盈余管理影响信用评级水平吗?——基于我国债券市场的经验研究  

Does Earnings Management Affect the Level of Credit Ratings?——An Empirical Research based on China's Bond Market

作　　者：杨大楷[1] 王鹏[1] 罗寅[1] 

机构地区：[1]上海财经大学公共经济与管理学院,上海200433

出　　处：《上海金融》2013年第9期79-85,118,共7页Shanghai Finance

基　　金：国家自然科学基金面上项目(71273165;71273166);上海市哲学社会科学规划项目(2013BJB003)

摘　　要：本文以2006年至2012年间存在主体信用评级的非金融上市公司为样本,采用应计项目操控和真实活动操控两类模型,研究了盈余管理程度对于信用评级水平的影响,以及产权性质是否会对上述关系产生影响。研究发现,发债主体的应计项目盈余管理和真实活动盈余管理水平高,信用评级水平低,产权性质对上述关系显著性的影响。研究结果说明,国内的信用评级机构已经能够发挥其作为信息中介的监督作用,信用评级市场正在逐渐发展和完善。By taking non-financial listed companies that have corporate credit ratings from 2006 to 2012 as samples,the article uses both the accrual earnings and real-based earnings management models to study the influence of earnings management on the level of credit rating,and whether the nature of property rights affects the relationship between them.The study finds that the higher the bond issuer's accrual earnings and real earnings management levels are,the lower the level of credit ratings is.The nature of property rights has no significant influence on the afore-mentioned correlation.The research result indicates that the domestic credit rating agencies have been able to play its supervisory role as an information intermediary,and the credit rating market has gradually developed and been refined.

关 键 词：盈余管理 信用评级 产权性质 

分 类 号：F830.9[经济管理—金融学]