真实盈余管理的渠道效应研究  

Analysis on Channel Effects of Real Earnings Management

作　　者：罗琦[1] 彭梓倩 

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《经济管理》2016年第8期135-148,共14页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"基于控股股东市场择时动机的公司投融资行为研究"(71272230);教育部新世纪优秀人才支持计划"中国上市公司权益资本成本研究"(NCET-13-0437)

摘　　要：相比既有研究单从整体上分析真实盈余管理对权益资本成本的影响,本文从销售操纵、生产操纵和酌量费用操纵三个方面具体分析真实盈余管理如何影响公司权益资本成本,并在LLV模型和罗琦、王悦歌(2015)的理论模型基础上考察真实盈余管理影响权益资本成本的渠道效应。本文以中国上市公司为研究样本进行实证检验,研究发现,上市公司实施真实盈余管理会导致其权益资本成本上升。进一步地,本文发现,真实盈余管理经由直接渠道、间接渠道和信号渠道作用于权益资本成本的效应存在差异,直接渠道效应是增加资本市场盈余噪音,从而导致公司权益资本成本上升;而间接渠道效应、信号渠道效应则表明,真实盈余管理会提高投资者对公司现金流水平以及经营业绩的预期。With the development of related researches, real earnings management and its economic conse- quences have become the highlights of theoretical and real world. The existing literatures point out different views. Some scholars insist that managerial real earnings management influences short-term reported earnings at the expense of declining the quality of financial report and distorting current-period real operations, which generally re- sults in more severe consequences than accrued earnings management. Another view, however, argues that managers may engage in real earnings management to meet earnings benchmarks in an effort to enhance the company＇s credi- bility and reputation with stakeholders,which enables optimistic prospects of investors toward the company and sig- nals superior future performance to the market. In fact, the economic consequences of real earnings management are distinct for the influencing factors, including external environment, managerial motivation and the extent of manipu- lation, are varied. When investigating the economic consequences of real earning management, its channel effects should be taken into consideration. On the perspectives of sales manipulation, production manipulation and discretionary expenditures manipula- tion, this article analyses the influences of real earnings management on the cost of equity capital ,which is different from extant researches. Furthermore, our article, based on LLV model and the theoretical model from Luo and Wang （2015） ,illustrates the direct channel effect, indirect channel effect and signal channel effect by investigating the in- fluences of real earnings management on earnings noise, expected level of future cash flow and future perform- ance. The empirical research of the paper is based on the financial data of China＇ s non-financial listed companies of Shanghai and Shenzhen Stock Exchanges from 2002 to 2013. The empirical test indicates that engaging in real earn- ings management leads to a rise of cost of equity capital. Subsequent

关 键 词：真实盈余管理 权益资本成本 渠道效应 

分 类 号：F328[经济管理—产业经济]