企业生命周期视角下盈余管理方式研究——基于债务契约理论

发布时间：2018-07-15 21:07

【摘要】：本文基于债务契约理论研究不同企业生命周期下企业盈余管理及方式问题,运用现金流量法把中国上市公司划分为成长期、成熟期和衰退期企业,并选取2001-2012年的数据为样本,研究企业生命周期、资本结构对盈余管理及方式的影响。研究发现:相比于成熟期,成长期和衰退期企业负债结构更高;负债水平显著正向影响企业盈余管理,随着生命周期的延伸,负债对盈余管理的影响程度增强;生命周期直接影响企业盈余管理,相对成熟期,成长期和衰退期都正向影响应计与真实盈余;生命周期对债务水平与盈余管理的关系产生调节作用,相对于成熟期,随着负债的增加成长期企业倾向减少应计盈余,但衰退期企业会增加更为隐蔽,成本更高的真实盈余管理方式。
[Abstract]:Based on the theory of debt contract, this paper studies the problem of earnings management and methods in different enterprise life cycles, and uses the cash flow method to divide Chinese listed companies into growth period, mature period and recession period, and selects the data from 2001 to 2012 as the sample. This paper studies the influence of enterprise life cycle and capital structure on earnings management and mode. It is found that the debt structure of enterprises is higher than that of mature period, and the debt level has a significant positive effect on earnings management, and with the extension of life cycle, the influence of debt on earnings management is enhanced. The life cycle directly affects the earnings management of enterprises, and the relative maturity, growth period and recession period have positive effects on accrual and real earnings, and the life cycle has a moderating effect on the relationship between debt level and earnings management, relative to the mature period, the life cycle has a positive effect on the relationship between debt level and earnings management. With the increase of liabilities, enterprises tend to reduce the accrual earnings, but in the recession period firms will increase more covert and higher cost of real earnings management.
【作者单位】：大连理工大学管理与经济学部;
【基金】：国家自然科学基金(71172136;71272091) 住房和城乡建设部资助项目(2015-R4-013) 中央高校基本科研业务经费人文社科科研专题(文科基地)(DUT15RW506)
【分类号】：F275

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