南宁康乾财税
题目只是采用了两个姓的谐音，表示做账好的会计和没那么好的会计，并无对姓氏的偏好和歧视，相关人员请勿见怪。
长久以来，人们对会计的影响也仅停留在做账好坏上，好的也不见的多给一分钱，坏的也不见得会扣钱，会计人员是编制会计信息的专业人士，对会计人员的考核难就难在其对企业绩效的影响不那么直观，郝会计一次就作对了，而赖会计在年审时经过审计调整，次年加些班也完成了，似乎并没有那么大的影响。
而根据Sreedhar T.Bharath, Jayanthi Sunder and Shyam V. Sunder的论文Accounting Quality and DebtContracting，以及其他一些文献资料的研究会计信息质量对债务融资具有重要的影响。
We find that the institutional differences between lenders in private debt markets(banks) and those in public debt markets (bondholders) play an important rolein how accounting quality is incorporated into contracts. Banks have superior information-processing abilities, and consequently borrowers with pooreraccounting quality prefer private debt in order to reduce the adverse selectioncosts. Further, we find that banks use both the price and non-price terms tocustomize the loan contract, whereas in the case of dispersed public bondholders,only the interest cost is affected by accounting quality, consistent with theability of banks to renegotiate the contract ex post. Our results suggest thatthe institutional differences between the two markets play an important role inthe design of debt contracts.
企业融资一般可分为权益融资和债务融资，而债务融资根据借款者人数的多寡，可以分为银行、私募等私人借款和向大众发行债券的公募债。前者属于专业机构，与后者相比，除了专业优势以外，特殊性还体现在，由于不论是单个的出借者还是银团贷款，其借款人数量有限，这样，它们可以与贷款人做更深入的沟通，对企业的情况做更准确和深入的了解，并根据会计信息的可靠性，违约风险识别等进行定制化的贷款合同条款制定，不仅对利息，而且对贷款期限，抵押品等进行约定，还可以约定出现特定情况之后进行合同的修订。
而对于公募债来说，购买债券的人数众多，不可能联合起来，搭便车的现象严重，会计信息优劣的影响仅体现在利息上，募集资金文件一般是格式化的，而不像银行贷款，可以具体协商制定。
根据研究发现，会计信息质量低的企业更可能通过银行贷款，借贷双方通过更深入的了解，可以降低融资成本，而在公募的情况下，债券购买者无法做到更多的了解，会存在逆向选择等问题，为了减少信息不对称，购买者倾向于索要更高的利息，以弥补风险。另外，会计信息质量低，但是企业盈利前景好的企业，却倾向于公募债券融资。
Therefore,in practice, private lenders such as banks have a greater recontracting flexibilityas well as sophistication relative to public bond investors and can customizethe price and non-price terms of the debt contract in response to borrowers’accounting quality. Consequently, we expect both price and non-price terms ofbank loans to be influenced by
accountingquality. Firms with poorer accounting quality should have more stringentprivate debt contract terms as measured by higher interest spread, shortermaturity, and a greater likelihood of being required to provide collateral.
作者：安世强 来源：中国会计视野
