How Does Fair Value Measurement Affect Corporate Financing Constraints? Evidence From China
基于2014-2021年中国A股上市公司数据，研究发现公允价值计量能显著缓解企业融资约束，其作用机制包括降低信息不对称和增强高管薪酬激励，且在非国有企业、高竞争行业及获得无保留审计意见的公司中效果更明显。
ABSTRACT Using data from A‐share listed companies in China from 2014 to 2021, this study investigates the impact of fair value measurement on corporate financing constraints. The findings indicate that fair value measurement significantly alleviates these constraints. Additionally, the study identifies information asymmetry and executive compensation incentives as key mechanisms through which fair value measurement reduces financing constraints. Furthermore, it explores how ownership structure, industry competition and audit opinion type moderate this relationship. The analysis reveals that fair value measurement is more effective in non‐state‐owned enterprises, companies in highly competitive industries and those receiving unqualified audit opinions. Overall, our findings offer innovative theoretical and practical insights into understanding and leveraging the impact of fair value measurement on corporate financing constraints.