会计盈余质量与资本结构动态调整  

Earnings Quality and Dynamic Adjustment of Capital Structure

作　　者：邹萍[1] 

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《中南财经政法大学学报》2014年第3期115-122,159-160,共8页Journal of Zhongnan University of Economics and Law

基　　金：中南财经政法大学博士生科研创新项目"我国上市公司资本结构动态调整研究"(2013B0906)

摘　　要：本文以我国2003～2012年沪深A股上市公司为研究样本，研究会计盈余质量对资本结构动态调整的影响，研究发现：上市公司的会计盈余质量越高，其实际资本结构偏离最优资本结构的幅度越小，资本结构越合理；会计盈余质量的上升会显著加快资本结构调整速度；会计盈余质量对资本结构动态调整的影响存在异质性，企业负债水平较高时，会计盈余质量对资本结构偏离度的影响更加显著，而企业负债水平较低时，会计盈余质量对资本结构调整速度的影响更明显。Using Chinese listed companies from 2003to 2012as a research sample,we study the in-fluence of earnings quality on dynamic adjustment of capital structure.We find that it is helpful to decrease the deviation from target capital structure,enhance the speed of capital structure adjustment,and make the capital structure more rational by improving earnings quality.Our further analysis based on different debt levels indicates that when the company has higher debt,the influence of earnings quality on the deviation from target is more significant,while when the company has lower debt,the influence of earnings quality on the adjustment speed is more significant.

关 键 词：盈余质量 资本结构 负债水平 会计信息 信贷融资 

分 类 号：F235.19[经济管理—会计学]