Industrial Policy,Accounting Conservatism And Debt Maturity Structure

Unreasonable debt maturity structure may have some negative effects on the development of the enterprise,such as increasing the agency costs or making the firm face greater financial risk.In order to achieve the objectives of maximizing the value and sustainable management,the debt maturity structure must be reasonable.Consequently,it's urgent to improve the corporate financing environment and to provide conditions for choosing reasonable debt maturity structure.Accounting conservatism is an important standard when creditor provide the loan,so is there certain link between accounting conservatism and debt maturity structure?The signing of corporate finance contract is not only autonomous behavior of the enterprise,it's also affected by industrial policy to a certain extent.So,what is the relationship between industrial policy,accounting conservatism and debt maturity structure.This thesis takes the Chinese listed companies as the object of study and deeply explore the relationship between accounting conservatism and debt maturity structure from the perspective of industrial policy.This thesis is based on the pecking order theory,agency cost theory,creditor protection theory and signal transfer theory.It puts forward the research hypothesis between industrial policy,accounting conservatism and debt maturity structure after reviewing the literature and doing some theoretical analysis.It chooses listed companies in chinese A stock market from 2011 to 2015 as the research sample and uses the cumulative accruals method to evaluate the level of accounting conservatism.After completing the data descriptive analysis and correlation test of the samples,the thesis validates the effect and influence of accounting conservatism on the debt maturity structure from the perspective of industrial policy through the multiple regression method.The study finds:(1)The enterprises that are encouraged by the national industrial policy can obtain more long-term debt financing.Under the same conditions,The State-owned.listed companies that are encouraged by the national industrial policy can get more long-term debt financing.(2)The improvement of accounting conservatism can enable enterprises to obtain more long-term debt financing.Under the same conditions,accounting conservatism can help private listed companies obtain long-term debt financing compared with State-owned listed companies.(3)Under the same conditions,the improvement of accounting conservatism does not always enhance the positive impact of industrial policy on the debt maturity structure of enterprises.There is weaken effect in state-owned companies and enhancement effect in non-state-owned companies.The main innovations of this thesis are as follows.Firstly,it analyzes the relationship between accounting conservatism and debt maturity structure from the perspective of industrial policy.Then,it deeply explores the relationship between the industrial policy and accounting conservatism after adding the factor of property rights.In conclusion,it is helpful for expanding and enriching the field of research results and has theoretical and practical significance as well.