摘要
长期以来,融资难问题一直影响着物流业的发展。由于股权质押融资的高流动性、高透明性、易于变现、融资成本低与融资速度快等特点,能够很好的解决物流业的各项融资问题,因此成为物流业备受青睐的融资方式。股权质押易于引起物流业的盈余管理行为,文中以2015-2019年发生大股东股权质押的A股物流业上市公司为实证对象,研究表明,物流业在大股东股权质押后往往会实施盈余管理,并且质押率越高,盈余管理程度越深。为了规范股权质押的物流业进行盈余管理以及加强对物流业的管理,文中还提出了一系列的解决措施。
For a long time,the financing problem has been affecting the development of logistics industry.Due to the characteristics of high liquidity,high transparency,easy to liquidate,low financing cost and fast financing,equity pledge financing can well solve various financing problems in the logistics industry,so it has become a popular financing method in the logistics industry.Equity pledge is likely to lead to earnings management behavior in the logistics industry.This paper takes a-share listed companies in the logistics industry from 2015 to 2019 which have pledged equity of major shareholders as an empirical object.The research shows that the logistics industry will often implement earnings management after equity pledge of major shareholders,and the higher the pledge rate,the deeper the earnings management degree.In order to standardize the earnings management and strengthen the management of the logistics industry,a series of solutions are put forward at the end of this paper.
作者
任思文
REN Si-wen(Shanghai University of Engineering Sciences,Shanghai 201620,China)
出处
《物流工程与管理》
2021年第1期148-150,共3页
Logistics Engineering and Management
关键词
物流业
股权质押
盈余管理
实证分析
logistics
equity pledge
earnings management
empirical analysis
