摘要
文章以2007—2016年沪深两市A股上市公司为样本,运用OLS和分位数回归研究了企业债务期限结构引发企业应计盈余管理行为。以基本琼斯模型、修正的琼斯模型以及业绩匹配的琼斯模型计算的残差绝对值作为盈余管理的替代变量,以企业短期银行借款占比银行借款总额为解释变量,在控制其他影响盈余管理因素的基础上,实证结果发现,企业短期借款占比越多,会导致企业显著的盈余管理行为。进一步的机制研究表明,债务的公司治理作用机制在我国信贷市场背景下并未有效发挥且被扭曲,而且短期借款占比越多会促发企业更大的经营风险,从而需要进行盈余管理行为。
This paper,taking A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2007 to 2016 as samples,and using OLS and quantile regression,studies the influences of debt maturity structure on earnings management. Taking the absolute residuals which are separately calculated on the base of Jones’model,modified Jones’model and performance matching Jones’model as substitute variable,taking short-term bank loans account for the total amount of bank loans as explanatory variable,on the basis of controlling other factors affecting earnings management,the empirical results show that the more enterprises borrow in the short term,the more the significant earnings management behavior will present. The further studies on the mechanism show that the corporate governance mechanism of debt has not been effectively brought into play and distorted in the context of China's credit market,and the greater the proportion of short-term borrowing is,the greater the operating risk of the enterprise will be,therefore,earnings management behavior is needed.
作者
沈维成
刘文庆
SHEN Wei-cheng;LIU Wen-qing(Business School,Anhui University of Technology,Ma’anshan 243032 China)
出处
《广西经济管理干部学院学报》
2019年第2期45-53,共9页
Journal of GuangXi Cadres College of Economic and Management
基金
安徽省高校人文社会科学重点研究基地项目“企业财务困境预警:基于货币政策波动与企业特征的双重视角”(SK2015A071)
安徽工业大学2018年校级教育教学研究项目“财会专业本科生毕业论文质量保障机制研究”(2018jy29)
关键词
债务期限结构
盈余管理
分位数回归
debt maturity structure
earnings management
quantile regression
