债务融资、盈余管理与异质性研究

发布时间：2018-03-26 08:47

本文选题：盈余管理　切入点：债务融资　出处：《浙江大学》2017年硕士论文

【摘要】：盈余管理与债务融资是公司金融两大研究热点领域,基于已有的债务融资对盈余管理动机影响的文献基础上,本文意欲区分债务类型以及公司特征对其进行完善扩充。具体而言,本文在理论分析的基础之上利用中国上市公司2011-2015年的数据开展了三方面的实证工作：首先,本文将债务融资区分为债务水平以及新增债务,发现债务水平与新增债务对于应计盈余管理具有反向的影响,债务监督效应会导致企业在应计盈余管理与真实盈余管理之间作权衡转换。其次,本文对债务水平与新增债务进一步细划,探讨了债务流动性以及债务融资类型对于盈余管理的影响程度差异,发现流动负债及间接融资对应计盈余管理的抑制作用要强于非流动负债与直接融资,其反映了不同债权人的特征效应。最后,本文对多元化、融资约束程度两类公司特质在债务融资影响盈余管理上发挥的异质性作用进行了检验,发现多元化企业较之于专业化企业、融资约束程度低的企业较之于融资约束高的企业,债务融资对于盈余管理的抑制性较弱,其可以从盈余管理的收益与成本上解释。
[Abstract]:Earnings management and debt financing are two hot research areas of corporate finance, based on the existing literature on the impact of debt financing on earnings management motivation. This paper intends to distinguish between debt types and corporate characteristics. Specifically, based on the theoretical analysis, this paper makes use of the data of Chinese listed companies from 2011 to 2015 to carry out three aspects of empirical work: first of all, In this paper, debt financing is divided into debt level and new debt. It is found that debt level and new debt have negative effect on accrual earnings management. The effect of debt supervision will result in a trade-off between accrual earnings management and real earnings management. Secondly, this paper further details the level of debt and new debt. This paper discusses the influence of debt liquidity and debt financing types on earnings management. It is found that current liabilities and indirect financing have more inhibitory effect on earnings management than non-current liabilities and direct financing. It reflects the characteristic effects of different creditors. Finally, this paper examines the heterogeneity of the two types of corporate traits in debt financing that affect earnings management, such as diversification and degree of financial constraint. It is found that compared with specialized enterprises, the enterprises with lower degree of financing constraints have less restraint on earnings management than those with higher financial constraints, which can be explained from the income and cost of earnings management.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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