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| Title: | 政府財務支持、會計資訊揭露質量及信用風險評級對企業融資約束之影響——來自中國A股上市公司的證據
The Impact of Government Financial Support, Accounting Information Disclosure Quality and Credit Risk Rating on Corporate Financial Constraints——Evidence from Chinese A-share Listed Companies |
| Authors: | 郭雅婷
Guo, Ya-Ting |
| Contributors: | 林宛瑩
Lin, Wan-Ying
郭雅婷
Guo, Ya-Ting |
| Keywords: | 融資約束
產權性質
政府財務支持
會計資訊揭露質量
信用風險評級
Financial Constraints
Nature of Ownership
Government Financial Support
Accounting Information Disclosure Quality
Credit Risk Rating |
| Date: | 2021 |
| Issue Date: | 2021-07-01 17:07:12 (UTC+8) |
| Abstract: | 本研究以2010年至2019年中國大陸滬深兩市2,035家A股上市公司為研究對象，首先分析影響企業融資約束的影響因素—政府財務支持、會計資訊揭露質量以及信用風險評級—對企業融資約束的影響。再依據企業的產權性質將研究樣本區分為國有企業組以及非國有企業兩組，進一步探討兩組樣本在融資約束影響上之差異性。
研究結果顯示，中國A股上市公司普遍面臨融資約束的問題，政府財務支持、會計資訊揭露質量以及信用風險評級在一定程度上，可以緩解企業的融資約束。並且，政府補助款較高、會計資訊揭露質量較好、信用風險評級較佳，較能夠緩解企業融資約束。
進一步之研究顯示，相較於國有企業，非國有企業中的政府財務支持、會計資訊揭露質量以及信用風險評級對企業融資約束具有更為顯著的影響。
本研究結果為中國政府未來制定、執行以及完善更好的政府財務支持政策，提高會計資訊揭露質量，降低企業信用風險，以緩解企業融資約束，提供了理論參考。
Using a sample of 2,035 A-share listed companies in the Shanghai and Shenzhen stock exchanges in mainland China over the period of 2010 to 2019, this thesis first investigates the effects of government financial support, accounting information disclosure quality, and credit risk rating on corporate financial constraints. Based on the nature of ownership, the research sample is divided into a state-owned group and a non-state-owned group. The study further explores the differential effects of the determinants on financial constraints between the two groups.
The research results indicate that China’s A-share listed companies generally confront financial constraints. Government financial support, accounting information disclosure quality, and credit risk rating can alleviate corporate financial constraints to a certain extent. Moreover, companies with higher government subsidy, better accounting information disclosure quality, and better credit risk ratings, have less stringent financial constraints faced by companies.
With respect to the difference in the nature of ownership, the results suggest that compared with state-owned companies, government financial support, accounting information disclosure quality, and credit risk rating have a more significant impact on corporate financial constraints to non-state-owned companies.
The results of this study provide a theoretical reference for the Chinese government to formulate, implement and improve better government financial support policies, improve the quality of accounting information disclosure, reduce corporate credit risks, and ease corporate financial constraints in the future. |
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| Description: | 碩士
國立政治大學
會計學系
108353043 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108353043 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100592 |
| Appears in Collections: | [會計學系] 學位論文
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