摘要
自2015年12月中央经济工作会议明确提出去杠杆要求以来,去杠杆被列为我国现阶段的重要经济工作之一。然而,在诸多现实约束下,高杠杆企业去杠杆并非易事,因而可能出于以下动机进行杠杆操纵:(1)迎合政策和监管要求,形式上完成去杠杆任务;(2)粉饰企业杠杆状况,增强企业投融资能力。杠杆操纵的常用手段主要有:(1)表外负债;(2)名股实债;(3)其他会计操纵手段。杠杆操纵的潜在影响主要表现有:(1)增大会计信息风险,误导股东、债权人和政府等外部信息使用者的相关决策;(2)增大代理成本,降低企业投融资效率。鉴于此,应当同时从微观企业层面和宏观监管层面采取措施,防范和限制企业杠杆操纵行为。
Since the Central Economic work Conference clearly put forward the requirement of leverage in December 2015,deleveraging has been listed as one of the important economic work in our country at the present stage.However,under many practical constraints,deleveraging of highly lever-aged enterprises is not easy,so leverage manipulation may be carried out for the following reasons:(1)to meet the policy and regulatory requirements and formally complete the task of deleveraging;(2)to whitewash the leverage of enterprises to enhance the ability of investment and financing.The com-mon means of leverage manipulation are:(1)off-balance sheet liabilities;(2)real debt of individual stocks;(3)other means of accounting manipu-lation.The potential effects of leverage manipulation are as follows:(1)to increase the risk of accounting information and mislead the relevant decisions of external information users such as shareholders,creditors and the government;(2)to increase agency costs and reduce the efficiency of investment and financing.In view of this,measures should be taken at the micro-enterprise level and macro-regulatory level at the same time to prevent and limit the leverage manipulation of enterprises.
作者
许晓芳
陆正飞
Xu Xiaofang;Lu Zhengfei
出处
《会计研究》
CSSCI
北大核心
2020年第1期92-99,共8页
Accounting Research
基金
国家自然科学基金面上项目(71972005)
国家自然科学基金青年项目(71902001)
北京大学光华管理学院“光华思想力”项目
江西省自然科学基金项目(20181BAA208034)阶段性研究成果。
