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題名 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作者 郭雅婷
Guo, Ya-Ting貢獻者 林宛瑩
Lin, Wan-Ying
郭雅婷
Guo, Ya-Ting關鍵詞 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日期 2021 上傳時間 1-Jul-2021 17:07:12 (UTC+8) 摘要 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.參考文獻 方軍雄，2010，民營上市公司，真的面臨銀行貸款歧視嗎？管理世界月刊，第11期：123-131。王文華、夏丹丹及朱佳翔，2014，政府補貼緩解研發融資約束效應實證研究—來自高新技術上市公司的經驗證據，科技進步與對策，第31卷第8期：22-26。王華及餘冬根，2017，會計信息質量、審計師選擇與債務融資成本—基於中國 A 股上市公司的經驗證據，會計之友，第2期：53-59。史雪明、張志林及許立新，2012，信用風險、融資約束與投資行為—基於我國製造業上市公司實證分析，西安電子科技大學學報：社會科學版，第22卷第1期：48-54。申香華，2015，政府補助、產權性質與債務融資效應實證檢驗，經濟經緯，第32卷第2期：138-143。白重恩、劉俏、陸洲、宋敏及張俊喜，2005，中國上市公司治理結構的實證研究，經濟研究，第2期：81-91。成力為、嚴丹及戴小勇，2013，金融結構對企業融資約束影響的實證研究—基於 20 個國家製造業上市公司面板數據，金融經濟學研究，第28卷第1期：108-119。朱永明及李玲玲，2018，信息披露質量、融資約束與企業投資效率，會計之友，第22期：11-17。朱松，2013，債券市場參與者關注會計信息質量嗎？南開管理評論，第16卷第3期：25-36．何平及金夢，2010，信用評級在中國債券市場的影響力，金融研究，第4期：15-28。吳育輝、魏志華及吳世農，2009，中國上市公司發行短期融資券的影響因素分析，金融研究，第5期：93-106。李丹蒙及夏立軍，2008，股權性質、制度環境與上市公司 R&D 強度，博士論文。李文文及黃世忠，2020，關係股東與融資約束—基於系族集團的經驗證據，會計研究，第2期：74-89。李文貴及餘明桂，2015，民營化企業的股權結構與企業創新，管理世界，第4期：112-125。李春霞、田利輝及張偉，2014，現金—現金流敏感性：融資約束還是收入不確定？經濟評論，第2期：115-126。李廣子及劉力，2009，債務融資成本與民營信貸歧視，金融研究，第12期：137-150。李燃及王安圓，2018，政府補助、不確定性與公司投資效率，財會通訊，第15期：47-51。步丹璐及王曉豔，2014，政府補助、軟約束與薪酬差距，南開管理評論，第17卷第2期：23-33。汪海霞及王新，2019，政府補貼與企業研發投入—所有制和政治關聯的聯合調節效應，會計之友，第14期：777-780。林晚發及劉穎斐，2019，信用評級調整與企業杠杆—基於融資約束的視角，經濟管理，第6期：176-193。林毅夫及李志赟，2004，政策性負擔、道德風險與預算軟約束，經濟研究，第2期：17-27。邱吉福、謝慧蘭及陳熠輝，2019，經濟政策不確定性會影響企業自願性社會責任資訊披露嗎？財會月刊，第16期：150-159。胡永健及周寄中，2008，政府直接資助強度與企業技術創新投入的關係研究，中國軟科學，第11期：141-148。唐建新、盧劍龍及餘明桂，2011，銀行關係、政治聯繫與民營企業貸款—來自中國民營上市公司的經驗證據，經濟評論，第3期：51-58。袁衛秋及鄒蘇蘇，2013，信息披露與現金持有—來自深市 A 股上市公司的經驗證據，經濟與管理研究，第5期：74-83。高豔慧、萬迪昉及蔡地，2012，政府研發補貼具有信號傳遞作用嗎？—基於我國高技術產業面板數據的分析，科學與科學技術管理，第33卷第1期：5-11。張羽瑤及張冬洋，2019，商業信用能夠提高企業全要素生產率嗎？—基於中國企業的融資約束視角，財政研究，第2期：116-128。張炳發、田倩倩及孫長美，2020，政府補貼、融資約束對企業研發投資的影響，會計之友，第5期：29-33。張標，2014，信披質量、融資約束與公司現金策略研究，證券市場導報，第8期：38-52。梁彤纓、桂林玲及劉璿冰，2017，不同融資約束背景下政府研發補助效應研究，科技進步與對策，第34卷第7期：26-33。許罡、朱衛東及孫慧倩，2014，政府補助的政策效應研究—基於上市公司投資視角的檢驗，經濟學動態，第6期：87-95。