ACCOUNTING REVIEW, JULY 2018

财务报告质量与信用风险的不确定性

作者：Akins Brian (Rice University)

摘要：本文发现，财务报告质量越高，信用机构评级分歧度量的信用风险不确定性越低。研究结果表明，当债券市场参与者无法有效获取私人信息时，报告质量对于减少不确定性更为重要。为了缓解内生性问题，本文利用了会计准则变化提升报告质量这一“准自然实验”。会计规范的实施导致评级机构分歧减少。总体而言，本文丰富了财务报告质量对债券市场和中介机构的影响的研究。

关键词：财务报表质量；信用评级；不确定性；美国财务会计准则第131号

Financial Reporting Quality and Uncertainty about Credit Risk among Ratings Agencies

Akins Brian (Rice University)

ABSTRACT

This study finds that better reporting quality is associated with less uncertainty about credit risk as captured by disagreement among the credit rating agencies. The results also show that reporting quality is more important in reducing uncertainty when debt market participants have less access to private information. To mitigate endogeneity concerns, I use the quasi-natural experiment induced by a change in accounting standards that improved reporting quality. Implementation of the standard led to less disagreement among the rating agencies. Overall, this study contributes to the literature on the impact of reporting quality on debt markets and intermediaries.

Keywords: financial reporting quality; credit ratings; uncertainty; SFAS 131

原文链接：http://aaapubs.org/doi/abs/10.2308/accr-51944

翻译：谭丰林