Accounting Quality and Debt Concentration
研究了会计质量如何影响公司债务结构的集中程度，发现会计质量越高的公司债务越分散，尤其对违约风险高和清算价值低的公司影响更明显。
ABSTRACT We examine the relation between accounting quality and debt concentration in corporate capital structures (i.e., firms' tendency to rely predominantly on only a few types of debt). Motivated by theoretical and empirical research that supports a strong link between debt concentration and creditors' coordination costs and the importance of accounting quality in reducing these costs, we hypothesize that firms with higher accounting quality have less concentrated debt structures. Measuring accounting quality with a comprehensive index based on the occurrence of material internal control weaknesses, accounting restatements, SEC AAERs, and firms' reliance on small auditors, we find that higher accounting quality is indeed associated with less concentrated debt structures. This relation is stronger for firms with higher default risk, as the probability that creditors need to coordinate is higher, and for firms with lower liquidation values, as creditor coordination to avoid liquidation is more important. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: M4; G32; G33.