德勤－复旦会计论坛系列讲座之一百九十四

时      间：2022年 12月20日（周二）下午2:00

地      点：腾讯会议

会议链接：https://meeting.tencent.com/dm/38bgRAwifDzM

会  议  号：673 902 283

会议密码：075825

主  持 人：张金萍 青年副研究员

报  告 人： ‪罗劲博 教授 (兰州大学)

题       目：Entrusted Lending and Accounting Conservatism – Evidence from Listed Chinese Nonfinancial Lenders

摘       要：Our study examines the effect of entrusted lending on listed nonfinancial Chinese lenders’ accounting conservatism. We employ the instrumental variable approach as well as difference-in- difference to adjust for endogeneity. In addition, we perform a placebo test, entropy balancing, and propensity score matching to identify suitable control samples. We find that Chinese nonfinancial lenders engaging in entrusted loans employ aggressive (i.e., less conservative) accounting compared to non-lenders, possibly due to implicit guarantees or provision of capital by commercial banks. Our findings are based on different measures of conservatism and a variety of specifications in a sample period from 2003 through 2020. This negative effect ceased following implementation of the Administration Measures on the Entrustment Loans of Commercial Banks in January 2018. Further, we document that nonfinancial lenders of unaffiliated loans tend to use less aggressive (i.e., more conservative) accounting than lenders of affiliated loans do. Our findings are consistent with our conjecture that, unlike affiliated lenders, unaffiliated lenders lack good investment opportunities in their main businesses and thus use conservative accounting to signal stricter screening of borrowers to improve loan quality. Our study extends the debt contracting theory of accounting conservatism and provides indirect empirical evidence for the contract theory of accounting conservatism in the shadow banking setting.

会计学系

2022-12-19