連玉君及蘇治，2009，融資約束、不確定性與上市公司投資效率，管理評論，第21卷第1期：19-26。連玉君、蘇治及丁志國，2008，現金—現金流敏感性能檢驗融資約束假說嗎？統計研究，第25卷第10期：92-99。郭劍花及杜興強，2011，政治聯繫、預算軟約束與政府補助的配置效率，金融研究，第2期：114-128。陳惠玲及高妮瑋，2013，中國企業信用風險指標（CCRI）之方法論，貨幣觀察與信用評等，第102期：6-29。喬睿蕾及陳良華，2016，營改增、現金—現金流敏感性與現金—負債替代性，經濟問題，第10期：98-104。程六兵及劉峰，2013，銀行監管與信貸歧視—從會計穩健性的視角，會計研究，第1期： 28-34。楊君岐及張楠，2019，金融發展對我國高技術上市公司研發投入強度的影響研究，甘肅金融，第6期：47-52。甄紅線及王謹樂，2016，機構投資者能夠緩解融資約束嗎？—基於現金價值的視角，會計研究，第12期：51-57。劉嘯塵，2017，淺析政府補助準則修訂對科技型中小企業賬務處理的影響，時代金融，第9期：134-137。潘克勤，2011，法制環境及金融發展、企業的金融機構背景與融資約束，經濟經緯，第1期：68-73。錢明、徐光華及沈弋，2016，社會責任信息披露、會計穩健性與融資約束—基於產權異質性的視角，會計研究，第5期：9-17。魏志華、曾愛民及李博，2014，金融生態環境與企業融資約束—基於中國上市公司的實證研究，會計研究，第5期：73-80。顧奮玲及解角羊，2018，內部控制缺陷、審計師意見與企業融資約束—基於中國 A 股主板上市公司的經驗數據，會計研究，第12期：77-84。龔光明及禹東勇，2015，公司特有風險、會計信息質量與企業融資約束，會計之友，第22期：8-16。Akerlof, G. 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The Review of Financial Studies 19 (2): 531-559.Yi, H. C., and D. J. Mullineaux. 2006. The informational role of bank loan ratings. Journal of Financial Research 29 (4): 481-501. 描述 碩士
國立政治大學
會計學系
108353043資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353043 資料類型 thesis dc.contributor.advisor 林宛瑩 zh_TW dc.contributor.advisor Lin, Wan-Ying en_US dc.contributor.author (Authors) 郭雅婷 zh_TW dc.contributor.author (Authors) Guo, Ya-Ting en_US dc.creator (作者) 郭雅婷 zh_TW dc.creator (作者) Guo, Ya-Ting en_US dc.date (日期) 2021 en_US dc.date.accessioned 1-Jul-2021 17:07:12 (UTC+8) - dc.date.available 1-Jul-2021 17:07:12 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2021 17:07:12 (UTC+8) - dc.identifier (Other Identifiers) G0108353043 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/135920 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 108353043 zh_TW dc.description.abstract (摘要) 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。 