摘要：一直以来，会计稳健性都是一项备受争议的会计惯例，且作为会计信息质量的重要特性之一，其对于企业融资活动产生的影响受到了广泛关注和高度重视。国内外许多学者对会计稳健性和融资约束已进行大量的理论和实证研究，并且取得了一定的研究成果。外部投资者在选择投资企业时，会根据企业所披露的财务信息进行判断是否投资该企业。会计稳健性在一定程度上会影响企业的财务状况，使得外部投资者不能了解到企业的真实情况，从而给企业的融资带来一定的阻碍 。在对相关文献进行整理的基础上，本文选择2012年-2015年四年间沪深两市的A股制造业公司股票作为研究样本，共得到5869个样本，并利用Almeida (2004)t提出的现金-现金流敏感性的模型与我国学者根据国情研究结合建立的模型进行样本回归。研究结果显示，会计稳健性与企业的融资约束呈现显著的正相关关系，说明会计稳健性会加重企业所受到融资约束的程度。

关键词：会计稳健性；融资约束；信息不对称

A Study on the Relationship between Accounting Conservatism and Financing Constraints:Based on A-share manufacturing

Abstract：As always, accounting conservatism is a controversial accounting practice. Moreover, as one of the important characteristics to judge the quality of accounting information, its impact on corporate finance activities has aroused general concern and high attention. Many scholars at home and abroad have carried out large numbers of theoretical and empirical research on accounting conservatism and financing constraints, in addition, they have got some research results. When choosing the investment enterprises, the external investor will make judgement whether to invest in the enterprise or not, according to the financial information disclosed by the enterprise. To a certain extent, accounting conservatism can affect the financial situation of enterprises, which leads to the external investors’ failure on understanding the real situation of the enterprise. As a result, it will bring some obstacles to the financing of the enterprise. On the basis of sorting out the relevant literature, this paper chooses Shanghai and Shenzhen, the two cities’ A-shares of manufacturing company stock during four years of 2012 - 2015 as research sample,  receiving a total of 5869 samples. Moreover, this paper adopts the model of Almeida (2004) Cash - Cash Flow Sensitivity for sample regression. The results of research shows that accounting conservatism and corporate financing constraints are positively related, indicating that accounting conservatism will increase the degree of financial constraints.

Key words: Accounting Conservatism, Financing Constraints, Information Asymmetry

目  录

摘要1

关键词1

Abstract1

Key words1

一、引言1

二、文献综述2

（一）会计稳健性的综合研究 2

（二）融资约束影响因素的综合研究3

 1．企业规模3

 2．股权结构3

（三）会计稳健性与融资研究评述3

 1.会计稳健性和债务融资4

 2.会计稳健性和股权融资4

 3.会计稳健性和投资融资4

三、研究设计4

（一）研究假设4

（二）样本选择和数据来源5

（三）模型设计及变量选择5

  1.变量的选择5

  2.模型设计5

 （1）被解释变量5

 （2）解释变量5

 （3）控制变量5

四、实证检验结果与分析6

（一）描述性统计6

（二）变量的相关性分析6

（三）回归分析7

五、研究结论8

致谢8

参考文献9

会计稳健性对企业融资约束的影响研究以A股制造业为例

一、引言

会计稳健性是一项饱受争议而且由来已久的会计惯例，在抑制企业过度投资和保障企业的债务契约的有效性这两方面，会计稳健性无疑都起着积极有效的作用。然而因为会计稳健性自身所拥有的谨慎的特殊性质，容易使得企业的真实的财务状况被低估，会引起企业会计信息失真。随着公允价值计量方法的出现和推广，会计稳健性受到的批判越来越多。近年来，FASB和IASB等机构开始对会计稳健性持否定态度，使得会计稳健性的经济后果受到了广泛的关注。