【摘要】 以沪深两市A股上市公司2007—2016年的数据为样本,实证检验了金融股权关联、会计稳健性对商业信用的影响及其交互作用。研究发现,建立金融股权关联的企业获得的商业信用交易成本更低;金融股权关联与会计稳健性在商业信用中存在替代关系,即会计稳健性水平越高,金融股权关联与商业信用交易成本的负相关关系越弱;相比非国有企业,国有企业的金融股权关联与会计稳健性在商业信用中存在的替代关系更强;进一步将会计稳健性分为条件稳健性和非条件稳健性,条件稳健性在金融股权关联与商业信用的负相关关系中起到替代作用,而非条件稳健性不存在替代效应。研究表明,金融股权关联和会计稳健性在商业信用交易中发挥着至关重要的治理作用。更多还原

【Abstract】 With the data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to2016 as the sample,this paper empirically tests the impacts of financial equity association and accounting conservatism on trade credit,along with their interactive effects. The study shows that firm set up with financial equity association has a much lower transaction cost for obtaining trade credit. There exist substitution relationships between financial equity association and accounting conservatism in trade credit. That is to say,the higher the level of accounting conservatism is,the weaker the negative correlation between financial equity association and transaction cost for trade credit is. Compared with the non-state-owned companies,the substitution relationships between financial equity association and accounting conservatism in trade credit is much stronger in state-owned companies. Furthermore,after studying the differences between conditional accounting conservatism and unconditional one,it is discovered that the former plays a role of substitution relationships in the negative correlation between financial equity association and trade credit while the latter does not play such a role. It is indicated that financial equity association and accounting conservatism play a crucial role of governance in the transactions of trade credit.更多还原