联系我们

论文查询结果	返回搜索

论文编号：	8531
作者编号：	2120142510
上传时间：	2016/6/16 16:30:05
中文题目：	货币政策、盈余管理和资本结构
英文题目：	Monetary Policy， Earnings Management And Capital Structure
指导老师：	牛建波
中文关键字：	货币政策；盈余管理；企业性质；信贷规模
英文关键字：	Monetary Policy; Earnings Management; Forms of Business Ownership; Credits Level
中文摘要：	企业融资包括权益融资和负债融资两种方式，而举债经营已成为现代企业发展的一个常态，这充分利用了债务融资在生产、资金周转、税收等方面的积极的作用。银行信贷在企业债务融资过程中扮演者至关重要的角色，而在信贷市场上客观的存在着信息不对称，企业在借贷过程中存在逆向选择和道德风险，在资本市场动机的刺激下，企业会通过盈余管理的手段调节利润，美化报表以争取更多的信贷资源。货币政策通过“价格”渠道和“数量”渠道，影响着企业债务融资成本和融资难度。在紧缩的货币政策下，央行通过制定政策减少银行提供的信贷规模，银行也会提高企业贷款的审核标准。但是在宽松的货币政策环境下，这种情况则恰好相反，这势必会对企业信贷行为产生影响。 本文在已有的宏观货币政策对微观企业影响的研究基础上，分析了微观企业对货币政策的反应机制，并在盈余管理手段的选择方面得到了有益的启示。首先，通过市场基准利率的变化定义出每个年份的货币政策，根据最终控制人性质的差异把研究样本分为国有企业和民营企业，并对盈余管理的两种方式加以区分,实证研究了在不同货币政策环境中微观企业通过盈余管理影响企业信贷规模的效果。 研究结果表明，在紧缩的货币政策环境中，应计盈余管理能够显著增加上市公司的信贷规模，并且不受企业性质的影响；真实盈余管理对于增加上市公司信贷规模的正向作用并不充分显著，更多的体现在了国有企业短期借款的样本中。在宽松的货币政策环境中，真实盈余管理无论在国有企业还是在民营企业的样本中都不能有效地增加上市公司的信贷规模；应计盈余管理对于上市公司信贷规模增加的正向作用总体而言依旧是显著的，并且在国有企业的样本中得到了充分验证，而在民营企业的样本中却并没有得到充分验证。因此，为了保证预期效果的实现，宏观货币政策的科学制定应当充分考虑微观企业的反应。同时，银行在信贷过程中应当增强对贷款企业盈余管理的识别能力，应特别注意报告期内贷款企业会计确认政策选择标准的变化，防范企业通过盈余管理手段美化报表，调节利润。
英文摘要：	Corporate financing includes equity financing and debt financing, while leveraging has become a norm in modern enterprise development, which takes full advantages of the positive effects of debt financing in producing, capital turnover, tax benefits and the others. Bank credit plays a crucial role in corporate debt financing, however, asymmetric information actually exists in the credit market. Adverse selection and moral hazard present in the lending process, and companies will beautify the financial statements by means of earnings management at the motivation of getting more credit resources in the capital market. Monetary policy affects the cost and difficulty of debt financing by "price" channels and "number" channels. In tightening monetary policy, the Central Bank adopts policies and reduces the level of Bank's lending, while banks raise lending standards, and the reverse occurs under the loose monetary policy, which will inevitably have an impact on corporate credit. Based on the research of existing macro-monetary policy’s impacts on micro-enterprise, we analysis the response mechanisms of micro enterprise to monetary policy, and get useful inspiration in the selection of earnings management. First, we definite the monetary policy for each year by changes of benchmark interest rate. Then, according to the nature of the difference between the ultimate controller, we divide study samples into state-owned enterprises and private enterprises. Also, we distinguish the two ways of earnings management. On the basis of the preceding analysis, Our empirical study focuses on the consequents of micro-enterprise increasing the level of credit through earnings management in different monetary policy environments. Findings show that accrued earnings management significantly increases the level of credit in the tight monetary policy environment, and the corporate ownership property will not affect this conclusion. The role of real earnings management is not sufficiently significant, but it is notable in short-term borrowings of state-owned enterprises. In the loose monetary policy environment, real earnings management can not increase the level of credit whether in state-owned enterprises or private enterprises. On the whole, accrued earnings management can still increase the level of credit listed companies and this role is verified in the sample of state-owned enterprises, however, it is not sufficiently verified in the sample of private enterprises. Therefore, in order to ensure to achieve the desired effect, Scientific development of the macro-monetary policy should take full account of the reaction of micro-enterprise. At the same time, bank should enhance the ability to identify earnings management of corporate in the credit lending process. In order to prevent enterprises adjusting profits and landscaping financial statements by earnings management, special attention should be paid to the changes of accounting recognition policy during the reporting period of loan enterprise.
查看全文：	预览  下载(下载需要进行登录)