盈余管理对企业融资约束的影响研究  

The Research of the Impact of Earnings Management on Corporate Financing Constraints

作　　者：王东清[1] 郭翔[1] 李静[1] 

机构地区：[1]中南大学商学院

出　　处：《财务与金融》2017年第1期24-29,共6页Accounting and Finance

摘　　要：本文基于信息不对称、委托代理及预算软约束理论,以2011-2014年的沪深A股上市公司为样本,检验企业盈余管理对融资约束的影响。研究表明:应计盈余管理加剧了企业的融资约束状况,但是外部投资者没能有效识别真实盈余管理,其反而缓解了企业的融资约束状况;国有企业弱化了盈余管理对融资约束的影响;在竞争激烈的行业中,应计盈余管理对融资约束的加剧作用表现更强,而真实盈余管理对融资约束的缓解作用被削弱。Based on the asymmetric information theory, agency theory and soft budget constraint theory, this paper tests the influence of accrued and real earnings management to financing constraints with the samples of listed company in the years of 2011 - 2014. The results show that： either accrued or real earnings management has exacerbated the company＇s financing constraints, but accrued earnings management is more significant. In addition, state-owned enterprises weakened the impact of earnings management on financing constraints. The plunder-risk effect brought by industry competition further intensifies and magnifies the impact of earnings management on financing constraints.

关 键 词：盈余管理 融资约束 最终控制人性质 行业竞争 

分 类 号：F230[经济管理—会计学]