会计信息质量、融资约束与现金持有价值——基于门槛回归的经验证据被引量：8

Accounting Information Quality,Financial Constraints and the Value of Cash Holdings:Empirical Evidence Based on Threshold Regression

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摘要为了研究企业中会计信息质量与现金持有价值之间的非线性关系,从融资约束的视角,对会计信息质量影响现金持有价值的机理进行了理论分析;基于A股上市公司2008—2012年的平衡面板数据,建立了以会计信息质量为门槛变量的回归模型,检验了不同区间的会计信息质量对应的现金持有价值。研究发现,当会计信息质量低于特定门槛时,融资约束出现,现金持有价值显著;反之,融资约束消失,现金持有价值不显著。 To study the nonlinear relationship between accounting information quality and the value of cash holdings in enterprises, the mechanism of accounting information quality affecting the value of cash holdings was theoretically analyzed from the perspective of financial constraints. In addition, based on balanced panel data from year 2008 to 2012 of A-share listed companies, the regression model was constructed taking accounting information quality as threshold variable, and the values of cash holdings corresponding to different intervals of accounting information quality were tested. The study shows that, when accounting information quality is under certain threshold, financial constraints appear, and the value of cash holdings is significant. Otherwise, financial constraints disappear, and the value of cash holdings is not significant.

作者刘树海唐婧清白仲林

机构地区天津财经大学商学院天津商业大学商学院天津财经大学理学院

出处《统计与信息论坛》 CSSCI 北大核心 2015年第7期77-83,共7页 Journal of Statistics and Information

基金国家自然科学基金青年项目<经济周期融资约束与营运资本的动态协同选择>(71302114) 国家自然科学基金面上项目<产权视角下的审计师声誉机制及其经济后果研究>(71272189) 天津市财政局天津市会计学会重点会计科研项目<公司最佳现金持有量动态调整路径研究>(kjkyxm130701)

关键词会计信息质量现金持有价值门槛回归融资约束 accounting information quality value of cash holdings threshold regression financial constraints

分类号 F275.1 [经济管理—企业管理]

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