The Impact Of Financial Crisis, Accounting Conservatism And Debt Resource Allocation

Accounting conservatism is of the important principle in the process of accounting recognition and measurement, which has great influence on the development of accounting theory and accounting practice. For this reason, the domestic and foreign researchers have carried out a comprehensive study on the cause of accounting conservatism, measurement methods and economic consequences. There has been two opposite conclusions in the study of economic consequences of conservatism:some researchers believe that we should continue to use the principle of conservatism in the process of accounting information processing, which can reduce information asymmetry and improve economic efficiency. Others have found that accounting conservatism takes an asymmetric way to confirm,which does not reduce information asymmetry. Therefore, we should stop using conservative accounting information. The above debate on the economic consequences of accounting conservatism has become a hot research in recent years. On the basis of existing research results, this paper will study the impact of the accounting conservatism on the allocation of debt resources, and make a reply to the above question.Different from previous studies, in this paper, we choose a long time span, which includes both the stationary phase of the economy and the turmoil phase of economy.Based on the background of financial crisis in 2008, the paper researches the influence exerted by accounting conservatism on debt resources allocation during the financial crisis and compares the results of the study with that of the before and after the financial crisis,in order to explore the role of accounting conservatism in different economic environment and make a comprehensive judgment and evaluation on the economic consequences of conservatism. At the same time, in order to make the research results more fit the actual situation of our country, the study further considers the property right that may have different impact on the research results.The results show that, compared with the before and after financial crisis, accounting conservatism can improve the quality of accounting information in a certain range during the financial crisis, affect the allocation of debt resources and optimize the efficiency of debt resource allocation. And the influence of accounting conservatism on the direction and efficiency of debt resource allocation is more significant in private enterprises, while The nature of state-owned property weakens the influence of accounting conservatism on debt resources allocation. This study riches debt contract theory of conservatism and supports its necessity as an accounting information quality characteristics. At the same time, it also helps to improve the degree of attention of the parities to accounting conservatism, which makes banks and other financial institutions to configure the limited debt resources to the best of the enterprises, improves the investment efficiency of enterprises and increases the ability of effective output. That is conducive to achieve the effective allocation of social resources.