银行借款、过度投资与盈余质量——来自中国上市公司的经验证据

Bank Loans,Excessive Investment and Earnings Quality-Evidence from the Listed Companies of China

选取2004—2011年A股上市公司的数据实证检验了过度投资对盈余质量的影响,基于市场化进程和产权性质进一步检验了银行借款对企业过度投资及盈余质量的影响。研究结论如下:企业过度投资金额越大,盈余质量越差,且自由现金流能够增强过度投资与盈余质量的负相关性。总借款、短期借款和长期借款均能削弱过度投资与盈余质量的负相关性,且长期借款对过度投资与盈余质量负相关性的削弱效果源于银行的监督治理。相对于总借款和长期借款而言,短期借款对自由现金流负面效应的削弱效果更显著。市场化进程的发展能够增强债权治理效果,且市场化进程对债权治理效果的改善作用在国有企业中更显著。

This paper selects all A - share listed companies ranging from 2004 to 2011 as research samples, and makes an empirical researeh for the influence of exeessive investment on the earnings quality, based on the process of marketization and nature of property rights, makes a further test whether the governance effect of bank loans haves impact on the relationship between the two. Research conclusions are as follows： The more the excessive investment, the worse the earning quality is, and the free cash flow can enhance the negative correlation between exceasive investment and earnings quality; Total loans, short - term loans and long - term loans can weaken the negative correlation between excessive investment and earnings quality, and long - term loans＇ weakening effect on excessive investment and earnings quality is the result of bank＇ s supervision and management, relative to total loans and long - term loans, short - term loans have more significant weakening effect on free cash flow; The improvement of the marketization process can enhance debt＇ s governance effects, and the improvement of marketization process on debt＇ s governance effect is more significant in the state - owned enterprises.