| As an important quality principle of accounting information, accounting conservatism has applied extensively long time ago. But people have not reached it systematically until the last ten years. At present, research on accounting conservatism internationally includes four aspects:the existence of conservatism, the reason for accounting conservatism, the measurement method of conservatism, and the economic result of conservatism. The scholars in our country have also reached on conservatism, but mainly restricted to the existence and the reason of conservatism. In our country, whether the account conservatism has the same economic result? Whether this quality principle increases the enterprise value? How do the policy institutions establish accounting standards? Therefore, the research on the result of the conservatism is very important for the enterprise, the social supervision department and policy institution. The purpose of this thesis is a preliminary exploration for the conservatism result to debt, and providing empirical evidence for the enterprise to choice the best accounting policy basic on the capital market in our country.This article bases on the theory analysis, combining with the empirical test, and focus on the empirical test. The theory mainly contains debt contract theory and the information asymmetry theory. The empirical test of this basic on the second accounting standards reform, selecting the public company on the stock markets of Shanghai and Shenzhen2007-2009for object of study, applying SPSS17.0to data analysis, try to inspect the existence of the conservatism and the influence on the debt cost.This thesis examines the existence of conservatism of the public company in our country using the Basu model; and applying MTB and non-business accrued items as measurement for conservatism, inspire the influence of conservatism on the debt cost. By the empirical analysis, this thesis comes to the conclusion:(1) The reflect of accounting earning to "bad news" is more timely than the reflect of accounting earning to "’good news", so generally the accounting conservatism exits. And also it is clearer in non-state-owned control company.(2)In our country, the debt cost is lower in that company that has higher accounting conservatism. That is to say, the accounting conservatism is inversely related to the debt cost. It accounts for that he company which has high conservatism will earn loan with lower interest rate. In this thesis, I divide the object into two groups according to the nature of controlling share holder, and the result shows that the influence is deeper in state holding company, so that they can get lower interest rate.This thesis tries to select the data after2007when the new accounting policy put into effect. We get2153data, text the existence of the accounting conservatism and research the influence of conservatism on the debt cost. In the study of existence, we use the Basu model, and go on regression analysis according the state holding company and non-state-holding company. In the study of the influence on the debt cost, we choice two measurement methods of conservatism, and run regression analysis respectively. In the study model, we try to add some control variables, for example the independence of the board, the size of the board, the first big shareholder shareholding ratio etc. Meanwhile, we run conservatism text according to the nature of controlling share holder.In the meantime, there is shortcoming in the study of this thesis as follows:firstly, in the model of conservatism text, the thesis uses the most popular Basu model. But this model based on the efficient market, the capital market in our country is not that effective. In the other hand, the model has some shortcomings. Secondly, this thesis uses interest expense plus capitalized interest divide average debt to measure the debt cost. But because there is not debt interest in the capital market, probably the result barely contains the debt cost of bank loan, so this may reflect the study result. Lastly, this thesis only researches the influence of the conservatism on the debt cost, but we don’t study other aspects, for example the investment efficiency, cost of equity, etc. Meanwhile, this thesis explains the good aspect of conservatism only, not containing the bad aspect of conservatism. We need further research that how to balance the cost and benefit of conservatism. |
