I 摘要 融资约束问题在我国上市公司中普遍存在，制约了企业的发展。由于市场的 不完善，企业的内部融资和外部融资成本不同，较高的外部融资成本使得企业的 投资无法达到最优水平，企业的融资无法满足企业的资金需求，便产生了融资约 束问题。投资者和债权人进行投资时，将会计信息作为决策的主要依据，其质量 的高低对投资行为有着重要影响，根据信号传递理论，高质量的会计信息意味着 企业发展前景良好，刺激投资者或债权人的投资意愿，促进资金流通并且提升资 源配置效率，提高资本市场的稳定性和有效性。 本文采用文献、对比和实证分析法，在对已有文献梳理的基础上，结合信息 不对称、委托代理、信号传递和预算软约束四大理论，研究会计信息质量与融资 约束的关系，并进一步分析两者之间的影响机制，提出研究假设。本文将我国 2014-2018年A股上市公司作为研究样本，本文的两个主要变量会计信息质量和 融资约束分别选取修正的Jones模型和现金-现金流敏感度模型进行衡量，通过描 述性统计分析、相关分析和多元回归分析来对两者之间的负相关关系进行验证， 并在加入产权性质这一变量之后，进一步分析两者关系在不同条件下是否存在差 异，最后为了保证实证分析结果的可靠性，以信息披露考评结果和SA指数分别 作为会计信息质量和融资约束的替代变量进行稳健性检验。 根据实证结果，本文得出以下结论：（1）高质量的会计信息能引导投资者或 债权人做出正确的投资决策，降低信息不对称程度，缓解代理冲突，减少融资成 本，即提高会计信息质量能够缓解企业的融资约束程度；（2）非国有企业融资渠 道相对未受限制，弱化了会计信息质量对融资约束的缓解作用，为投资者或债权 人提供高质量的会计信息，在政府的“隐性担保”下，风险较低的国有企业更受 到青睐，即在国有企业中会计信息质量的提高对融资约束的缓解作用更强。由此， 本文认为企业应加强提高会计信息质量的意识，培养提高会计信息质量的自觉性， 提高财务人员的职业素养和道德水平；完善公司治理，充分发挥独立董事的作用， 加强内部控制建设，明确董事会、监事会和经理层的职责权限，强化责任意识； 政府在减少对市场进行干预的同时，也要注重资源配置效率；相关部门要完善法 律法规，加强对企业信息披露质量的监督，联合企业建设内外监督体系。 关键词：会计信息质量;融资约束;产权性质;信息披露 Abstract II Abstract FinancingconstraintsarewidespreadinlistedcompaniesinChina,whichrestricts thedevelopmentofenterprises.Duetotheimperfectmarket,theinternalfinancingand externalfinancingcostsoftheenterprisearedifferent.Thehigherexternalfinancing costmakestheinvestmentoftheenterpriseunabletoreachtheoptimallevel,andthe financingoftheenterprisecannotmeetthecapitalneedsoftheenterprise,whichraises theproblemoffinancingconstraints.Investorsandcreditorsuseaccounting informationasthemainbasisfordecision-makingwheninvesting,andthequalityofit hasanimportantimpactoninvestmentbehavior.Accordingtothetheoryofsignal transmission,high-qualityaccountinginformationmeansthatthecompanyhasagood developmentprospectandstimulatesthewillingnessofinvestorsorcreditorstoinvest, promotethecirculationofcapitalandimprovetheefficiencyofresourceallocation, andimprovethestabilityandeffectivenessofthecapitalmarket. Thisarticleusesliterature,comparisonandempiricalanalysismethods.Basedon combingtheexistingliterature,combinedwiththefourtheoriesofinformation asymmetry,principal-agent,signaltransmissionandsoftbudgetconstraint,tostudythe relationshipbetweenaccountinginformationqualityandfinancingconstraints,and furtherAnalyzetheinfluencemechanismbetweenthetwoandputforwardresearch hypotheses.ThispapertakesChina's2014-2018A-sharelistedcompaniesasaresearch sample.Thetwomainvariablesofthispaperareaccountinginformationqualityand financingconstraints,whichareselectedbythemodifiedJonesmodelandcash-cash flowsensitivitymodelformeasurement.Correlationanalysisandmultipleregression analysisareusedtoverifythenegativecorrelationbetweenthetwo,andafteradding thevariableofthenatureofpropertyrights,furtheranalyzewhetherthereisa differencebetweenthetworelationshipsunderdifferentconditions.Finally,toensure thereliabilityoftheempiricalanalysisresultsPerformance,usingtheinformation disclosureassessmentresultsandSAindexasalternativevariablesforaccounting informationqualityandfinancingconstraintsforrobustnesstesting. Basedontheempiricalresults,thisarticledrawsthefollowingconclusions:(1) High-qualityaccountinginformationcanguideinvestorsorcreditorstomakecorrect Abstract III investmentdecisions,reducethedegreeofinformationasymmetry,easeagency conflicts,reducefinancingcosts,thatis,improvethequalityofaccountinginformation Itcanalleviatethefinancingconstraintsofenterprises;(2)Non-state-owned enterprises’financingchannelsarerelativelyunrestricted,whichweakenstheroleof accountinginformationinalleviatingfinancingconstraints.Andprovideshigh-quality accountinginformationforinvestorsorcreditors.Underthe"guarantee",state-owned enterpriseswithlowerrisksaremorefavored,thatis,theimprovementofaccounting informationqualityinstate-ownedenterpriseshasastrongereffectonalleviating financingconstraints.Therefore,thisarticlebelievesthatenterprisesshouldstrengthen theawarenessofimprovingaccountinginformationquality,cultivatetheconsciousness ofimprovingaccountinginformationquality,improvetheprofessionalismand moralityoffinancialpersonnel;improvecorporategovernance,givefullplaytothe roleofindependentdirectors,andstrengtheninternalcontrol,clarifythe responsibilitiesandauthorityoftheboardofdirectors,boardofsupervisorsand managers,andstrengthenthesenseofresponsibility;thegovernmentshouldalsopay attentiontotheefficiencyofresourceallocationwhilereducingmarketintervention; relevantdepartmentsshouldimprovelawsandregulations,strengthenthesupervision ofthequalityofcorporateinformationdisclosure,andjointenterprisestobuildan internalandexternalsupervisionsystem. Keywords:Accountinginformationquality;Financingconstraints;Property rights;Informationdisclosure 目录 IV 目录 第1章绪论...................................................................................................................1 1.1研究背景与研究意义..........................................................................................1 1.1.1研究背景.....................................................................................................1 1.1.2研究意义.....................................................................................................2 1.2研究思路与研究内容..........................................................................................3 1.2.1研究思路.....................................................................................................3 1.2.2研究内容.....................................................................................................3 1.3研究方法与研究框架..........................................................................................4 1.3.1研究方法.....................................................................................................4 1.3.2研究框架.....................................................................................................4 1.4创新之处..............................................................................................................6 第2章文献综述...........................................................................................................7 2.1会计信息质量......................................................................................................7 2.1.1定义.............................................................................................................7 2.1.2影响因素.....................................................................................................7 2.1.3经济后果.....................................................................................................8 2.1.4衡量方法.....................................................................................................9 2.2融资约束............................................................................................................12 2.2.1定义...........................................................................................................12 2.2.2影响因素...................................................................................................12 2.2.3经济后果.......................................................................