主体信用评级与盈余管理的相关性研究

发布时间：2018-04-11 23:38

本文选题：信用评级 + 应计盈余管理　；参考：《中国矿业大学》2017年硕士论文

【摘要】：在2008年之后我国债券发行制度发生改变,即从“额度审批制”转变为“核准制”之后信用评级行业才开始得到重视,也进入了快速发展时期,企业主体及其证券的评级结果发挥越来越重要的作用,2016年我国国内债券市场共发行公司信用债券9.85万亿,债券融资金额远超股票融资金额。我国债券市场的快速发展,使有关信用评级的研究再一次成为热点。《公司债券发行试点办法》中明确对规定,发行债券的上市公司必须取得公司主体信用评级以及本期新发行债券的评级,也就是说企业的主体信用评级在一定程度上决定了企业能否发行债券。而在发行后债券票面利率的确定同样依赖于公司的主体信用评级,而债券票面利率又决定了企业融资成本的高低,换言之公司的主体信用评级对公司的融资成本有很大的影响。而信用评级又在很大程度上受会计信息的影响,因此研究信用评级与盈余管理相关性就很有必要。本文选取了2010-2015年间我国债券市场上存在主体信用评级的上市公司为研究对象,对存在连续主体评级的公司进行考察,研究信用评级变化动机与盈余管理行为的相关性,通过构建模型并进行线性回归,分别从应计和真实盈余管理两个方面对模型进行分析,得出样本公司中信用评级上升的前一年公司普遍会进行盈余管理,且在应计盈余管理和真实盈余管理两种方式中,公司更倾向于进行真实盈余管理,同时公司有外部需求时,会使主体信用评级对公司盈余管理的影响更明显。最后用上市公司主体信用评级是否带符号设置哑变量,表示公司的信用评级调整动机对模型进行稳健型检验,检验结果与原实证分析结果一致。根据实证分析的结果,提出了相关的政策建议:(1)公司层面:不断提升我国上市公司参与主体信用评级的主动性和管理层治理机制;(2)宏观层面:完善信用评级指标体系,统一各机构的评价标准;完善资本市场的监督机制;规范会计准则与制度,特别是会计信息的披露制度。
[Abstract]:After 2008, the bond issuance system of our country changed, that is, the credit rating industry began to be paid attention to after the "quota approval system" was changed to the "approval system", and it also entered a period of rapid development.The rating results of the main enterprise and its securities play an increasingly important role. In 2016, China's domestic bond market issued a total of 9.85 trillion corporate credit bonds, the amount of bond financing far exceeds the amount of stock financing.With the rapid development of the bond market in China, the research on credit rating has once again become a hot topic.The listed company must obtain the credit rating of the main body of the company and the rating of the new bond issued in the current period, that is to say, the main credit rating of the enterprise determines whether the enterprise can issue the bonds to a certain extent.However, the determination of bond coupon rate also depends on the main credit rating of the company, and the bond coupon rate determines the financing cost of the enterprise. In other words, the main credit rating of the company has a great impact on the financing cost of the company.The credit rating is influenced by accounting information to a great extent, so it is necessary to study the correlation between credit rating and earnings management.This paper selects listed companies with main credit rating in China's bond market from 2010 to 2015 to investigate the relationship between the motivation of credit rating and earnings management behavior.By constructing the model and linear regression, this paper analyzes the model from the two aspects of accrual and real earnings management, and concludes that earnings management is generally carried out in the companies with higher credit rating in the sample company in the previous year.And in the two ways of accrual earnings management and real earnings management, companies tend to carry out real earnings management, and when the company has external demand, the main credit rating will make the impact on earnings management more obvious.Finally, the mute variable is set with whether the main body credit rating of the listed company is marked, which indicates that the company's credit rating adjustment motive carries on the robust type test to the model, the test result is consistent with the original empirical analysis result.According to the results of the empirical analysis, this paper puts forward relevant policy recommendations at the company level: to continuously enhance the initiative of the main credit rating of listed companies in China and the governance mechanism of the management; to improve the credit rating index system;Unifying the evaluation standards of various institutions; perfecting the supervision mechanism of the capital market; standardizing accounting standards and systems, especially the disclosure system of accounting information.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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