Differences in Information Content of Receivable Items and Payable Items:An Empirical Study from the Perspective of Financing Cost and Corporate Value

Abstract

吴世农，厦门大学管理学院教授、博士生导师，经济学博士；王建勇，厦门大学管理学院博士研究生；黄世忠，厦门大学管理学院教授、博士生导师，厦门国家会计学院院长，经济学博士。【中文摘要】2019年初，财政部将2018年中归并的“应收票据及应收账款”项目、“应付票据及应付账款”项目改回分项列报。这类会计科目的分开列报，与我国改革开放和企业实际情况密切相关，从宏观上体现了会计信息“决策有用性”这一最重要的目标。我国的票据信用基础与美国存在本质差别，基于社会学“权力-依赖关系”和战略管理的价值链思想，“应收账款”与“应收票据” “应付账款”与“应付票据”这四个报表项目实际上反映了企业在价值链中不同的竞争力和权力关系,其不仅可能影响融资成本,而且可能直接影响企业价值。据此构建研究假设，利用我国上市公司2007—2017年相关数据所进行的实证研究可分别检验这四个会计项目对融资成本和企业价值的影响，借此证明其可能隐含着不同的信息含量。研究结果表明，这四个报表项目对企业融资成本和价值影响不同,具有不同信息含量。因此，这四个项目分开列报更符合中国国情，经济含义更明确，会计信息含量更高。 【Abstract】 In 2018，the Ministry of Finance issued a notice on the format adjustment of the financial statements，combining Accounts Receivable and Notes Receivable，Accounts Payable and Notes Payable; however，this clause was quickly revised in 2019. Separate presentation of these accounting items i in consistent with China's national condition and the actual situation of enterprises. It reflects the most important goal of accounting information- Decision Usefulness. There are essential differences between Chinese and American bill markets. Based on the theory of “Power-Dependence Relations”and strategic management，Accounts Receivable and Notes Receivable，Accounts Payable and Notes Payable actually reflect the different competitiveness and power of enterprises in the value chain; they not only affect financing costs differently，but also affect the value of enterprises differently. We construct the research hypotheses following these ideas. What's more， using the data of listed companies in China from 2007 to 2017，we proved these hypotheses. These findings show that each of the four items has its own information content. Thus，the revision in 2019 is not only consistent with the current reality in China，but also has more clear economic meanings and a higher content of accounting information.国家自然科学基金重大项目“基于中国情景的会计、审计与公司财务关键科学问题研究”(71790600);国家自然科学基金重大项目“中国制度和文化背景下公司财务政策的理论与实践研究”（71790601)；国家自然科学基金重点项目“金融政策对企业投融资行为的影响研究” (71532012