COVID-19大流行期间意大利暂停贬值政策:对私营企业借贷能力的影响

IF 4.6 Q1 BUSINESS, FINANCE
M. Mattei, Matteo Merlo, E. Monaco
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引用次数: 0

摘要

我们研究了采用一种新的权责发生制救济机制对私营企业借贷能力的影响。在2019冠状病毒病大流行期间,意大利政府对会计规则进行了临时修改,允许企业暂停支付其折旧和摊销费用的全部金额。使用2018年至2021年的意大利公司样本和差异中的差异模型,我们表明,与未采用折旧和摊销暂停政策(DASP)的人相比,采用DASP的人获得了更多的贷款,并谈判了比DASP前时期更低的债务成本。我们的结果对于潜在的内生性和混淆因素(如盈余管理和采用其他基于会计的救济机制)的额外测试是稳健的。我们提供的证据表明,基于权责发生制的救济机制具有实际的经济效应,是支持企业管理系统性冲击的有效措施。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Italian depreciation suspension policy during the COVID-19 pandemic: consequences on private firms’ borrowing capacity
ABSTRACT We investigate the consequences of adopting a new accrual-based relief mechanism on private firms’ borrowing capacity. During the COVID-19 pandemic, the Italian government implemented a temporary change in accounting rules that allowed firms to suspend up to the entire amount of their depreciation and amortisation charges. Using a sample of Italian firms from 2018 to 2021 and a difference-in-differences model, we show that the depreciation and amortisation suspension policy (DASP) adopters, compared to non-adopters, access larger loans and negotiate a lower cost of debt than in the pre-DASP period. Our results are robust to additional tests for potential endogeneity and confounding factors such as earnings management and the adoption of other accounting-based relief mechanisms. We provide evidence that accrual-based relief mechanisms have real economic effects and are effective measures to support firms in managing a systemic shock.
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来源期刊
Accounting in Europe
Accounting in Europe BUSINESS, FINANCE-
CiteScore
5.00
自引率
7.10%
发文量
14
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