zh_TW dc.description.abstract (摘要) 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. en_US dc.description.tableofcontents 目 錄第壹章 緒論 1第一節 研究動機與目的 1第二節 研究架構與研究議題 5第三節 論文結構 7第貳章 文獻探討 8第一節 融資約束定義與衡量之相關文獻 8第二節 政府財務支持與融資約束之研究 16第三節 會計資訊揭露質量與融資約束之研究 19第四節 企業信用風險評級與融資約束之研究 22第五節 影響融資約束其他因素之研究 25第參章 研究方法 28第一節 研究假說 28第二節 實證模型與變數衡量 37第三節 研究期間、樣本選取與資料來源 47第肆章 實證結果與分析 49第一節 敘述性統計與單變量分析 49第二節 卡方分析 55第三節 多變量分析 57第伍章 結論與建議 68第一節 研究結論 68第二節 研究啟示 70第三節 研究限制 72第四節 後續研究建議 73參考文獻 74圖目錄圖1-1 研究議題一至四之架構 6圖1-2 研究議題五之架構 6圖4-1 政府補助款（GFSoriginal）各年的總額（單位：億元人民幣） 51圖4-2 會計資訊揭露質量考評結果（EvaluationResult）各年的均值 51圖4-3 企業信用風險指標（CCRIoriginal）各年的均值 52表目錄表3.1 八個財務數值和比率 44表3.2 CCRI等級VS. 放款承作方式 44表3.3 營收規模門檻設定 44表3.4 變數定義及衡量方法彙整表 46表3.5 全體觀察值選取說明表 47表4.1 敘述性統計 (N=14,112) 50表4.2 不同產權性質之敘述性統計 54表4.3 產權性質與政府財務支持、會計資訊揭露質量、信用風險評級之卡方檢定 55表4.4 多重共線性診斷 57表4.5 政府財務支持、會計資訊揭露質量、信用風險評級與企業融資約束研究變數之 PEARSON/SPEARMAN相關係數 59表4.6 政府財務支持、會計資訊揭露質量、信用風險與融資約束之迴歸分析結果 62表4.7 不同產權性質下政府財務支持、會計資訊揭露質量、信用風險評級與企業融資約束之多變量迴歸分析結果 66表4.7 不同產權性質下政府財務支持、會計資訊揭露質量、信用風險評級與企業融資約束之多變量迴歸分析結果（續） 67 zh_TW dc.format.extent 2994589 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353043 en_US dc.subject (關鍵詞) 融資約束 zh_TW dc.subject (關鍵詞) 產權性質 zh_TW dc.subject (關鍵詞) 政府財務支持 zh_TW dc.subject (關鍵詞) 會計資訊揭露質量 zh_TW dc.subject (關鍵詞) 信用風險評級 zh_TW dc.subject (關鍵詞) Financial Constraints en_US dc.subject (關鍵詞) Nature of Ownership en_US dc.subject (關鍵詞) Government Financial Support en_US dc.subject (關鍵詞) Accounting Information Disclosure Quality en_US dc.subject (關鍵詞) Credit Risk Rating en_US dc.title (題名) 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 zh_TW dc.title (題名) 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 en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 方軍雄，2010，民營上市公司，真的面臨銀行貸款歧視嗎？管理世界月刊，第11期：123-131。王文華、夏丹丹及朱佳翔，2014，政府補貼緩解研發融資約束效應實證研究—來自高新技術上市公司的經驗證據，科技進步與對策，第31卷第8期：22-26。王華及餘冬根，2017，會計信息質量、審計師選擇與債務融資成本—基於中國 A 股上市公司的經驗證據，會計之友，第2期：53-59。史雪明、張志林及許立新，2012，信用風險、融資約束與投資行為—基於我國製造業上市公司實證分析，西安電子科技大學學報：社會科學版，第22卷第1期：48-54。申香華，2015，政府補助、產權性質與債務融資效應實證檢驗，經濟經緯，第32卷第2期：138-143。白重恩、劉俏、陸洲、宋敏及張俊喜，2005，中國上市公司治理結構的實證研究，經濟研究，第2期：81-91。成力為、嚴丹及戴小勇，2013，金融結構對企業融資約束影響的實證研究—基於 20 個國家製造業上市公司面板數據，金融經濟學研究，第28卷第1期：108-119。朱永明及李玲玲，2018，信息披露質量、融資約束與企業投資效率，會計之友，第22期：11-17。朱松，2013，債券市場參與者關注會計信息質量嗎？