Research On The Influence Of Institutional Investors' Shareholding On The Relationship Between Debt Finance And Accounting Conservatism

Both international accounting standards and Chinese accounting standards clearly point out that robustness is an important requirement of accounting information quality.In the process of enterprise production and operation activities,accountants should maintain a cautious attitude when confirming and measuring economic business,neither overestimating assets and earnings,nor underestimating liabilities and expenses.In the case of separation of the two rights,external investors and creditors are at an information disadvantage compared with the management and need the enterprise to provide sound accounting information so that they can make correct and effective decisions based on it.Sound accounting information can not only protect the interests of investors and creditors,but also play an important role in reducing business risks.Thus it can be seen that the study of how to improve the robustness of enterprise accounting significance.In this article,through combing previous on debt financing,institutional investors,accounting robustness of the literature,found that at present most scholars research is debt governance effect of accounting conservatism and institutional investors in corporate governance influence on accounting conservatism,and institutional investors will affect financing decision through internal governance,then influence the relationship between debt financing and accounting conservatism.Based on this,this paper brings debt financing,institutional investors and accounting robustness into the same framework,and studies the influence of institutional investors on the relationship between debt financing and accounting robustness in corporate governance,so as to improve the accounting robustness of enterprises.This paper combines theoretical deduction with empirical test.In theoretical deduction,first of all,debt financing,institutional investors,accounting conservatism of shareholding of the relevant literature,the existence of the robustness to the accountant and measure,the relationship between debt financing and accounting conservatism,institutional investors holding the relationship between accounting conservatism to carry on the literature review,then using the principal-agent theory,debt governance theory,corporate governance theory,asymmetric information theory and signaling theory to research the problem of theoryanalysis and put forward the research hypothesis in this paper.In empirical test,this paper,taking Shanghai and shenzhen two city from 2013 to 2017 a-share listed companies as the research object,USES the accrued items of measurement to measure accounting conservatism,with asset-liability ratio of debt financing,in order to select the securities investment funds,social security funds,trust companies,insurance companies,foreign institutional investors(QFII)six kinds of institutional investors and brokers stake as A measure of institutional investors holding the sum of the institutional investors holding,debt financing and accounting conservatism into the same framework for empirical testing.The results show that: when the debt ratio of the enterprise is higher,creditors will strengthen the supervision and constraint on the enterprise,improve the accounting robustness of the enterprise;The increase of shareholding ratio of institutional investors will enhance the positive correlation between debt financing and accounting robustness.Finally,according to the research conclusions,the corresponding countermeasures and Suggestions are put forward: increase the proportion of institutional investors' shareholding,make them actively participate in corporate governance,and give play to the effect of corporate governance;Improve creditors' awareness of self-risk protection,require enterprises to disclose sound accounting information,and exert the effect of debt governance;Enterprises should pay more attention to accounting robustness to ensure the realization of sustainable development goals.The innovation of this paper lies in: starting from the relationship between debt financing and accounting robustness,it studies the influence of institutional investors' shareholding on the relationship between them and widens the research scope.