资产证券化产品发行过程中的盈余管理行为研究

发布时间：2017-12-27 17:19

本文关键词：资产证券化产品发行过程中的盈余管理行为研究　出处：《苏州大学》2016年硕士论文　论文类型：学位论文

【摘要】：资产证券化被誉为近年来发展速度最快、最为成功的金融创新之一:作为一种新型金融工具,在转移、化解、分散风险的过程中发挥了积极的作用,发行人将具有稳定未来现金流的资产经过一定的程序打包并发行资产证券化产品。企业通过发行资产证券化产品,将原本集中于发行人的风险分散到所有的资产证券化产品的投资人。同时,随着2014年以来我国资产证券化市场的爆发性增长,基础资产的种类不断增多,资产池的质量也参差不齐,其运作与结构越来越复杂,导致企业在发行资产证券化产品的过程中蕴含着明显的进行盈余管理的动机。基于此,本文在借鉴前人研究的基础上,首先从现金流分析理论以及信用评级理论入手,进行理论分析并提出了假设1。并且,根据我国资产证券化市场的现状,结合政府干预理论进一步提出了假设2。本文选取了具有代表性的2014年沪深两市所有上市公司的数据做为样本,运用截面数据计量模型对这一问题进行实证研究,得出结论:上市公司在发行资产证券化产品的过程中确实存在着盈余管理行为,并且在进一步的研究中发现:主板发行资产证券化产品的企业盈余管理程度比创业板及中小板的企业更高。最后本文在上述实证研究的基础上,提出了以下几点建议:加快资产证券化相关会计信息披露的立法进程;完善相关会计准则,约束盈余管理行为;依据资产证券化的法规体系,规范我国信用评级制度,鼓励中小企业以及在实体企业中建立规范的标准资产证券化模式等等。
[Abstract]:Asset securitization is regarded as the fastest developing speed in recent years, one of the most successful financial innovation: as a new financial tool, has played a positive role in the process of transfer, dissolve and disperse the risk, the issuer will have stable future cash flows of assets after a certain package and the issuance of Asset Securitization product. By issuing asset securitization products, the enterprise decentralization of the risk of the issuer to all the investors of the asset securitization product. At the same time, with the outbreak of China's asset securitization market growth since 2014, types of basic assets continue to increase, the quality of the pool of assets is also uneven, its operation and structure more and more complex, leading enterprises in the process of issuing asset backed securities contains obvious earnings management motives. Based on this, this paper, based on previous studies, starts with theoretical analysis of cash flow analysis theory and credit rating theory, and puts forward hypothesis 1. In addition, according to the current situation of China's asset securitization market, combined with the government intervention theory, the hypothesis 2 is further proposed. This paper selects the representative of all listed companies in Shanghai and Shenzhen two 2014 data as the sample, using the cross section data econometric model for empirical research on this issue concluded: the listed companies in the process of issuing asset securitization products really exist in the earnings management behavior, and found in the further research: earnings management board issued asset securitization products is higher than the gem and small plates enterprises. Finally, on the basis of empirical research, put forward the following suggestions: speeding up the asset securitization legislation related to the disclosure of accounting information; improve the relevant accounting standards, earnings management behavior constraints; according to the asset securitization legal system, standardize our credit rating system, and encourage small and medium-sized enterprises in the corporate entity established standard asset securitization model etc..
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F832.51

【相似文献】