我国上市公司债务融资与盈余管理实证研究

发布时间：2018-03-16 15:00

本文选题：上市公司　切入点：债务融资　出处：《华南理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的发展成熟，企业的盈余管理越发受到理论界和实务界的广泛关注，企业进行盈余管理的规律越发需要细致深入的探讨。对于我国上市公司而言，，债务资本市场持续增强的流通性为上市公司提供了财务性成长机会，同时也对企业的盈余管理行为产生进一步的约束。然而，现有研究对盈余管理和债务融资的分析相对分散，缺乏系统性，对盈余管理也缺乏成熟的定量测量，未能形成对企业盈余管理行为的有效指导。因此，本文将着重探讨债务资本市场中债务融资与盈余管理的关系，通过大样本数据研究不同债务融资如何作用于盈余管理行为，在债务融资和盈余管理有效计量的基础上实现上市公司盈余管理规律的挖掘。围绕我国上市公司债务融资与盈余管理关系的研究主题，本文划分为五个部分。第一章为绪论，主要阐释债务融资与盈余管理关系研究的意义、当前的研究现状以及本研究将使用的研究方法与技术路线。第二章为论文的文献综述，划分为盈余管理的理论回顾，债务融资与债务治理的相关研究回顾，以及现有债务融资与盈余管理关系的研究回顾，为进一步实证研究奠定研究基础。第三章为我国上市公司盈余管理研究分析，在现有盈余管理计量研究的基础上，构建了本研究的计量模型，形成上市公司盈余管理程度分析范式。第四章为我国上市公司的债务融资研究分析，针对我国上市公司大样本数据进行了上市公司以及行业债务融资结构分析，以便于分类研究债务融资对企业盈余管理的影响。第五章针对我国上市公司债务融资与盈余管理的关系进行了实证研究，通过研究变量的设计、研究假设的提出、样本的选取与数据的收集、分析得到了实证研究的结果，实现对理论假设的进一步验证。实证研究结论显示，上市公司的债务契约与债务融资预期均与企业的盈余管理程度均相关，债务融资比例与盈余管理程度呈正相关关系，债务融资预期与盈余管理程度呈正相关关系。同时在公司治理结构完善的背景下，上市公司的长期债务比例与盈余管理程度负相关，短期债务比例与盈余管理程度正相关。研究结论剖析了资本市场下企业债务融资作用于盈余管理的规律，在丰富盈余管理理论的同时也能够为企业财务管理实务提供借鉴和指导。
[Abstract]:With the development of the capital market in China, the earnings management of enterprises has been paid more and more attention by the theoretical and practical circles, and the law of earnings management in enterprises needs more and more detailed and in-depth discussion. The increasing liquidity of debt capital market provides financial growth opportunities for listed companies and further constrains earnings management behavior. However, the analysis of earnings management and debt financing in existing studies is relatively scattered. Lack of systematization, lack of mature quantitative measurement of earnings management, failure to form effective guidance to earnings management behavior. Therefore, this paper will focus on the relationship between debt financing and earnings management in debt capital markets. Based on the large sample data, this paper studies how different debt financing acts on earnings management, and realizes the mining of earnings management laws of listed companies on the basis of effective measurement of debt financing and earnings management. This paper is divided into five parts around the research theme of the relationship between debt financing and earnings management of listed companies in China. The first chapter is the introduction, which mainly explains the significance of the study on the relationship between debt financing and earnings management. The second chapter is the literature review of the thesis, which is divided into the theoretical review of earnings management, debt financing and debt governance related research review. The research review of the relationship between debt financing and earnings management lays a foundation for further empirical research. Chapter three is the research and analysis of earnings management of listed companies in China, on the basis of existing earnings management measurement research. This paper constructs the econometric model of this study and forms the earnings management degree analysis paradigm of listed companies. Chapter 4th is the research and analysis of debt financing of listed companies in China. Based on the large sample data of listed companies in China, this paper analyzes the debt financing structure of listed companies and industries. Chapter 5th makes an empirical study on the relationship between debt financing and earnings management of listed companies in China. Sample selection and data collection, the analysis of empirical research results, to achieve further theoretical hypothesis verification. The empirical results show that both the debt contract and the debt financing expectation of listed companies are related to the earnings management degree, and the debt financing ratio is positively correlated with the earnings management degree. At the same time, under the background of perfect corporate governance structure, the long-term debt ratio of listed companies is negatively correlated with earnings management. The proportion of short-term debt is positively related to the degree of earnings management. While enriching earnings management theory, it can also provide reference and guidance for enterprise financial management practice.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4;F275

【共引文献】