Research On The Influence Of Accounting Conservatism On The Financing Efficiency Of Enterprises

Financing is an important problem that enterprises face. Enterprise financing can be divided into internal financing and external financing. But with the development and expansion of enterprises, relying on internal financing is difficult to meet the financial needs of the enterprise, so the financing direction of external financing. Now our country macroscopical downtown pressure on the economy, business environment deterioration, investors in the management risk of the enterprise become more attention. Leading enterprise financing has become very difficult. Therefore efficient financing will enable enterprises to reduce the pressure in the downward economic environment. Accounting conservatism emphasizes the timeliness of loss recognition, the sensitivity to risk is very high, so the study of accounting conservatism has important practical significance for the impact of financing efficiency.At present, the research on the economic consequences of accounting conservatism is focused on the financing cost and investment efficiency, and the interaction between accounting conservatism and financing efficiency is seldom. According to the results of previous studies, established an empirical model to analyze the difference of financing efficiency of the robustness of the influence of accounting conservatism on the financing efficiency and different property right nature of the enterprise, provide some reference for our country accounting conservatism economic consequences of, and provide the basis for the financing decision of enterprise and the reform of state-owned enterprises.This paper reviews the relevant concepts of accounting conservatism and financing efficiency, to analyze the principal-agent theory, signal theory and transaction cost theory, is sorting out the mechanism of influence of accounting conservatism on financing efficiency. Selected 2011 to 2014 China’s listed company data, K & W models are adopted to measure the accounting conservatism, and using principal component analysis method is used to extract the index to measure the financing efficiency, and according to the nature of the property right, the sub sample regression, study of different sample groups between the difference of the relationship between, empirical conclusions and results and a comparative analysis of the status quo. Finally, the research conclusions are analyzed and relevant policy recommendations are put forward.In this paper, after the study found that accounting conservatism and the financing efficiency to significantly positive correlation. With more conservative accounting, financing efficiency is higher; compared with the state-owned enterprises and non state-owned enterprises nature of accounting conservatism and the financing efficiency relations role in promoting. Relationship between the nature of state-owned enterprises of conservatism and the financing efficiency is not significant, indicating that the state-owned enterprise financing present situation does not conform to the effective market setting, need adjustment and reform, to improve the efficiency of the allocation of social resources.Based on the conclusions of this paper, improve the accounting conservatism, can improve the efficiency of financing. The relationship between accounting conservatism and financing efficiency is not significant because of the financing mode and ownership restriction of state-owned enterprises. To put forward some suggestions:(1) the use of reasonable arrangement of accounting conservatism in enterprise accounting activities. Enterprises should according to their own situation, rational use of relevant policies, and to improve the relevant laws and regulations and relevant standards;(2) to promote the reform of state-owned enterprises, strengthen the management efficiency of state-owned assets;(3) improve multi-level capital market, to meet the financing needs of different enterprises.