Research On The Impact Of Accounting Robustness On The Debt Financing Cost Of Real Estate Industry

From 2015 to 2019,the state tightened the financing policy for the real estate industry,which led to a rapid increase in the financing cost of the whole industry.Many domestic real estate enterprises borrowed heavily and curried huge debta,facing the pressure of high interest rates.The reason is that real estate enterprises lack the cognition of the influence between accounting conservatism and debt financing cost,and neglect the increase of debt financing cost because of the failure to measure accounting conservatism.Moreover,as one of the imporant forces of China's economic growth,the real estate industry's debt financing is gradually increasing every year,so it is particularly critical to control the financing risks of cnterprises.Financial data is an important data for investors to evaluate investment risks,so the quality of financial data is highly valued by investors.In this paper,the specific impact of accounting conservatism on the cost of debt financing is chosen as the research topic.Under the background that differcent scholars have different conclusions on the relationship between the two,and considering the great particularity of the relationship between them in different industries real estate industry that people pay close attcntion to will be taken as the research object to analyze the impact of accounting conservatism on the cost of debt financing.This paper summarizes the relevant litcrature on accounting conservatism,debt financing cost and their mutual influence.According to previous studies,accouming conservatism is divided into conditional conscrvatism and unconditional conservatism.Combining information asymmtry thcory,cost-benefit theory and signal theory,this paper defines the related concepts of accounting conservatism and debt financing cost,and analyzes the current situation of accounting conservratism and debt financing cost in China's real estate industry.Assumptions are made among conditional robustness,unconditional robustness and debt financing cost,and a related lineor regression model is constructed.Taking 62 listed reat estate enterprises in Shenzhen and Shanghai A shares from 2015 to 2019 as samples,descriptive statistics,correlation analysis,multiple linear regression analysis and robustness test were carried out,and relevant empirical results were obtained.The empirical results show that accounting conservatism does exist in real estate listed companies;Under the significance level of 5%,conditional conservatism and unconditional conservatism have a significant negative impact on the debt financing cost of real estate industry;Compared with unconditional conservatism,conditional conservatism has a more significant impact on the debt financing cost of the real estate industry.Finally,according to the empirical results,reasonable countermeasures and suggestions are put forward for the real estate industry.