商业研究

商业研究

• 财经纵横 • 上一篇    下一篇

关联担保与公司债务融资成本分析 ——基于信息风险和债务代理风险的机制检验

张俊民1，李会云1,2，宋婕1   

  1. （1.天津财经大学 会计学院，天津 300222；2.天津财经大学珠江学院 会计学系，天津 301811）
  • 收稿日期:2018-08-22 出版日期:2018-12-10
  • 作者简介:张俊民（1960-），男，山东鱼台人，天津财经大学会计学院教授，博士生导师，管理学博士，研究方向：会计监管、审计质量与内部控制；李会云（1987-），女，石家庄人，天津财经大学会计学院博士研究生，天津财经大学珠江学院会计学系讲师，研究方向：资本市场财务会计与审计；宋婕（1986-），女，山东济宁人，天津财经大学会计学院博士研究生，研究方向：资本市场财务会计与审计。
  • 基金资助:
    国家自然科学基金面上项目，项目编号：71272189；天津财经大学研究生科研资助计划项目，项目编号：2017TCB08。

An Analysis of Associated Guarantee and Corporate Cost of Debt: Mechanism Test based on Information Risk and Debt Agency Risk

ZHANG Jun-min1, LI Hui-yun1,2, SONG Jie1   

  1. (1. School of Accounting, Tianjin University of Finance and Economics, Tianjin 300222,China;2.Department of Accounting, Tianjin University of Finance and Economics Pearl River College, Tianjin 301811,China)
  • Received:2018-08-22 Online:2018-12-10

摘要： 近年来关联担保现象日益频繁，关联担保作为一种融资机制在本质上是为了解决信贷的信息不对称问题。本文以我国深沪A股上市公司2007-2016年的数据为研究样本，分析公司接受关联担保对其债务融资成本的影响，并从信息风险、债务代理风险两个方面进行实证检验。研究发现接受关联担保能够降低公司债务融资成本，关联担保降低了公司的应计与真实盈余管理程度、提高了盈余质量；关联担保对债务融资成本的降低效应，在非四大事务所审计的市场化程度低的公司更加显著。以上结论表明关联担保可以通过降低企业信息风险、债务代理风险而降低公司的债务融资成本，债务融资成本的降低效应在处于财务困境的公司更为显著。

关键词: 关联担保, 信息风险, 债务代理风险, 债务融资成本

Abstract: In recent years, the phenomenon of associated guarantee has become more and more frequent. As a financing mechanism, associated guarantee is to solve the information asymmetry problem of credit. Based on 2007-2016 data of A-share listed companies, this paper analyzes the influence of the company′s acceptance of associated guarantee on its cost of debt, and conducts an empirical test from two aspects of information risk and debt agency risk. Research shows that accepting associated guarantees can reduce the corporate cost of debt, the associated guarantee reduces the degree of accrual and real earnings management of the company and improves the quality of earnings;the reduction effect of associated guarantee on the cost of debt is more significant in firms that are not audited by the big four accounting firms and that in lower marketization degree. The above conclusions show that the associated guarantee can reduce the cost of debt by reducing corporate information risk and debt agency risk, and the reduction of the cost of debt is more significant in companies that in financial distress.

Key words: associated guarantee, information risk, debt agency risk, cost of debt