Research On The Influence Of Accounting Conservatism On Debt Financing Cost

In recent years,China’s social economy has developed rapidly,and its ove rall national strength has continued to increase.With the improvement of econo mic benefits,many social contradictions and problems have emerged.Enterprise s regard economic benefits as the only management method of business objecti ves,which makes violations occur frequently and damages the overall benefits of society.Stakeholders have reached a consensus that enterprises should bear social responsibilities.Investors’ overall evaluation of enterprises no longer relie s solely on financial data indicators,and the emphasis on non-financial informa tion social responsibility performance has increased,making enterprise managers aware of the fulfillment of social responsibilities,which helps companies thro ugh reputation effects and capital costs.Obtain social and economic benefits.A s an important decision-making basis for investors,the role of financial inform ation and non-financial information in decision-making has an impact on corpor ate debt financing costs,which has become the focus of research.Based on the analysis of contract theory,information asymmetry theory,pr incipal-agent theory,and signal transmission theory,this paper influences social responsibility on debt financing cost,accounting robustness on debt financing cost,and the adjustment effect based on social responsibility The effect of acc ounting conservatism on debt financing costs is studied,and from the perspecti ve of heterogeneity of property rights,the differences in the impact of social r esponsibility and accounting conservatism on debt financing costs among enterp rises with different ownerships are studied.This article selects companies that continuously release social responsibility reports from 2013 to 2017 as research samples,selects variables and builds e mpirical models based on scholars’ research results,and uses statistical software for regression analysis and robustness testing.The study finds that:(1)Accou nting conservatism is negatively related to debt financing costs,but presents a positive impact in non-state-owned enterprises;(2)The impact of corporate soci al responsibility on corporate debt financing costs is negatively related,and It i s more significant in non-state-owned enterprises;(3)Social responsibility has a moderating effect on the relationship between accounting robustness and debt financing costs,that is,enterprises with better social responsibility perform ance,accounting robustness has a stronger impact on debt financing costs than social responsibility performance Poor business.Finally,based on the analysis of empirical research results,some policies and suggestions are put forward.