外部融资、盈余管理和未来业绩

External Financing、Earnings Management and Future Performance By Sun Yongyao

本文以国内A股上市公司数据为基础,研究了企业外部融资、盈余管理与经营业绩关系。研究发现,在债务融资和权益融资中都存在利用正常应计项目和异常应计项目进行盈余管理。在融资前和融资当年有重大的正异常应计项目,在融资后有重大的负异常应计项目,但观察不到权益融资比债务融资有更普遍的异常应计项目。不管是权益融资还是债务融资,在融资后,企业的经营业绩都下跌,并且权益融资有较大的不利反映。然而并不清楚权益融资比债务融资在多大程度上进行盈余管理。验证结果不支持不同融资方式有不同盈余管理方式的理论。在融资公司中,现金流量比正常应计项目更持久稳固地影响未来盈利,而正常应计项目比异常应计项目更持久稳固地影响未来盈利。

Based on the evidence of Stock A of China, it is addressed that the relationship among the firm external financing, earnings management and future performance. All evidences show that either equity financing or debt financing undertakes earnings management through the normal accruals and abnormal accruals. Prior financing and in financing, there are significant positive abnormal accruals, however, there are significant negative abnormal accruals after financing. It is not observed that equity financing has much more prevalent abnormal accruals than debt financing. Either equity financing or debt financing leads to poor future operating performance after financing, with equity financing having poorer future operating performance. However, from the results it is not clear that firms artificially inflate earnings to a greater extent when issuing equity rather than debt. Therefore the results do not support differential incentive for earnings management for different financing types. It is found that cash flows are more persistent influence on the future earnings than normal accruals, meanwhile, normal accruals are more persistent influence on the future earnings than abnormal accruals.