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中文摘要：
宏观经济政策（如货币政策）如何通过改变微观企业行为来影响经济发展是学术界探讨得比较少的领域。本文在此方向上进行研究尝试，并以货币政策波动对企业会计政策稳健性与银行贷款之间的关系为切人点。具体来说，当货币政策进入紧缩期时，我们预期企业会计政策变得更加稳健，以更容易取得银行贷款。运用1998～2008年的年度数据，并根据央行要求的金融机构存款准备金率、对金融机构的再贷款利率和再贴现利率的变化，我们定义2004、2006、2007年为我国的货币政策紧缩阶段。实证结果基本上支持我们的预期。我们进一步发现依赖于外部融资和拥有更高债务水平的企业会计稳健性更高，持有大量现金的企业会计稳健性更低，国有企业的会计稳健性更低。在会计稳健性的经济后果上，本文发现在货币政策紧缩阶段，会计稳健性的提高有助于企业获得更多的信贷资源。
英文摘要：
How macroeconomic policies （ e. g. monetary policies） affect economic growth through their impacts on firm behaviors has been a less explored research area. This paper attempts to explore this issue by studying the impact of monetary policy changes on the relationship between firm-level accounting conservatism and firms＇ access to bank credits. In particular, the authors predict that firm accounting policies become more conservative in order to obtain bank credits when central bank tightens the monetary policies. Using Chinese stock market data from 1998 to 2008, and using central bank＇s interest rate policy changes, the paper defines the year of 2004, 2006 and 2007 as tight monetary policy years, and finds the evidence that support the author＇s conjec- ture. It is further found that firms that are more dependable on external financing, and with higher debt level use more conservative accounting policies, while firms with large cash balance and state-controlled firms use less conservative accounting policies. Finally, the paper concludes in tight monetary policy periods, accounting conservatism helps firms to obtain better access to bank credits.
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