融券机制的盈余信息质量效应——基于“如实反映”与“决策相关”的分析  

Effect of Securities Lending Mechanism on Earnings Information Quality——An Empirical Analysis Based on the “Reflect Truthfully” and “Decision Relevance” of Earnings

作　　者：汪平[1] 杜松桦 Wang Ping;Du Songhua(Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学会计学院,北京100070

出　　处：《河南师范大学学报（哲学社会科学版）》2023年第1期65-71,共7页Journal of Henan Normal University(Philosophy and Social Sciences)

基　　金：国家自然科学基金面上项目(71572117)。

摘　　要：以如实反映与决策相关两项会计信息质量要求为依据,探究融券机制影响标的公司盈余信息质量的效应。本文基于2009—2019年数据,使用两种多期DID模型,研究发现融券机制对标的公司盈余信息的如实反映程度与决策相关性均有积极作用,体现于应计操纵减少与未来盈余反应系数(FERC)的提高,该结果具有稳健性。进一步而言,融券机制通过改变成本因素迫使公司更多地使用真实活动盈余管理作为操纵账面信息的替代,进而改善如实反映,而高质量的应计盈余亦是未来盈余反应系数和决策相关性产生积极变化的主要驱动。融券机制有助于改善标的公司盈余信息的如实反映与决策相关,受融券机制治理效应最明显的是应计盈余。因此,应稳步鼓励放松卖空限制,进行金融创新和金融体制改革,有控制地放开市场,促进资本市场的资源配置更加精准可靠。Based on the accounting information quality requirements,this paper explores how the emergence of short selling mechanism affects the earnings quality of the target company.Using the panel data from 2009 to 2019 with DID models,this paper find that the short selling mechanism has a positive effect on the earning information in reflect truthfully and decision relevance,which are reflected in the reduction of accrual earnings manipulation and the enhancement of future earnings reflection coefficient(FERC).This result is robust.Further,by changing the cost factor,the short selling mechanism forces the company to use more real activity earnings management as a substitution,thus improving the quality of accruals,while the high quality accruals are also the main source of the improvement of FERC.The results show that the short selling mechanism is helpful to improve the quality of earning information and promote the company to disclose higher quality accrual earnings.This conclusion has positive significance for encouragement relaxation of short-sale constraints and further understanding the corporate governance effect of short selling mechanism.

关 键 词：融券机制 盈余信息质量 未来盈余反应系数 

分 类 号：F830[经济管理—金融学]