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首页> 外文期刊>Journal of accounting, auditing & finance >Accounting Conservatism and Firm Growth Financed by External Debt: The Role of Debt Maturity
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Accounting Conservatism and Firm Growth Financed by External Debt: The Role of Debt Maturity

机译：外债融资的会计稳健性和企业成长：债务成熟度的作用

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摘要

Previous research shows that accounting conservatism facilitates debt contracting. Extending this line of literature, we examine whether the role of accounting conservatism in accessing external debt to attain firm growth varies with its maturity. We find evidence of a positive relationship between conservatism and debt maturity. We also observe a positive relationship between conservative accounting and future growth funded by all classes of debt, but this relation is due to long-term rather than short-term debt, which is less prone to agency risk. Furthermore, the associations between conservatism and debt maturity and conservatism and growth financed by long-term debt are mostly observed for firms with fewer anti-takeover provisions in place. These findings suggest that the demand for accounting conservatism is not uniform across different debt maturity horizons.
机译：先前的研究表明，会计保守主义有助于债务收缩。扩展这一系列文献，我们研究了会计保守主义在获取外债以实现公司增长方面的作用是否随其成熟度而变化。我们发现保守主义与债务期限之间存在积极关系的证据。我们还观察到保守会计与由所有类别的债务提供资金的未来增长之间存在正相关关系，但这种关系是由于长期债务而非短期债务所致，因此不易发生机构风险。此外，对于那些缺乏反收购规定的公司，大多数情况下观察到保守主义与债务期限之间的联系以及由长期债务资助的保守主义与增长之间的联系。这些发现表明，在不同的债务到期期限内，对会计保守主义的需求并不统一。

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