| Project/Area Number |
26780249
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Accounting
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| Research Institution | Niigata University |
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Principal Investigator |
Inamura Yumi 新潟大学, 人文社会科学系, 准教授 (80583757)
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| Project Period (FY) |
2014-04-01 – 2019-03-31
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| Project Status |
Completed (Fiscal Year 2018)
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| Budget Amount *help |
¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2016: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2015: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2014: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
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| Keywords | 負債契約 / 財務制限条項 / 会計的裁量行動 / 実体的裁量行動 / 利益減少型 / 銀行によるモニタリング / 会計情報 / 利益調整 / 裁量行動 |
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| Outline of Final Research Achievements |
In this study, I focus on debt contracts (between firms and debtholders) and analyze the important role and influence of accounting information on those contracts.
Through statistical analysis, I examine the relationship between the content of debt contracts and the firm’s financial data. The results show that bondholders use a firm’s financial data when they determine the terms of a bond contract (especially the interest rate). Additionally, I find that the firm’s financial data is used in private lending agreements (between a firm and a bank). In those debt contracts, financial covenants are often included. Therefore, I also examine the relationship between financial covenants in bank lending agreements and the earnings management of the borrowing firm and find that borrowing firms’ managers tend to choose income-decreasing earnings management. This is probably because the bank closely monitors the decision-making of borrowing-firm managers.
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| Academic Significance and Societal Importance of the Research Achievements |
実証会計学の分野では、古くから「負債仮説」(これは、財務制限条項が厳しく設定された企業の経営者ほど、利益を増やす利益調整行動を採るという仮説) が提唱されてきた。
一方で、日本企業を対象に行われた先行研究は僅少ではあるものの、いずれも財務制限条項と保守的な利益調整との関係を報告している。本研究で得られた結果は、これらの先行研究の結果とも一致しており、日本における負債仮説研究の蓄積に寄与すると考えられる。また、本研究の社会的意義は、負債契約における積極的な会計情報の利用実態を明らかにし、会計情報が確かに経営者と債権者の利害調整に確かに役立てられていることを確認した点である。
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