钢铁行业上市公司债务融资对盈余管理的影响研究

发布时间：2018-05-12 13:15

本文选题：钢铁行业 + 债务融资　；参考：《浙江大学》2017年硕士论文

【摘要】：在我国,钢铁行业对经济发展有着重要的作用,既是资源密集型产业,又是资金密集型产业,需要吸纳大量资金。当前,我国资本市场的发展还不够健全完善,股权资金还不能满足企业的资金需要,因此债务融资已成为包括钢企在内的大部分企业获得资金的重要途径。要获取债务融资,企业需要向债权人及相关机构提供财务信息,尤其是盈余信息,债权人及相关机构据此再作出融资决策,从这个角度看出,企业的债务融资和盈余管理两者存在着某些重要联系。尽管国内研究盈余管理的文献较多,但基本上是从资本市场出发,以股权融资为主要基点,然而,从现实来看,债务融资占企业融资主要部分,我国学术界对债务融资的盈余管理的影响因素的研究还不够深入全面。本文以钢铁行业上市公司为案例,主要数据选自2010-2015年A股钢铁行业上市公司财务数据,采用规范研究、实证研究的方法,在理论和实证分析中分别采用规范分析和实证分析的研究方法。在实证研究部分,本文借鉴前人研究,选用修正的Jones模型,以此模型来测度盈余管理,选取债务融资规模、期限、方式等为解释变量,以及有针对性选取部分控制变量,通过描述性统计、相关系数矩阵、回归分析的方法,得出研究结论、提出政策建议。从本文研究结果来看,对于我国钢铁行业的上市公司来讲,由于钢企债务水平高,债务融资规模越大,企业盈余管理越明显;长期债务比例、银行贷款比例与盈余管理程度呈正相关性;应付债券比例对盈余管理程度的影响并不显著;商业信用比例对企业盈余管理的影响存在不确定性。
[Abstract]:In China, iron and steel industry plays an important role in economic development. It is not only resource-intensive industry, but also capital-intensive industry, which needs to absorb a large amount of capital. At present, the development of the capital market in our country is not perfect enough, and the equity funds can not meet the capital needs of the enterprises. Therefore, debt financing has become an important way for most enterprises, including steel enterprises, to obtain funds. In order to obtain debt financing, enterprises need to provide financial information, especially surplus information, to creditors and related institutions. There are some important links between debt financing and earnings management. Although there are many literatures on earnings management in China, it is mainly based on capital market and equity financing. However, in reality, debt financing accounts for the main part of corporate financing. The research on the influencing factors of debt financing earnings management in Chinese academic circles is not deep enough. This paper takes the listed companies in the iron and steel industry as an example. The main data are taken from the financial data of A share listed steel companies from 2010 to 2015, and the methods of normative research and empirical research are adopted. Normative analysis and empirical analysis are used in the theoretical and empirical analysis. In the part of empirical research, this paper chooses the modified Jones model to measure earnings management, selects debt financing scale, duration, method and so on as explanatory variables, and selects some control variables. Through descriptive statistics, correlation coefficient matrix and regression analysis, the conclusion is drawn and policy recommendations are put forward. From the research results of this paper, for the listed companies in the steel industry of our country, because of the high debt level of steel enterprises, the larger the debt financing scale, the more obvious the enterprise earnings management is; the long-term debt ratio, The proportion of bank loans is positively correlated with the degree of earnings management; the proportion of bonds payable has no significant effect on the degree of earnings management; the influence of commercial credit ratio on earnings management of enterprises is uncertain.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.31;F406.7

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