With the help of model of asymmetric information, and from the view of contract designation and sig-naling, the impact of accounting conservatism is analyzed on debt contract. It dedicates that, only on the condition of serious information asymmetry, accounting conservatism could play an important role in protecting the behalf of debtor. Thus, it can harmonize the agent problem between insiders and outsiders of the company. So, the efficien-cy of debt contract is enhanced.%借助不对称信息模型,从合同设计、信号传递的视角,分析了会计稳健性对债务契约效率的影响.分析显示,只有在信息不对称程度较严重的情况下,会计稳健性才更能显示其保护债权人利益的作用,其协调公司内部人与外部债权人之间代理问题的功能才更易发挥,债务契约效率才能被提高.
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