以融资约束为视角上市公司盈余管理与投资效率关系研究

发布时间：2018-01-17 21:01

本文关键词：以融资约束为视角上市公司盈余管理与投资效率关系研究　出处：《哈尔滨商业大学》2016年硕士论文　论文类型：学位论文

【摘要】：盈余管理一直以来是会计研究的热点问题,也是学术研究的热点,对于盈余管理的研究文献更是汗牛充栋,特别是随着资本市场的不断发展和完善,信息对于管理者与投资者都具有十分重要的意义,投资者以及利益相关者对于信息的真实性、全面性的要求也越来越高。因此会计盈余越来越成为这些利益相关者所关注的焦点。现代企业中,管理者与投资者之间由于权责分离出现了一些信息不对等的情况,上市公司的管理者为了实现自身利益的最大化会进行盈余管理,从而能够募集到更多的资金来进行投资。而我国也确实存在信息不对称以及披露的信息质量不高等方面的问题,这为管理者操控会计盈余,进行盈余管理提供了条件。而当公司高管进行盈余管理时,往往会根据特定情况选择盈余管理的方式。从而实现更好的投资,提升投资效率。以往对于盈余管理与投资效率相关性的研究文献有很多,但是却很少有人研究以融资约束为视角下的上市公司的盈余管理与投资效率之间的关系,因此本文基于这样的出发点,为了更好的了解在上市公司所受的融资约束的情况下二者之间的关系,引入了一个新的研究视角,即融资约束视角,来研究和分析在融资约束视角下盈余管理与投资效率之间的关系。在研究中借鉴了相关领域的国内外专家学者的研究成果,以信息不对称理论、信息披露理论以及投资的效率理论作为理论基础,分析了盈余管理的内涵、特征、计量方法,投资效率的含义、计量方法等,另外阐述了在融资约束的视角下的盈余管理与投资效率的关系并进行理论分析。在此基础上,提出了两个假设,选取2007-2013年沪深两市A股市场的非金融类上市公司为样本,最终研究发现,在融资约束视角下,盈余管理与非投资效率呈显著正相关关系,应计盈余管理、真实盈余管理与非投资效率也呈显著的正相关关系。这一结果表明,上市公司在融资约束的情况下,盈余管理会使得投资效率显著降低。为此,结合我国资本市场的大环境,文中提出了三个政策性建议,从而为规范公司高管的盈余管理行为,更好的提高上市公司的投资效率提供理论以及实务上的支持。
[Abstract]:Earnings management has always been a hot issue in accounting research, but also a hot spot in academic research. The research literature on earnings management is full of money, especially with the continuous development and improvement of capital market. Information is of great significance to both managers and investors, and investors and stakeholders are concerned about the authenticity of information. The requirement of comprehensiveness is becoming higher and higher. Therefore, accounting earnings are becoming the focus of these stakeholders. Due to the separation of power and responsibility between managers and investors, there are some unequal information situations. In order to maximize their own interests, the managers of listed companies will carry out earnings management. Therefore, we can raise more funds to invest. But in our country, there are some problems such as asymmetric information and the low quality of information disclosure, which is the management of accounting earnings. Earnings management provides conditions. When the company executives carry out earnings management, they often choose the way of earnings management according to the specific situation, so as to achieve better investment. There are many literatures on the relationship between earnings management and investment efficiency. However, few people study the relationship between earnings management and investment efficiency of listed companies from the perspective of financing constraints, so this paper based on such a starting point. In order to better understand the relationship between the listed companies under the financing constraints, a new research perspective is introduced, that is, financing constraints perspective. To study and analyze the relationship between earnings management and investment efficiency in the perspective of financing constraints. Information disclosure theory and investment efficiency theory as the theoretical basis, this paper analyzes the connotation, characteristics, measurement methods, the meaning of investment efficiency, measurement methods and so on. In addition, it expounds the relationship between earnings management and investment efficiency from the perspective of financing constraints and makes theoretical analysis. On this basis, two hypotheses are put forward. The non-financial listed companies in the A-share market of Shanghai and Shenzhen from 2007 to 2013 were selected as samples. Finally, the study found that earnings management and non-investment efficiency were significantly positive correlation in the perspective of financing constraints. Accrual earnings management, real earnings management and non-investment efficiency also show a significant positive correlation. This result shows that listed companies in the case of financing constraints, earnings management will significantly reduce investment efficiency. Combined with the general environment of our country's capital market, this paper puts forward three policy suggestions, thus providing theoretical and practical support for standardizing the earnings management behavior of company executives and improving the investment efficiency of listed companies.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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