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稳健性作为一种会计处理原则,要求及时的确认可能的亏损和损失,并保证资产和收益谨慎可靠,可以有效地控制风险,是高质量会计信息的要求之一。大量的实证研究显示,稳健性通过降低信息噪音,减轻道德风险和逆向选择等,在保护投资者、降低融资成本和控制过度投资等方面均发挥着积极的作用。但现有的理论研究更倾向于稳健性对投资的影响,对融资的影响方面的文献较少。本文将从事前、事中、事后三个阶段分析稳健性如何对企业融资效率产生影响。
As a principle of accounting treatment, robustness requires timely recognition of possible losses and losses, as well as prudent and reliable assets and earnings, which can effectively control risks and is one of the requirements of high-quality accounting information. A large number of empirical studies show that robustness plays an active role in protecting investors, reducing financing costs and controlling over-investment by reducing information noise, alleviating moral hazard and adverse selection. However, the existing theoretical research is more inclined to the impact of conservatism on investment, and there is less literature on the impact of financing. This essay will analyze how conservatism has an impact on the efficiency of corporate finance in three stages: before, during and afterwards.