The Changing Role of Accounting Numbers in Public Lending Agreements
The Changing Role of Accounting Numbers in Public Lending Agreements
复制标题
公共借贷协议中会计数字的角色变化
DOI：
10.2308/acch.2004.18.2.81
复制
发表时间：
2004
影响因子：
2.5
通讯作者：
R. Freedman
中科院分区：
文献类型：
--
作者：
Joy Begley;R. Freedman
借款协议中会计数字的使用是对会计信息需求的重要组成部分。我们从三个时间段来研究新的公共债务对比，以调查公共借贷协议的会计数字的变化作用，在过去的世纪，会计数字的使用没有急剧下降。限制股息和额外借款的基于会计的契约出现在最近审查的债务合同样本中的不到10%。此外，与过去相比，公共债务合同中包含的基于会计的契约往往更多地关注现金流数字，而不是资产负债表上的杠杆措施。这里提出的证据表明，最近执行的公共契约几乎没有激励管理人员操纵会计数字。我们还发现，在公共债务中，杠杆率和基于会计的债务契约的使用之间的相关性正在下降。这一发现表明，债务契约不是公共债务契约的一个很好的代理。
The use of accounting number in loan agreement is an important part of the demand for accounting information. We examine new public debt contrast from three time periods to investigate the changing role of accounting number of public lending agreements, nothing a dramatic decline in the use of accounting numbers over the last quarter century. Accounting‐based covenants restricting dividends and additional borrowing appear in less than 10 percent of the most recent sample of debt contracts examined. Moreover, accounting‐based covenants included in public debt contracts tend to focus more one cash flow numbers and less on balance sheet measures of leverage than in the past. The evidence presented here suggests that recently executed public covenants provide little incentive for managers to manipulate accounting numbers. We also find a declining correlation between leverage and use of accounting‐based debt covenants in public debt This finding suggests that leveragema not be a good proxy for public debt cove...
影响因子：
8
作者：
S. Titman;R. Wessels
通讯作者：
S. Titman;R. Wessels