企业资产证券化与盈余管理的相关性研究

发布时间：2018-07-12 15:29

本文选题：资产证券化 + 盈余管理　；参考：《浙江财经学院》2013年硕士论文

【摘要】：企业资产证券化是对企业现有存量资产的优化配置，在不增加企业负债或资产的前提下实现融资。其特有的交易结构和技术实现了企业与投资者之间的破产隔离，在更大的范围内满足融资和投资需求。企业资产证券化产品是衍生证券技术和金融工程技术相结合的产物，其运作程序复杂、涉及面较广，并进行表外信息披露。由于我国的资产证券化业务起步较晚，市场还不成熟，发行产品的数量比较有限，同时资本市场蕴含着丰富的盈余管理动机，就容易涉及一些隐含的风险。盈余管理，从某种程度上来说是一种“合法”的利润操纵行为，存在一定的正面效应。因此，研究企业资产证券化过程中盈余管理的问题尤为重要，使其能够发挥积极效应，在为企业带来效益的同时也保护投资者的利益，同时加快企业资产证券化的进程，推动资本市场的发展。本文首先在对资产证券化的概念进行界定后，，阐述了资产证券化的特征及其运作机理。再通过对企业资产证券化与盈余管理相关性的理论研究后，运用实证方法进一步具体分析。借鉴前人的研究，将可操纵性流动应计利润从流动性应计利润中分离出来，作为企业盈余管理的替代变量。利用2008-2010年间进行资产证券化的上市公司的财务报告数据，运用对比的方式，实证检验上市公司在进行资产证券化当年的盈余管理程度是否比前后一年都要高。本文选取了44家上市公司当年、前一年、后一年的数据，通过回归结果显示，并没有发现上市公司在进行资产证券化当年的盈余管理程度比前后一年要高。通过实证结果得出了如下结论：1．在正确的使用资产证券化这一融资工具的条件下，资产证券化提高了企业资产的流动性，降低了资产负债率，也为企业提供了一种长期的资产流动性补偿机制，可改善企业资本结构，减少企业盈余操作的可能性。2．资产证券化为企业开辟了有别于股票和债券发行等融资方式融资成本较低的资本市场。它的证券化资产表外化，使得企业的既能够低成本获得资金，又能够不分散企业自身的控制权，降低了企业盈余管理的空间。3．企业资产证券化特有的风险隔离机制和信用增级技术，保证了企业融资与企业整体信用风险相分离，降低了企业融资风险，保证了企业盈余质量。同时也指出了本文的研究不足与展望。最后本文在上述实证研究的基础上，提出了几点建议：加强资产证券化相关会计信息披露的立法；完善会计准则，约束盈余管理；依据资产证券化的法规体系，规范我国信用评级制度；在实体企业中建立规范的标准的资产证券化模式。
[Abstract]:Enterprise asset securitization is the optimal allocation of existing stock assets, without increasing the liabilities or assets of the enterprise to achieve financing. Its unique transaction structure and technology realize the bankruptcy isolation between the enterprise and the investor, and meet the financing and investment demand in a larger scope. The enterprise asset securitization products are derivative securities. The result of the combination of technology and financial engineering technology is complex, extensive and out of order information disclosure. Because of the late start of the asset securitization business in China, the market is not mature, the number of products is limited, and the capital market contains rich earnings management motivation, it is easy to involve some implied. Risk. Earnings management, to some extent, is a "legitimate" profit manipulation behavior, and there is a certain positive effect. Therefore, it is particularly important to study the problem of earnings management in the process of asset securitization, making it able to play a positive effect and protect the interests of the investors while it is beneficial to the enterprise, and speed up the enterprise at the same time. The process of asset securitization promotes the development of capital market.
This paper first defines the concept of asset securitization, expounds the characteristics and operating mechanism of asset securitization, and then further concretely analyzes the correlation between asset securitization and earnings management by means of empirical methods. The profits are separated from the earnings management of the enterprise as an alternative variable. By using the financial report data of the listed companies of asset securitization in the past 2008-2010 years, this paper empirically tests whether the earnings management of the listed companies in the year of asset securitization is higher than that of the previous year. This paper selects 44 public listed companies. The data of the previous year, the previous year and the following year, showed that the earnings management of the listed companies in the year of asset securitization did not be higher than that of the previous year.
The following conclusions are drawn from the empirical results: 1. under the conditions of using asset securitization as a financing tool, asset securitization improves the liquidity of the enterprise assets, reduces the asset liability rate, and provides a long-term asset liquidity compensation mechanism for enterprises, which can improve the structure of the enterprise capital and reduce the earnings exercise of the enterprise. The possibility of.2. asset securitization has opened up a capital market which is different from the financing cost of stock and bond issue. The securitization of its securitization makes the enterprise can not only obtain capital at low cost, but also can not disperse the control of the enterprise itself, and reduce the space.3. enterprise of the enterprise's earnings management. The unique risk isolation mechanism and credit increasing technology of asset securitization guarantee the separation of enterprise financing and the overall credit risk of the enterprise, reduce the risk of enterprise financing and guarantee the quality of the earnings of the enterprise, and also point out the shortage and Prospect of the research.
Finally, on the basis of the above empirical research, this paper puts forward several suggestions: strengthening the legislation of accounting information disclosure related to asset securitization, perfecting accounting standards, restricting earnings management, standardizing our country's credit rating system according to the regulatory system of asset securitization, and establishing standard standard asset securitization model in the enterprise industry. Style.
【学位授予单位】：浙江财经学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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