance and Accounting,20(1),PP5-34.
[99]Kahl M.,2002, "Economic distress, financial distress and dynamic liquidation" [J]. Journal of Finance,57,PP135-168.
[100]Kale, J.R. and T.H. Noe,1990, "Dividends, uncertainty, and underwriter costs under asymmetric information" [J] Journal of Financial Research,13,PP265-277.
[101]Kane A.,Marcus A.J.,McDonald R.L.,1985, "Debt policy and rate of return premium to leverage" [J]. Journal of Financial and Quantitative Analysis,20,PP479-499.
[102]Kaplan Robert,1985, "Evidence of the effect of bonus schemes on accounting procedure on accruals decisions " [J].Journal of Accounting and Economics,7(1-3),PP 109-113.
[103]Keeton W R.,1979, "Equilibrium credit rationing" [M]. Garland New York.
[104]Kestens K, Van Cauwenberge P, Christiaens J.,2012, "The effect of the notional interest deduction on the capital structure of Belgian SMEs" [J]. Environment and Planning-Part C,30(2),PP228.
[105]Kim J B, Tsui J S L, Yi C H.,2011, "The voluntary adoption of international financial reporting standards and loan contracting around the world" [J]. Review of Accounting Studies,16(4),PP779-811.
[106]Kosi U, Florou A.,2009, "The economic consequences of mandatory IFRS adoption for debt financing" [J].Working Peper.
[107]Krishnaswanm S., and Sprindt P.Subramnaiam V.,1999, "Information asymmetry, monitoring and the placement structure of corporate debt" [J]. Journal of Financial Economics,51,PP407-434.
[108]Lai K W.,2011, "The cost of debt when all-equity firms raise sfinance:The role of investment opportunities, audit quality and debt maturity" [J]. Journal of Banking & Finance,35(8),PP1931-1940.
[109]Lambert, R. A., C. Leuz, et al.,2012, "Information asymmetry, information precision, and the cost of capital" [J].Review of Finance 16(1),PP 1-29.
[110]Landsman W R, Maydew E L, Thornock J R.,2012, "The information content of annual earnings announcements and mandatory adoption of IFRS" [J]. Journal of Accounting and Economics.,53(1),PP34-54.
[111]La Porta, R., Lopez-De-Silanes, F., Shleifer, A.,and Vishny, R.,1998, "Law and finance" [J]. Journal of Political Economy,106(6),PP1113-1155.
[112]La Porta, R., Lopez-De-Silanes, F., Shleifer, A. and Vishny, R.,2002, "Government Ownership of Banks" [J]. Journal of Finance,57,PP265-361.
[113]Leland Hayne,and David Pyle,1977, "Information asymmetries, financial structure, and financial intermediation" [J]. Journal of Finance,32,PP371-388.
[114]Leland Hayne E. and Klaus Toft,1996, "Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads," [J]. Journal of Finance 51, PP987-1019.
[115]Leuz C.,and Verrecchia R.,2000, "The economic consequences of increased disclosure" [J]. Journal of Accounting Research,38,PP91-124.
[116]Leuz, C. and R. E. Verrecchia,2008, "Economic Consequences of Financial Reporting and Disclosure Regulation:A Review and Suggestions for Future Research" [J]. Working Paper.
[117]Li K, Yue H, Zhao L.,2009, "Ownership, institutions, and capital structure:Evidence from China" [J]. Journal of Comparative Economics,37(3),PP471-490.
[118]Li, S.,2010, "Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital? " [J]. The Accounting Review 85, PP607-636.
[119]Lorca C, S a nchez-Ballesta J P, Garc i a-Meca E.,2011, "Board Effectiveness and Cost of Debt" [J]. Journal of business ethics,100(4),PP613-631.
[120]Mansi Sattar A., Maxwell William F., and Wald John K.,2009, "Creditor Protection Laws and the Cost of Debt" [J]. Journal of Law and Economics,52(4),PP701-726.
[121]Mao Shuzhen,Liu Zhiyuan,Yue Guolin,2009, "Government control, debt maturity structure and financial distress" [J].Proceedings of the 5th International Symposium for Corporate Governance, Books 1 and 2, PP257-264.
[122]McNichols M F, Stubben S R.,2008, "Does earnings management affect firms' investment decisions?" [J]. The Accounting Review,83(6),PP 1571-1603.
[123]McNichols M F.,2002, "Discussion of the quality of accruals and earnings:The role of accrual estimation errors" [J]. The accounting review,77(s-1),PP61-69.
[124]Merton, R. C.,1974, "On the pricing of corporate debt:The risk structure of interest rates " [J]. The Journal of Finance 29(2),PP449-470.
[125]Modigliani F, Miller M H.,1958, "The cost of capital, corporation finance and the theory of investment" [J].The American economic review,48(3),PP261-297.
[126]Morris J.,1976b, "A model for corporate debt maturity decisions" [J]. Journal of Financial and Quantitative Analysis,11,PP339-357.
[127]Mueller H, Inderst R.,1999, "Ownership concentration, monitoring, and the agency cost of debt" [J]. Working Paper.
