| Since 1973 IASB has been focusing on international accounting standards to improve the transfer efficiency and quality of accounting information,and then accounting comparability became a vital financial report objective.Scholars mainly study accounting standards coordination based on the national level and indirectly to reflect accounting comparability between countries in the past research.The premise of achieving comparability is to apply a common set of financial reporting standards and requirements.After mandatory IFRS adoption around the world in 2005,the study of comparability is deepened and developed.Foreign scholars began to adopt easier operated methods to measure comparability,and research area is gradually to comparability consequences in the capital market on firm level,involved earnings forecast,the cost of debt capital and equity capital,stock liquidity etc..Reference to foreign advanced research method and combining with the international convergence of CAS,domestic scholars began to study the reaction of the capital market from accounting comparability respect as well as in recent years,while the amount is limited and contents is still not comprehensive.Compared with the domestic studies on accounting information quality and accounting conservatism,there are still a lot of space to explore.According to the definition from IASB and the requirement of CAS,accounting comparability refers to reflect the difference between various entities and various economic events.When accounting information users make invest decisions,they must be able to compare different projects,comparable accounting information means users can use these accounting information to differ operating condition.According to information asymmetry proposed by Akerlof in the "lemons" market,the underlying of negative consequences caused by information asymmetry is that the quality goods cannot be distinct from bad ones.And requirements of accounting information comparability are to show similarities and differences,to help users to distinct superior from inferior.Information asymmetry induces financial constraints.Myers and Rose introduced information asymmetry and signal transfer mechanics into financing structure theories that the quality and quantity of accounting information possessed by potential investors is limited,financial index to be used as an indirect judgment references and to convey operating information,linked information and capital market up and revealed information on the corporate financing behavior.The reason for external capital cost higher then internal is information asymmetry,present literature state that comparability has positive effect on bank loans and equity market,it is reasonable to believe comparability improving financing information.The ability to raise funds is important to company working and investment decisions;capital is the lifeblood of the development of enterprises.In addition to financing constraints is general in the developing countries,it is significant to study the influence of accounting information comparability on financing constraints,both in theory and in practice.Economic environment is a basic factor that affects the implementation effect.In the study of the enterprise which is rooted in the China institutional environment,we must take into account the institute arrangement and organization characteristics and so on.At the beginning of the nation founding to give priority to development of industry and avoid the weakness of free-market competition,major industry is implemented as state monopoly,a half century later state-owned enterprise reform started because state-owned enterprises are distorted,state-owned enterprises is always the lifeblood of economic development of our country,in 2015 the central authorities issue several policies about SOE reform to 2016 more specific measures will be put in place.Enterprise groups occupy is an another main organizational form as well as the SOE,the enterprise groups hugely exist in China and other developing countries to make up for lack of market system,members of enterprise group build up internal market and enjoy common benefits,but complex ownership structure induced major shareholders the occupy interests of minority shareholders.The domestic institutional environment lacks minority shareholders protection mechanism,and regional financial market develops out of balance,therefore capital allocation efficiency is different.It is inevitable institutional environment play an impact.Based on the above problems,this paper takes Shanghai and Shenzhen A shares listing corporations as the sample,and studies the mitigation effect of the comparability on financing constraints under different organization forms and different market index.By means of empirical study,it finds that:(1)there is mitigation of accounting information comparability on financial constrains;(2)soft budget existing in stated-owned enterprises inhibits comparability effect,and non-stated-owned enterprise is under comparably stronger mitigation;(3)internal capital market built in enterprise group inhibits comparability effect,non-enterprise group is under comparably stronger mitigation;(4)considering marketization discrepancy,it is found that higher marketization,stronger mitigation;and the consequences are still different between state-owned enterprise and non-state-owned enterprise,enterprise group and non-enterprise group.In order to minimize the bias of the empirical results,this paper does test by lagging the major variables,using the cash flow sensitivity model and shortening of the sample interval,which increases the reliability of the results.The contribution of this paper lies in:(1)studying the effectiveness of comparability from the perspective of financial constraints,and enrich both comparability and financial constrains area;(2)comparability achievement depends on a common set of standards,both reorganizations and measurements may affect the level of comparability,alleviating function of accounting information comparability evident the needs of perfecting accounting standards;(3)institution is a basic factor of implementation of policy,the conclusions reveal the significant of deepening stated owned enterprises reform and marketization.The first chapter in paper describes contents in brief.The chapter two states the measurements and research areas of this topic.The third put up the hypothesis after theories analysis.Chapter four is research design.The fifth chapter performs empirical analysis,and the last chapter concludes results,makes policy suggestions,and listed faults of this paper. |
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