混合所有制企业盈余管理方式与信贷融资的实证研究

发布时间：2018-02-24 04:26

本文关键词： 混合所有制企业信贷融资盈余管理方式国有持股比例　出处：《山东工商学院》2017年硕士论文　论文类型：学位论文

【摘要】：十八三中全会的《决定》指出积极发展混合所有制经济是我国经济制度的重要实现形式。决定的提出让我们聚焦混合所有制改革。从各项数据来看,混合所有制企业效率更高,探究背后原因我们发现:企业面临融资成本明显不同,相比其他性质企业,混合所有制企业获取了更多的信贷融资。在以往大量的研究中指出,我国企业普遍会通过盈余管理而获取信贷融资,这不禁让我们思考混合所有制企业所得到的大量贷款是否是通过盈余管理得到的。为了研究这个问题,本文以2008~2014年度我国A股混合所有制上市公司为样本,研究了混合所有制企业盈余管理对企业信贷融资的影响。结果发现:混合所有制企业为了获取贷款也存在盈余管理动机,具体而言,国有性质的混合所有制企业倾向通过应计盈余管理来获信贷融资;民营性质的混合所有制企业公司更加倾向通过真实盈余管理来获取信贷融资,进一步来看,国有持股比例的大小对混合所有制企业通过盈余管理手段获得信贷融资无显著影响。本文共分为6章,各章内容如下:第1章绪论。主要介绍了本文的研究背景、研究意义、研究的主要内容、研究的方法、思路以及本文的创新之处。第2章文献综述。首先对盈余管理的相关研究进行了综述,包括盈余管理概念研究、动机研究以及方式的研究。然后对盈余管理与信贷融资的研究进行了综述,包括会计信息质量与债务契约的研究,盈余管理与贷款的研究。最后,对产权属性与企业信贷融资的关系进行的研究综述。总结了以往研究的不足,提出了本文的研究内容。第3章理论基础与提出假设。首先对盈余管理、信贷融资、混合所有制企业的概念进行了界定。然后介绍了信息不对称理论、委托代理理论以及寻租理论。接下来,运用三种理论分析了盈余管理、信贷融资与产权性质的关系。最后,以背景分析和理论分析为基础,细化了盈余管理对信贷融资影响的研究问题,提出了混合所有制企业是否通过盈余管理获取贷款;不同产权性质是否会影响混合所有制企业选择盈余管理方式,及不同的国有持股比例是否会对两者关系产生影响的三大类假设。第4章研究设计。本文以2008~2014年上市的混合所有制企业为样本,针对不同的假设,设置了不同的解释变量与被解释变量,并结合变量构建了主要的6个模型。第5章实证研究结果分析。本章对选取的数据运用stata进行了描述性统计,相关性分析,多元回归分析,在回归分析中,本文探讨了混合所有制企业盈余管理方式与信贷融资的关系,并得出了本文的结论。最后在稳健性测试中,本文选择了盈余管理等其他的变量定义进行测试,结果与预期一致,本文主要的研究结论基本成立。第6章研究结论及展望。首先,本章对上一章的研究结果进行了总结论述,具体包括:(1)混合所有制企业通过盈余管理获取贷款。(2)国有性质的混合所有制企业通过应计盈余管理获取贷款,民营性质混合所有制企业通过真实盈余管理获取贷款。(3)国有持股比例不会对混合所有制企业通过盈余管理获取信贷融资产生显著影响。然后,梳理本文的研究贡献,主要有:(1)从研究视角上补充了关于混合所有制企业的实证研究。(2)在研究内容上,系统阐述了盈余管理对企业信贷融资的影响机制,不同产权性质的混合所有制企业如何选择盈余管理方式。从而在一定程度上丰富了盈余管理与债务融资的相关研究。(3)在研究方法上,本文加入了国有持股比例的研究,国有持股比例作为连续变量相比加入国有、非国有的虚拟变量的研究会更加深入。接下来。本文提出了文章的五点政策建议,包括:(1)债权人加强对盈余管理手段的辨别能力。(2)银行应该加强对贷款的后续监督。(3)完善会计信息披露制度。(4)完善债务融资监管机制。(5)大力发展混合所有制改革。最后,总结了文章存在的不足与局限,针对局限论述了未来进一步的研究方向,为以后的研究做了铺垫。
[Abstract]:< > eighteen Third Plenary Session of the decision pointed out that the positive development of mixed ownership economy is an important form of economic system of our country. The decision made us focus on the reform of mixed ownership. From the data, mixed ownership enterprises more efficient, explore the reasons behind we found that enterprises are facing financing costs are significantly different, compared to other properties enterprises, mixed ownership enterprises to obtain more credit financing. It is pointed out that in previous studies, Chinese enterprises generally will obtain credit financing through earnings management, which makes us think that there is a large number of mixed business loans are obtained through earnings management. In order to study this problem, in this paper 2008~2014 China A shares mixed ownership of listed companies as the sample of mixed ownership enterprise earnings management to the enterprise's credit financing effect. The results show that: Mixed ownership enterprises to obtain loans also exist earnings management motivation, in particular, mixed state-owned property ownership enterprises intention through accrual earnings management to credit financing; private enterprises of mixed ownership are more likely to get real earnings management through credit financing, further, the proportion of state-owned shares has no significant size effect of mixed ownership enterprises to obtain financing through the means of earnings management. This paper is divided into 6 chapters, each chapter is as follows: the first chapter is the introduction. It mainly introduces the research background, the significance of this study, the main research contents, research methods, ideas and innovation of this article. The second chapter is the literature review on the first. The related research of earnings management are reviewed, including the study of earnings management concept, motivation research and Research on the way of study. Then the earnings management and credit financing The research is reviewed, including the quality of accounting information and debt contract, study on earnings management and loan. Finally, summary of the study on the relationship between