Joint Credit System and the Quality of Accounting Information——Evidence from a Quasi-experiment on the Measures for the Administration of Joint Credit in China
Social and economic order has been seriously disrupted by financial fraud,so how to effectively supervise companies to improve the quali-ty of accounting information has become a key issue in both academic and practical circles.Using the Measures for the Administration of Joint Credit re-leased by CBRC in 2018 as a quasi-experiment,this paper investigates the influence of the joint credit system on the quality of accounting information.The study shows that this policy significantly improves the quality of accounting information.The mechanism test shows that this policy improves the quality of accounting information through reducing the degree of company information asymmetry,reducing related party transactions,and inhibiting bank compa-ny collusion.Further tests show that this effect is more significantly in companies with serious large shareholders'tunneling problems,audited by non-big four accounting firms,high concentration of customers.The economic consequences test confirms that this policy can reduce operating risk and the cost of debt financing through improving the quality of accounting information.The conclusions provide institutional reference for effectively preventing financial fraud and promoting companies to improve the quality of accounting information.
Joint CreditQuality of Accounting InformationInformation AsymmetryRelated Party TransactionsPSM-DID Model
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