Monetary Policy Changes,Bank Credits and Accounting Conservatism
研究货币政策紧缩如何促使企业采用更稳健的会计政策以获取银行信贷，发现依赖外部融资和高负债企业更稳健，而现金充裕和国企则相反。
How macroeconomic policies(e.g.monetary policies) affect economic growth through their impacts on firm behaviors has been a less explored research area.This paper attempts to explore this issue by studying the impact of monetary policy changes on the relationship between firm-level accounting conservatism and firms' access to bank credits.In particular,the authors predict that firm accounting policies become more conservative in order to obtain bank credits when central bank tightens the monetary policies.Using Chinese stock market data from 1998 to 2008,and using central bank's interest rate policy changes,the paper defines the year of 2004,2006 and 2007 as tight monetary policy years,and finds the evidence that support the author's conjecture. It is further found that firms that are more dependable on external financing,and with higher debt level use more conservative accounting policies,while firms with large cash balance and state-controlled firms use less conservative accounting policies.Finally,the paper concludes in tight monetary policy periods,accounting conservatism helps firms to obtain better access to bank credits.