盈余管理、银行债务融资与企业非效率投资研究

发布时间：2018-03-14 06:08

本文选题：盈余管理　切入点：债务融资　出处：《广西大学》2014年硕士论文　论文类型：学位论文

【摘要】：盈余管理的研究是近几年来国内外学者广泛研究的课题,研究主要围绕着盈余管理的契约动机、盈余管理的手段及方法等问题展开,已有许多学者对盈余管理与债务融资,债务融资与企业非效率投资进行了研究,但很少有文章对盈余管理、银行债务融资以及企业非效率投资三者之间的关系进行研究。本文以资本结构理论、委托代理理论、信息不对称理论以及信号传递理论为理论基础,对银行债务融资在盈余管理与企业非效率投资之间的中介效应进行了理论分析,并提出了研究假设。在实证研究阶段,文章选取我国2007-2012年的沪深A股上市公司为研究对象,分别建立应计盈余管理计量模型以及非效率投资模型对应计盈余管理以及企业非效率投资进行了估计,并利用回归分析的方法对盈余管理、银行债务融资以及企业非效率投资进行了研究,并得出以下研究结论：第一,本文以盈余管理作为解释变量,投资效率为被解释变量,研究企业上期盈余管理对当期投资效率的影响,研究发现,在过度投资的样本组中,盈余管理与过度投资程度具有正相关关系,说明盈余管理越大的企业,过度投资的程度就越高,投资效率就越低；对于投资不足的样本组,盈余管理越大的企业,投资不足的程度也越大,研究说明了盈余管理越高的企业,投资效率就越低。第二,文章以盈余管理为解释变量,新增的长期借款为被解释变量,研究盈余管理与银行长期借款之间的关系。研究发现,在控制了企业的资产规模、成长性、总资产收益率以及国有性质之后,上期的盈余管理与企业新增银行长期借款具有显著正相关关系,企业在上期进行的盈余管理越大,企业新增的长期银行借款越多。研究表明,企业为获得银行的长期贷款,普遍进行了盈余管理行为。第三,文章以新增银行长期借款为解释变量,企业的非效率投资作为被解释变量,研究新增银行长期借款与企业投资效率之间的关系。研究发现,在控制了企业的资产规模、成长性、总资产收益率以及国有性质之后,企业新增长期银行借款与过度投资具有显著正相关关系,企业新增银行借款越多的企业,过度投资的程度就越大,说明企业通过新增银行长期借款获得了更多的自由现金流量,且发生了过度投资；研究还发现,新增银行长期借款与投资不足的程度显著负相关关系,新增银行长期借款越多的企业,投资不足的程度就更小,说明新增银行长期借款抑制了企业的投资不足行为。第四,文章对长期借款在盈余管理与非效率投资中的中介效应进行了验证。研究发现,在过度投资的样本组中,银行长期借款在盈余管理与投资过度中存在着部分中介效应,即盈余管理部分直接导致了企业的投资过度行为,也有一部盈余管理通过影响银行长期借款,间接影响了企业的投资过度行为。在投资不足样本组中,尽管盈余管理导致了企业长期借款的增加,而长期借款的增加能够抑制了投资不足行为,但是盈余管理直接导致的投资不足的程度大于抑制的程度,最终导致了企业的投资不足行为。本文的研究不仅对盈余管理的经济后果研究进行了补充,揭示了盈余管理对企业非效率投资影响的过程,对如何进行债权人保护以及正确的进行企业投资决策具有重要的理论意义和现实意义。
[Abstract]:The research of earnings management is the subject of extensive research by scholars at home and abroad in recent years, the research mainly focuses on the contractual motivations of earnings management, issues of earnings management means and methods, there are many scholars on the earnings management and debt financing, debt financing and inefficient investment are studied, but few articles on earnings management, to study the relationship between debt financing and corporate inefficient investment three.
Based on capital structure theory, principal-agent theory, information asymmetry theory and signal transfer theory as the theoretical basis of bank debt financing in the enterprise earnings management and non efficiency investment intermediary effect between the theoretical analysis, and put forward the research hypothesis. In the stage of empirical research, this paper selects 2007-2012 years in Shanghai and Shenzhen A shares listed company as the research object, established the accrual earnings management measurement model and non efficiency investment accrual earnings management and corporate inefficient investment is estimated, and the use of regression analysis on earnings management, bank debt and corporate inefficient investment are studied, and the following research
Conclusion:
First, based on the earnings management as explanatory variables, the efficiency of investment as explanatory variables, study the impact of earnings management on enterprises, the current investment efficiency in the sample group study found that excessive investment, earnings management and the over investment degree has a positive correlation between the corporate earnings management more clearly, the degree of over investment the higher the investment efficiency is low; the sample group, insufficient investment, earnings management is the lack of investment in the greater degree, research shows that earnings management more enterprises, investment efficiency is low.
Second, based on earnings management as explanatory variables, long-term loans added as explanatory variables, study the relationship between earnings management and the long term bank loans. The study found that, in the control of the enterprise asset size, growth, after the rate of return on total assets and state-owned property, has a significant positive correlation between earnings management and enterprise period new bank long-term loans, earnings management in the period of the new enterprise, more long-term bank loans. The study shows that the enterprises to obtain long-term bank loans, generally the earnings management behavior.
Third, the new bank long-term loans as explanatory variables and non efficiency investment enterprises as explanatory variables, study the relationship between the new bank loans and long-term investment efficiency. The study found that in the control of the enterprise asset size, growth, after the rate of return on total assets and state-owned enterprises, the new growth of Bank loans and over investment has a significant positive correlation between enterprises, more new bank loan business, the greater the degree of over investment, enterprise through the new long term bank loans obtained more free cash flow, and the occurrence of excessive investment; the study also found that the new bank long-term loans and investment insufficient degree of negative correlation the new enterprise, long term loans more, the degree of under investment is smaller, that new bank long-term loans suppressed enterprises inadequate investment behavior.
Fourth, the long-term loans are verified in the earnings management and the mediating effect of non efficiency investment. The study found that in a sample of over investment, long term loans in earnings management and excessive investment exist in the part of the mediating effect, i.e. the earnings management part directly leads to the excessive investment behavior of enterprises, has a surplus management department through the influence of long term bank loans, indirect effects of the excessive investment behavior of enterprises. In the lack of investment in the sample group, although earnings management leads to an increase in long-term loans, long-term loans increased can inhibit investment activities, but not directly lead to earnings management investment is greater than the degree of inhibition. Eventually led to the lack of investment behavior of enterprises.
This research not only supplements the research on the economic consequences of earnings management, but also reveals the process of earnings management's impact on inefficient investment. It has important theoretical and practical significance to protect creditors and make investment decisions correctly.

【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F832.4

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