the financing of property rights and enterprise. Summarize the shortcomings of previous studies, put forward the research content of this paper. The third chapter is the theoretical basis and put forward the hypothesis. First, on earnings management. The concept of credit financing, mixed ownership enterprises are defined. And then introduces the theory of asymmetric information, principal-agent theory and rent-seeking theory. Then, using three kinds of theoretical analysis of earnings management, the relationship between credit financing and property rights in nature. Finally, with the background analysis and theoretical analysis, the study on the influence of earnings refinement the management of credit financing, proposed mixed ownership enterprises to obtain loans through earnings management; whether the different nature of the property will affect the earnings of mixed ownership enterprises Whether the different management mode, and the proportion of state-owned shares will be three kinds of assumptions affect the relationship between the two. The fourth chapter of the study design. This paper takes mixed ownership enterprises 2008~2014 listed according to different assumptions, set up different explanatory variables and explanatory variables, and variables constructed 6 models the main analysis results. The fifth chapter is the empirical research. This chapter of the selected data using Stata for descriptive statistics, correlation analysis, multiple regression analysis, regression analysis, this paper discusses the mixed ownership enterprise earnings management and credit financing relationship, and the conclusion of this paper. Finally, in the robustness test. This paper chooses the earnings management and other variables tested, consistent with the expected results, the main conclusions of this study basically established. The conclusion and outlook of the sixth chapter. Firstly, this chapter on The research results of chapter are summarized, including: (1) the mixed ownership enterprises to obtain loans through earnings management. (2) mixed state-owned property ownership enterprises through the accrual earnings management to obtain loans, the private property of mixed ownership enterprises to obtain loans through real earnings management. (3) the proportion of state-owned shares not for mixed ownership enterprises through earnings management to obtain credit financing has significant effect. Then, the main research contributions, combing of this paper are: (1) from the view of the supplement on empirical research on mixed ownership enterprises. (2) in the research content, systematically expounded the influence mechanism of earnings management of enterprise credit financing and how mixed ownership enterprises of different property right choice of earnings management. So as to enrich the research of earnings management and debt financing to a certain extent. (3) in the research method, this paper add The study on the proportion of state-owned shares, the proportion of state-owned shares as a continuous variable compared to join state-owned, state-owned non virtual variables will be more in-depth. Then put forward in this paper. The five point of the policy recommendations, including: (1) the creditors to strengthen the means of earnings management the distinguish ability. (2) the bank should strengthen the follow-up the supervision on the loan. (3) improve the accounting information disclosure system. (4) improve the regulatory mechanism of debt financing. (5) the development of the mixed ownership reform. Finally, summarizes the deficiencies and limitations of the existing limitations, to discusses the future direction for further research, for future research to do the groundwork.

【学位授予单位】：山东工商学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F832.4

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