[128]Myers S.C.,1977, "Determinants of corporate borrowing" [J]. Journal of Financial Economics,5,PP 147-175.
[129]Myers S.C.,and Majluf N.S,1984, "Corporate financing and investment decisions when firms have information that investors do not have" [J]. Journal of Finance and Economics,13,PP187-221.
[130]N Berger A, F Udell G.,1998, "The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle" [J]. Journal of Banking & Finance,22(6),PP613-673.
[131]N. Soderstrom and K. J. Sun,2007, "IFRS adoption and accounting quality:a review" [J]. European Accounting Review,16(4),PP675-702.
[132]Ortiz-Molina H, Penas M F.,2008, "Lending to small businesses: The role of loan maturity in addressing information problems " [J]. Small Business Economics,30(4),PP361-383.
[133]Ozkan A.,2000, "An empirical analysis of corporate debt maturity structure" [J]. European Financial Management,6,PP 197-212.
[134]Platikanova P.,2009, "Market liquidity effects of the IFRS introduction in Europe" [J]. Working Paper.
[135]Pound J.,1988, "Proxy contests and the efficiency of shareholder oversight" [J]. Journal of financial economics,20,PP237-265.
[136]Sengupta P.,1998, "Corporate disclosure quality and the cost of debt" [J]. Accounting Review,73(4),PP459-474.
[137]Rajan R.G.,1992, "Insiders and outsiders:the choice between infomed and arm's length debt" [J]. Journal of Finance,47,PP1367-1400.
[138]Ramakrishnan R., and Thakor A.,1984, "Information reliability and a theory of financial intermediation" [J].Review of Economic Studies,51,PP415-432.
[139]Riedl, E.J.,2004, "An examination of long-lived asset impairments" [J].,The Accounting Review,79,PP823-54.
[140]Samant A A.,1992, "Corporate liability choice under asymmetric information:a theoretical and empirical study of interest rate swaps" [M]. Indiana University.
[141]Sharpe S.A.,1991, "Credit rationing, concessionary lending, and debt maturity" [J]. Journal of Banking and Finance,15,PP581-604.
[142]Shleifer A, Vishny R W.,1989, " Management entrenchment:The case of manager-specific investments" [J]. Journal of financial economics,25(1),PP123-139.
[143]Shleifer, Andrei, and Robert Vishny,1997, "A survey of corporate governance" [J].Journal of Finance52, PP737-783.
[144]Shou C, Li-li C.,2009, "The effect of managerial overconfidence on listed companies'capital structure and debt maturity structure" [C].Management Science and Engineering,2009. ICMSE 2009. International Conference on, IEEE.
[145]Sloan R G.,2001, "Financial accounting and corporate governance:a discussion" [J]. Journal of Accounting and Economics,32(1),PP335-347.
[146]Smith Clieford.W. Jr.,1986, "Investment banking and the capital acquisition process" [J]. Journal of Financial Economics,15,PP3-29.
[147]Smith C W, Warner J B.,1979, "On financial contracting:An analysis of bond covenants" [J] Journal of Financial Economics,7(2),PP 117-161.
[148]Stiglitz J.E,1974,"On the irrelevance of corporate financial policy" [J]. The American Review,64,PP851-866.
[149]Stiglitz, J. E. and A. Weiss,1981, "Credit rationing in markets with imperfect information" [J].The American economic review,71 (3),PP393-410.
[150]Stohs M.H., and Mauer D.C.,1996, "The determinants of corporate debt maturity structure" [J]. Journal of Business,69,PP279-312.
[151]Sunder S.1997, "Theory of accounting and control" [M].South-Western College Pub.
[152]Tasic Nikola, and Valev Neven,2010, "The provision of long-term financing in the transition economies" [J].Journal of Comparative Economics,38(2),PP160-172.
[153]Wang Shiou-Chih,Su Jui-Hung,2007, "Timeliness of earning announcements to detect accounting quality" [C].Thirteenth ISSAT International Conference on Reliability and Quality in Design, Proceedings,PP317-320.
[154]Watts R, Zimmerman J.,1986, "Positive accounting theory" [J]. Working Paper.
[155]Welker M.,1995, "Disclosure Policy,Information Asymmetry, and Liquidity in Equity Markets" [J]. Contemporary accounting research,11(2),PP801-827.
[156]Wiggins J.B.,1990, "The relation between risk and optimal debt maturity and the value of leverage" [J] Journal of Financial and Quantitative Analysis,25(3), PP377-386.
[157]Yosha O.,1995,"Information disclosure costs, and the choice of financing source"[J]. Journal of Financial Intermediation,(4),PP3-20.
[158]Young D., and Guenther D.,2002, " Financial reporting environments and international capital mobility" [J]. Journal of Accounting Research,41(3),PP553-579.
[159]Zeff S A.,1978, "The Rise of 'Economic Consequences'" [M]. Division of Research, Graduate School of Business Administration, Harvard University.
[160]Zheng Xiaolan, El Ghoul Sadok, and Guedhami Omrane,2012, "National culture and corporate debt maturity" [J]Journal of Banking and Finance,36(2),PP468-488.
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |