企业信用评级与盈余管理  

Credit Ratings and Earnings Management

作　　者：李琦[1] 罗炜[1] 谷仕平[1] 

机构地区：[1]北京大学光华管理学院会计系

出　　处：《经济研究》2011年第S2期88-99,共12页Economic Research Journal

基　　金：国家自然科学基金项目(批准号:70902014)

摘　　要：本文以2006—2010年有公司债务主体评级的非金融上市公司为样本,检验了信用评级与盈余管理的关系。研究结果发现,相对于评级保持不变的公司来说,信用评级提升的公司在评级调整前一年盈余管理的程度更低。然而企业的股权性质会影响这种关系。当评级对象是国有企业时,评级机构会放松对其盈利质量的要求,减弱了评级调整与盈余管理之间的负相关关系。此外,我们还发现外部融资需求会加强评级调整对盈余管理的抑制作用。面对评级机构的要求,企业事前也会相应调整其盈余管理行为。当企业评级中带有"+"或"-"符号时,民营企业和有融资需求的企业会减少当年向上的盈余管理。总的来说,信用评级调整对企业盈余管理行为有抑制作用。This paper studies the relationship between changes of credit ratings and earnings management,by using all listed firms with credit rating during the period of 2006 and 2010 in China.We find that compared to firms without credit rating changes,firms with an upgrade of credit rating exhibit lower degree of upward earnings management in the year prior to the change of credit rating.State ownership,however,weakens the negative relation between upgrade of credit rating and upward earnings management.Furthermore,the results show that external financing needs enhance the monitoring role of rating agencies on earnings management.Ex ante,firms will adjust their earnings management behavior.When they have ratings with a plus or minus specification that are near a broad credit rating change,non-state-owned firms and firms with external financing needs tend to have lower level of upward earnings management.Overall,upgrades of credit ratings motivate firms to reduce earnings management.

关 键 词：信用评级调整 盈余管理 国有控股 融资需求 

分 类 号：F275[经济管理—企业管理]