财务柔性能抑制公司欺诈吗?  

Could Financial Flexibility Restrain Corporate Fraud in China?

作　　者：胡海峰[1] 赵加良 王爱萍 马奔 HU Haifeng;ZHAO Jialiang;WANG Aiping;MA Ben(Business School,Beijing Normal University,Beijing 100875,China;School of Economics,Beijing Technology and Business University,Beijing 100048,China;School of Accounting,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]北京师范大学经济与工商管理学院,北京100875 [2]北京工商大学经济学院,北京100048 [3]首都经济贸易大学会计学院,北京100070

出　　处：《管理学刊》2022年第6期75-94,共20页Journal of Management

基　　金：国家社会科学基金项目(21AJL012)。

摘　　要：以2005—2021年中国A股市场上市公司为研究样本,采用Probit模型,研究了财务柔性对上市公司欺诈行为的影响。结果显示,财务柔性显著降低了上市公司欺诈事件发生的概率。在机制检验中,发现财务柔性通过降低公司盈利波动和风险、提高公司投资能力、提高高管薪酬黏性等渠道抑制了公司的欺诈行为。拓展性分析结果表明对于高杠杆和高竞争的公司而言,增强财务柔性有效地降低了公司欺诈风险;加强公司内部控制,能够进一步提升财务柔性对公司欺诈的抑制作用。该研究结果表明,财务柔性作为一种公司战略性资源储备,对于公司应对外部环境冲击,提高防范和抵御风险能力具有重要的意义。Based on the data of Chinese a-share listed companies from 2005 to 2021, adopting Probit model and using debt flexibility measures the financial flexibility level of listed companies, this article studies the influence of financial flexibility on listed corporate fraud. It is found that financial flexibility significantly reduces the probability of fraud in listed companies. In the mechanism test, we find that financial flexibility inhibits corporate fraud by reducing the volatility and risk faced by the company, improving the investment ability of the company, and improving the stickiness of executive compensation. The results show that financial flexibility can restrain internal fraud more effectively in highly leveraged companies and companies with better internal control quality. When the degree of industry competition increases, the restraining effect of financial flexibility on corporate fraud is also strengthened. Even in years of low economic policy uncertainty, financial flexibility can significantly reduce the probability of corporate fraud. The study of this paper provides certain reference value for guiding listed companies to reserve financial flexibility, reducing the probability of corporate fraud and promoting the healthy and stable development of economy.

关 键 词：财务柔性 公司欺诈 盈利波动性 现金流波动性 高管薪酬黏性 

分 类 号：F123.9[经济管理—世界经济] F064.1