信用评级前的盈余管理——来自中国信用债券市场的经验证据  

Earnings Management Prior to Credit Ratings From the Experience and Evidence of China's Credit Bonds Market

作　　者：杨大楷[1] 王鹏[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：《证券市场导报》2014年第4期23-28,共6页Securities Market Herald

摘　　要：本文运用应计项目操控和真实活动操控两种模型，以2006～2012年间存在主体信用评级的A股上市公司为样本，对发债主体在初始信用评级前盈余管理的存在性、盈余管理的方式以及影响因素进行了理论分析和实证检验。研究发现：发债主体在信用评级前存在着盈余管理；并且同时使用应计项目操控和真实活动操控两种盈余管理方式；而产权性质削弱了信用评级与盈余管理之间的关系，国有上市公司在信用评级前的盈余管理程度更低。This paper investigates the existence and the methods of both the accrual earnings and real-based earnings management prior to credit ratings, using 2006 to 2012 A-share listed companies with issuer credit ratings as the sample. The results show that both the accrual earnings and real-based earnings management are used prior to credit ratings, while the nature of property rights weakens the relationship between credit ratings and earnings management. Hence, the level of earnings management for stated-owned companies is lower.

关 键 词：信用评级 应计项目操控 真实活动操控 产权性质 

分 类 号：F830.9[经济管理—金融学]