南開管理評論，第16卷第3期：25-36．何平及金夢，2010，信用評級在中國債券市場的影響力，金融研究，第4期：15-28。吳育輝、魏志華及吳世農，2009，中國上市公司發行短期融資券的影響因素分析，金融研究，第5期：93-106。李丹蒙及夏立軍，2008，股權性質、制度環境與上市公司 R&D 強度，博士論文。李文文及黃世忠，2020，關係股東與融資約束—基於系族集團的經驗證據，會計研究，第2期：74-89。李文貴及餘明桂，2015，民營化企業的股權結構與企業創新，管理世界，第4期：112-125。李春霞、田利輝及張偉，2014，現金—現金流敏感性：融資約束還是收入不確定？經濟評論，第2期：115-126。李廣子及劉力，2009，債務融資成本與民營信貸歧視，金融研究，第12期：137-150。李燃及王安圓，2018，政府補助、不確定性與公司投資效率，財會通訊，第15期：47-51。步丹璐及王曉豔，2014，政府補助、軟約束與薪酬差距，南開管理評論，第17卷第2期：23-33。汪海霞及王新，2019，政府補貼與企業研發投入—所有制和政治關聯的聯合調節效應，會計之友，第14期：777-780。林晚發及劉穎斐，2019，信用評級調整與企業杠杆—基於融資約束的視角，經濟管理，第6期：176-193。林毅夫及李志赟，2004，政策性負擔、道德風險與預算軟約束，經濟研究，第2期：17-27。邱吉福、謝慧蘭及陳熠輝，2019，經濟政策不確定性會影響企業自願性社會責任資訊披露嗎？財會月刊，第16期：150-159。胡永健及周寄中，2008，政府直接資助強度與企業技術創新投入的關係研究，中國軟科學，第11期：141-148。唐建新、盧劍龍及餘明桂，2011，銀行關係、政治聯繫與民營企業貸款—來自中國民營上市公司的經驗證據，經濟評論，第3期：51-58。袁衛秋及鄒蘇蘇，2013，信息披露與現金持有—來自深市 A 股上市公司的經驗證據，經濟與管理研究，第5期：74-83。高豔慧、萬迪昉及蔡地，2012，政府研發補貼具有信號傳遞作用嗎？—基於我國高技術產業面板數據的分析，科學與科學技術管理，第33卷第1期：5-11。張羽瑤及張冬洋，2019，商業信用能夠提高企業全要素生產率嗎？—基於中國企業的融資約束視角，財政研究，第2期：116-128。張炳發、田倩倩及孫長美，2020，政府補貼、融資約束對企業研發投資的影響，會計之友，第5期：29-33。張標，2014，信披質量、融資約束與公司現金策略研究，證券市場導報，第8期：38-52。梁彤纓、桂林玲及劉璿冰，2017，不同融資約束背景下政府研發補助效應研究，科技進步與對策，第34卷第7期：26-33。許罡、朱衛東及孫慧倩，2014，政府補助的政策效應研究—基於上市公司投資視角的檢驗，經濟學動態，第6期：87-95。連玉君及蘇治，2009，融資約束、不確定性與上市公司投資效率，管理評論，第21卷第1期：19-26。連玉君、蘇治及丁志國，2008，現金—現金流敏感性能檢驗融資約束假說嗎？統計研究，第25卷第10期：92-99。郭劍花及杜興強，2011，政治聯繫、預算軟約束與政府補助的配置效率，金融研究，第2期：114-128。陳惠玲及高妮瑋，2013，中國企業信用風險指標（CCRI）之方法論，貨幣觀察與信用評等，第102期：6-29。喬睿蕾及陳良華，2016，營改增、現金—現金流敏感性與現金—負債替代性，經濟問題，第10期：98-104。程六兵及劉峰，2013，銀行監管與信貸歧視—從會計穩健性的視角，會計研究，第1期： 28-34。楊君岐及張楠，2019，金融發展對我國高技術上市公司研發投入強度的影響研究，甘肅金融，第6期：47-52。甄紅線及王謹樂，2016，機構投資者能夠緩解融資約束嗎？—基於現金價值的視角，會計研究，第12期：51-57。劉嘯塵，2017，淺析政府補助準則修訂對科技型中小企業賬務處理的影響，時代金融，第9期：134-137。潘克勤，2011，法制環境及金融發展、企業的金融機構背景與融資約束，經濟經緯，第1期：68-73。錢明、徐光華及沈弋，2016，社會責任信息披露、會計穩健性與融資約束—基於產權異質性的視角，會計研究，第5期：9-17。魏志華、曾愛民及李博，2014，金融生態環境與企業融資約束—基於中國上市公司的實證研究，會計研究，第5期：73-80。顧奮玲及解角羊，2018，內部控制缺陷、審計師意見與企業融資約束—基於中國 A 股主板上市公司的經驗數據，會計研究，第12期：77-84。龔光明及禹東勇，2015，公司特有風險、會計信息質量與企業融資約束，會計之友，第22期：8-16。Akerlof, G. 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