An Thesis Of The Impact Of Accounting Conservatism On Financing Constraints

Because the internal funds have been unable to meet the growing size of enterprises,Modern enterprises in the emergence of funding needs turn to the external fund suppliers to seek financial support.Modern enterprises see the funds as the blood,showing the importance of funds for business operations,but the various enterprises in the market there have been varying degrees of financing constraints.In order to study the method of mitigating financing constraints,this paper is based on the accounting conservatism,which is one of the important characteristics of accounting information quality,and makes a theoretical and empirical analysis of the impact of accounting conservatism on financing constraints.From two kinds of Conditinonal Conservatism and Unconditional Conservatism,the paper analyzes its impact on financing constraints.And further studies the effect of financing constraints on the technological innovation of enterprises under the influence of accounting conservatism.This paper is divided into six parts,the first chapter is the introduction of the research background and significance,research ideas and content,the structure of the paper.The second chapter is the literature review.This chapter mainly carries out the literature review of accounting conservatism,including the definition of condition and non-conditional robustness.The literature review of financing constraints;the literature review of the impact of accounting conservatism on financing constraints,including accounting conservatism Debt financing and equity financing;and finally,literature review.The third chapter is the background and theoretical analysis of the system.This chapter includes the development and current situation of accounting conservatism,summarizes the policy changes of condition and non-conditional robustness.The development of enterprise financing mainly introduces the three stages Development of financing environment;overview of contract theory,summary of principal-agent theory,and information asymmetry theory.The fourth chapter is the research design,including the research hypothesis,the sample and the variable selection,build the model.The fifth chapter is the result and analysis of empirical research,including the regression analysis of the impact of accounting conservatism on financing constraints,and the further examination of the impact of accounting conservatism on financing.Chapter 6 summarizes,including research conclusions,innovation points,shortcomings and future prospects.Through theoretical and empirical research,the following conclusions are drawn:(1)This paper examines the overall level of robustness of listed companies on the GEM and found that,in general,GEM listed companies implemented a prudent accounting policy,followed the accounting conservatism guidelines and had a certain level of soundness.(2)By regression of the whole sample,it can be concluded that the improvement of conditional robustness can alleviate the financing constraint problem.Conditional robustness as a principle-oriented accounting standard to give greater choice of space,to consolidate the managers and shareholders,shareholders and investors between the principal-agent relationship,enhance the effectiveness of corporate governance,so that the financial statements of information more The non-conditional conservatism level has a negative relationship with the financing constraint.The book value of the shareholders' equity is underestimated by the accounting treatment method,so that the external investors can obtain more secure and reliable financial information,thus alleviating the enterprise's face Of the financing constraints.(3)In this paper,the scale of enterprise assets as a financial constraint criteria for regression testing,the small assets of the company relative to the size of the assets of large companies,improve the level of accounting conservatism to ease the role of financing constraints more obvious.Assets of large enterprises to comply with more perfect business rules and more stringent accounting system,so the higher the quality of accounting information,transparency,with better corporate credit,the lower the degree of financial constraints.(4)Based on the influence of accounting conservatism on financing constraints,this paper further discusses the role of technological innovation in enterprises,designs a regression model based on cash flow sensitivity,technological innovation and accounting conservatism,and obtains accounting conservatism to alleviate the enterprise Technical innovation is facing asymmetric information and agency problems,reduce financing constraints,for the technical innovation to provide financial support.