Bank Relationships and the Value Relevance of the Income Statement: Evidence from Income‐Statement Conservatism
研究企业银行依赖度如何影响利润表的稳健性和价值相关性，发现银行依赖度越高，利润表越稳健且价值相关性越强，对理解债务融资决策与会计信息有用性的关系有参考价值。
Abstract: This study examines the effects of a firm's debt financing decision on the informativeness of the income statement. This study specifically examines the association between a firm's bank dependence and the value relevance of the income statement by investigating the income‐statement conservatism of firms with bank loans. Focusing on relatively small businesses, this study finds that income‐statement conservatism, measured as timely loss recognition, is increasing in a firm's bank dependence. This study also finds that the value relevance of the income statement is increasing in a firm's bank dependence. The findings of this paper suggest that the usefulness of the income statement varies with a firm's bank dependence, indicating that the value relevance of the income statement is a function of a firm's debt financing decision. The findings further suggest that bank relationships affect the value relevance of the income statement through their influence on income‐statement conservatism.