融资需求驱动下的盈余管理对公司信用风险的影响研究

摘要/Abstract

摘要：

为了顺利融资，国内公司普遍存在财务报告粉饰行为，这种行为显然是公司的一种失信行为。为了剖析在融资需求驱动下，公司的盈余粉饰行为对公司信用风险的影响，本文以2009-2013年国内A股非金融业上市公司为样本，实证检验融资需求驱动下，公司盈余管理对信用风险的影响。研究发现：（1）融资需求越大，真实活动盈余管理程度更高；（2）公司基于融资动机而进行的盈余操控将显著增加信用风险，且不同操控手段对信用风险的影响存在差异。本文揭示了公司盈余粉饰行为对信用风险的影响，丰富了盈余管理经济后果的内涵，且对银行信贷决策及中国上市公司退市制度的实施具有一定的参考价值。

关键词: 融资需求, 盈余管理, 公司信用风险

Abstract:

For the purpose of financing successfully, companies generally have the behavior of whitewashing financial statements; this phenomenon is particularly prominent in Chinese companies. In order to analyze the impact of whitewashing financial statements on corporations' credit risk, we use a sample of A-stock listed firms in Shanghai and Shenzhen stock exchanges from 2009 to 2012, and investigate the mechanism of whether earnings management affects corporations' credit risk under the drive of financing demand. Empirical results indicate that, firstly, the larger the financing demands, the higher the companies' real activities manipulation. Secondly, the companies' earnings management driven by its financing demands will increase its credit risk significantly, but different manipulation methods of earnings management will have different effects. This study reveals the effect of earnings whitewash on corporate credit risk, enriching the literature regarding earnings management, and also can help banks make credit decisions and improve delisting system of listed companies in China.

Key words: financing demand, earnings management, corportate credit risk

徐朝辉, 周宗放. 融资需求驱动下的盈余管理对公司信用风险的影响研究[J]. , 2016, 28(7): 12-21.

Xu Chaohui, Zhou Zongfang. Effects of Corporate Credit Risk on the Earnings Management Driven by Financing Demand[J]. , 2016, 28(7): 12-21.

