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论文编号：	7447
作者编号：	2120132388
上传时间：	2015/6/9 22:47:41
中文题目：	盈余管理对债务融资成本影响的实证研究
英文题目：	Empirical Research on Effect of Earnings Management on Cost of Debt
指导老师：	边泓
中文关键字：	债务融资成本；盈余管理；债务期限；产权性质；货币政策
英文关键字：	cost of debt; earnings management; debt maturity; the nature of property right; monetary policy
中文摘要：	会计信息在一定程度上缓解了企业内部与外部利益相关者之间的信息不对称，但是由于权责发生制的固有特点，会计政策选择与会计估计带有强烈的主观性，给管理层留下了对会计信息进行“管理”的余地，也因此为管理层进行盈余管理等机会主义行为提供了可能。 债务融资作为企业融资的重要途径，在债务契约签订前后均存在着严重的信息不对称。债务人相对于债权人更了解企业的经营状况，并存在进行盈余管理的动机与机会。然而盈余管理行为降低了会计信息的质量，使得债权人获得的信息质量下降，影响了债权人对于信用风险的判断，进一步导致资金分配效率的下降。金融机构作为金融市场的重要参与者，其能否识别企业的盈余管理对于我国金融市场健康与否意义重大。 本文通过对2008年至2014年期间沪深两市A股上市公司的债务融资成本与其盈余管理水平之间的关系进行实证检验，为验证现阶段我国金融机构的理性程度提供了经验证据。本文结合了商业银行信贷风险防范制度的完善与金融机构从业人员专业素养的提高两方面原因，认为我国金融机构能够识别企业的盈余管理行为，即债务融资成本与盈余管理水平呈现显著的正相关。进而，在区分了债务自身的特征——债务期限长短、借款人的产权制度特征以及我国宏观货币环境的情况下，探讨了不同情况下债务融资成本与盈余管理水平二者之间关系的变化。 本文通过实证检验，得到了如下的结论。我国金融机构整体上能够识别企业的盈余管理行为，并且在面临更大的信用风险时，即发放债务期限较长的贷款、借款人是非国有企业等，其识别出盈余管理的可能性更大。此外，我国的宏观货币政策通过对金融机构的风险偏好产生影响，也影响了金融机构对于企业盈余管理行为的识别。在紧缩的货币政策下，我国金融机构识别企业盈余管理的可能性更大，而在宽松的货币政策下，我国金融机构识别企业盈余管理的可能性较低。
英文摘要：	To some extent, the information asymmetry between the insiders and outsiders of enterprises is relieved by accounting information. However, the inherent defect of accrual method has also made it possible that managers use accounting methods to make earnings management. The information asymmetry also exists in debt contract. The earnings management implemented by the borrowers affect the risk assessment made by lenders, and even the efficiency of capital allocation. As financial institutions are an important participator of financial markets, whether they can recognize earnings management made by borrowers has strong influence on the stability of financial market. However, the consensus has not been reached about whether Chinese financial institutions can recognize the earnings management of managers and match the required interest with risk. This paper tries to find out that whether Chinese financial institutions can recognize the earnings management of managers with the empirical test of the correlation between cost of debt and earnings managements within the listed companies in Shanghai and Shenzhen Stock Exchanges. This paper holds the point that Chinese institutions can recognize the earnings management of managers because of the improvement of risk prevention system and the professional ability of employees in financial institutions. Furthermore, this paper differentiates the maturity of loans, the nature of property right and the monetary policy to test whether these factors have influences on the correlation between cost of debt and earnings managements. The conclusions we draw from this research are as follows. Firstly, Chinese financial institutions are able to recognize the earnings managements as a whole. Secondly, the positive relationship between the cost of long-term loans and earnings managements is more significant than that between the cost of short-term loans and earnings managements. Thirdly, the positive relationship between cost of debt and earnings managements for non-state owned enterprises is more significant than state owned enterprises. Fourthly, the positive relationship between the cost of debt and earnings managements is more significant under the relatively tight monetary policy than the relatively loose monetary policy.
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