诉讼风险、会计稳健性与债务成本

伴随经济发展进入新常态,我国上市公司面临的经营风险日益凸显,其中诉讼风险也逐渐成为上市公司实现经营目标的重大阻碍。文章选取2010—2017沪深A股非金融保险类上市公司为研究样本,实证检验上市公司诉讼风险与会计稳健性对债务成本的作用。研究发现,上市公司诉讼风险与债务成本成正相关,上市公司诉讼风险越大,债务成本越高；会计稳健性与债务成本成负相关,会计稳健性质量越高,债务成本越低。进一步研究发现,会计稳健性能够作为上市公司诉讼风险与债务成本的调节变量,能够有效缓解因为上市公司诉讼风险增加而导致债务成本增加的关系。

Litigation Risks, Accounting Conservatism and Cost of Debt

With the economic development entering the new normal, the operational risks faced by listed companies in China have become increasingly prominent, and litigation risks have gradually become a major obstacle to the realization of listed companies. Based on the Chinese listed companies exclusive the financial industry during 2010-2017, this paper examines the effect of litigation risk and accounting conservatism on debt cost of listed companies. The study finds that the litigation risk of listed companies is positively related to the debt cost. The higher the litigation risk of listed companies, the higher the debt cost; the accounting conservatism is negatively correlated with the debt cost, the higher the accounting conservatism quality, the lower the debt cost. Further research finds that accounting conservatism can be used as a regulating variable for litigation risk and debt cost of listed companies, which can effectively reduce the positive effect of litigation risk of listed companies on debt costs.