参考文献

[1] Healy P.M.,Wahlen J.M.A Review of the Earnings Management Literature and Its Implications for Standard Setting[J].Accounting Horizons,1999,13(4):365-383
[2] 杨继伟,汪戎,陈红.债权治理与盈余质量:来自中国证券市场的经验证据[J].管理评论,2012,24(9):75-82
[3] Rodríguez-Pérez G.,Hemmen S.Debt,Diversification and Earnings Management[J].Journal of Accounting and Public Policy,2010,29(2):138-159
[4] Alsharairi M.,Salama A.Does High Leverage Impact Earnings Management? Evidence from Non-cash Mergers and Acquisitions[J].Journal of Financial and Economic Practice,2012,12(1):17-33
[5] 廖秀梅.会计信息的信贷决策有用性:基于所有权制度制约的研究[J].会计研究,2007,(5):31-38
[6] 姚立杰,夏冬林.我国银行能识别借款企业的盈余质量吗?[J].审计研究,2009,(3):91-96
[7] Shen Z.,Coakley J.,Instefjord N.Earnings Management and IPO Anomalies in China[J].Review of Quantitative Finance and Accounting,2014,42(1):69-93
[8] Cohen D.A.,Zarowin P.Accrual-based and Real Earnings Management Activities Around Seasoned Equity Offerings[J].Journal of Accounting and Economics,2010,50(1):2-19
[9] 李增福,黄华林,连玉君.股票定向增发、盈余管理与公司的业绩滑坡——基于应计项目操控与真实活动操控方式下的研究[J].数理统计与管理,2012,31(5):941-950
[10] 刘博,干胜道,王宏昌.控制权转移、盈余管理与业绩变化——基于股东特质的视角[J].山西财经大学学报,2013,35(7):102-113
[11] Norashikin I.,Pauline W.IPO Profit Forecasts Regulation and Earnings Management[J].The Journal of American Academy of Business,2010,16(1):171-176
[12] 蔡春,李明,和辉.约束条件、IPO盈余管理方式与公司业绩——基于应计盈余管理与真实盈余管理的研究[J].会计研究,2013,(10):1-5
[13] Diana R.,Hassan R.,Gerald J.Impact of Proximity to Debt Covenant Violation on Earnings Management[J].Review of Accounting Studies,2014,19(1):473-505
[14] Valipour H.,Moradbeygi M.Corporate Debt Financing and Earnings Quality[J].Journal of Applied Finance&Banking,2011,1(3):139-157
[15] 李增福,郑友环,连玉君.股权再融资、盈余管理与上市公司业绩滑坡——基于应计项目操控与真实活动操控方式下的研究[J].中国管理科学,2011,19(2):49-56
[16] 饶艳超,胡奕明.银行信贷中会计信息的使用情况调查与分析[J].会计研究,2005,(4):36-41
[17] Roychowdhury S.Earnings Management Through Real Activities Manipulation[J].Journal of Accounting and Economics,2006,42(3):335-370
[18] Nopphon T.The Role of Corporate Governance in Reducing the Negative Effect of Earnings Management[J].International Journal of Economics and Finance,2013,5(3):213-220
[19] 林永坚,王志强,林朝南.基于真实活动操控的盈余管理实证研究——来自中国上市公司的经验证据[J].山西财经大学学报,2013,35(4):104-113
[20] Duffie D.,Singleton K.J.著;许勤,巍嶷,杜鹃译.信用风险:定价、度量和管理[M].上海:上海财经大学出版社,2009
[21] 张祥建,徐晋.盈余管理、配股融资与上市公司业绩滑坡[J].经济科学,2005,(1):56-65
[22] 张祥建,徐晋.股权再融资与大股东控制的"隧道效应"——对上市公司股权再融资偏好的再解释[J].管理世界,2005,(11):127-136
[23] 陈祥有.风险投资与IPO公司盈余管理行为的实证研究[J].财经问题研究,2010,314(1):64-69
[24] 王虹,毛道维,李恒.公司治理对盈余管理影响的实证研究[J].四川大学学报(哲学社会科学版),2009,165(6):66-74
[25] Bharath S.T.,Sunder J.,Sunder S.V.Accounting Quality and Debt Contracting[J].The Accounting Review,2008,83(1):1-28
[26] 张瑞君,李小荣.金字塔结构、业绩波动与信用风险[J].会计研究,2012,(3):62-71
[27] Jelinek K.The Effect of Leverage Increases on Earnings Management[J].Journal of Business&Economic Studies,2007,13(2):24-47
[28] Chi W.,Lisic L.L.,Pevzner M.Is Enhanced Audit Quality Associated with Greater Real Earnings Management?[J].Journal of Accounting Horizons,2011,25(2):315-335
[29] Taylor G.K.,Xu R.Z.Consequences of Real Earnings Management on Subsequent Operating Performance[J].Research in Accounting Regulation,2010,22(2):128-132
[30] Tabassum N.,Kaleem A.,Nazir M.S.Impact of Real Earnings Management on Subsequent Financial Performance[J].Middle-East Journal of Scientific Research,2013,17(4):551-560
[31] Louis H.Earnings Management and the Market Performance of Acquiring Firms[J].Journal of Financial Economics,2004,74(1):121-148
[32] Zang A.Y.Evidence on the Tradeoff between Real Manipulation and Accrual Manipulation[J].The Accounting Review,2012,87(2):675-703
[33] Teoh S.H.,Welch I.,Wong T.J.Earnings Management and the Long-Run Market Performance of Initial Public Offerings[J].The Journal of Finance,1998,53(6):1935-1974
[34] Niskanen J.,Karjalainen J.,Niskanen M.,Karjalainen J.Auditor Gender and Corporate Earnings Management Behavior in Private Finnish Firms[J].Managerial Auditing Journal,2011,26(9):778-793