供应链金融、盈余管理与企业融资效率  

Supply Chain Finance,Earnings Management and Corporate Financing Efficiency

作　　者：高玥 杨毅[1,2] GAO Yue;YANG Yi(School of Economics and Management,Guangxi University of Science and Technology,Liuzhou 545006,China;Guangxi Industrial High Quality Development Research Center,Liuzhou 545006,China)

机构地区：[1]广西科技大学经济与管理学院,广西柳州545006 [2]广西工业高质量发展研究中心,广西柳州545006

出　　处：《运筹与管理》2023年第8期152-158,共7页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(71462004)。

摘　　要：本文以我国2014—2019年间沪深A股主板非金融类上市公司为研究样本,采用真实盈余管理模型和修正-Jones模型分别度量企业的真实和应计盈余管理,并通过主成分分析提取综合指标衡量融资效率,实证检验了供应链金融、盈余管理对企业融资效率的影响,以及供应链金融与盈余管理对融资效率的交互影响,并按企业规模、企业所有制属性对上述影响进行深入考察。研究发现,高质量的供应链金融有利于改善企业融资效率;企业内部盈余管理会抑制融资效率的提高;上述两种影响在大规模、国有企业中表现更突出。进一步的研究发现,供应链金融与真实盈余管理对融资效率的影响存在显著的替代效应,这种替代效应在小规模、国有企业中更显著。According to the report on the Work of the State Council in 2020,multiple measures are needed to promote market-oriented allocation of factors of production,develop a multi-tiered capital market and achieve sustainable development of enterprises.Under the current market economy conditions,the premise and important guarantee for enterprises to maintain sustainable development and achieve their set goals is the adequacy and liquidity of capital.However,due to the weak quality,poor anti-risk ability,information opacity and other problems of most Chinese enterprises,the disconnection between financial supply and real demand leads to the financial repression of real enterprises.Low financing efficiency is still the main obstacle to the sustainable development of enterprises.As a good external financing method,supply chain finance can gradually invigorate funds,shorten the operation cycle of funds,and alleviate the difficulty and high cost of financing for enterprises.Under the background that there are still hidden dangers in financial information in our country,earnings management,as an important means of corporate hiding the internal bad news,will intensify the information asymmetry with external investors and increase the financing cost of enterprises.By combining earnings management and supply chain finance,this paper analyzes the mechanism of corporate financing efficiency,which not only provides a good supplement to the existing financing theories and literature,but also provides practical empirical evidence for solving the problems of financing difficulty and low efficiency for enterprises,which has practical significance for the high-quality development of Chinese real economy.In this paper,non-financial listed companies on the main board of Shanghai and Shenzhen A-shares during 2014—2019 are taken as research samples.In order to ensure the integrity and accuracy of the data,descriptive statistics and Pearson correlation test are conducted on the sample data to observe the distribution of the data and their

关 键 词：供应链金融 应计盈余管理 真实盈余管理 融资效率 主成分分析 

分 类 号：F275.1[经济管理—企业管理] F276.6[经济管理—国民经济]