贵州财经大学学报

›› 2016 ›› Issue (04): 36-44.

• 工商管理 • 上一篇    下一篇

社会信任与会计盈余的债务契约有用性

张兴亮   

  1. 嘉兴学院 商学院, 浙江 嘉兴 314001
  • 收稿日期:2016-04-07 出版日期:2016-07-15 发布日期:2016-07-21
  • 作者简介:张兴亮(1975—),男,江苏邳州人,博士,嘉兴学院商学院副教授,研究领域为公司治理与会计信息有用性。
  • 基金资助:

    国家社会科学基金项目"社会信任对会计信息债务契约有用性的影响机理研究"（主持人：张兴亮，编号：13CGL038）。

Social Trust and Accounting Earnings' Usefulness in Debt Contracts

ZHANG Xing-liang   

  1. Jiaxing University, School of Business, Jiaxing, Zhejiang 314001, China
  • Received:2016-04-07 Online:2016-07-15 Published:2016-07-21

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摘要： 社会信任是一种重要的非正式制度，其如何影响企业微观机制值得探究。以2000—2014年中国A股制造业上市公司为样本进行研究，发现社会信任有“连坐制”效应，社会信任越低的地区，会计盈余的债务契约有用性越显著；相比国有企业，非国有企业中社会信任对会计盈余债务契约有用性的影响更显著。在使用Heckman二阶段模型纠正样本选择偏误后，上述结论依然成立。研究结果对于充分认识社会信任的重要作用以及发挥会计信息的治理功能，具有重要意义。

关键词: 社会信任, 会计盈余, 债务契约, 产权性质

Abstract: How social trust which is an important informal institution affects micro-systems in corporations is worth studying. Taking manufacturing industry corporations listed in A share market during 2000 to 2014 as research sample, the paper finds that social trust has guilt mechanism effect, so the debt contractual usefulness of accounting earnings is more significant in areas where social trust are low. Furthermore, compared with state-owned corporations, social trust has more significant effect on the contractual usefulness of accounting earnings in non-state-owned corporations. The results are robust to sample selection bias after using Heckman model. The results have important significance not only to recognizing the role of social trust, but also to promoting governance role of accounting information.

Key words: social trust, accounting earnings, debt contract, property right

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