银行贷款、公司债与盈余管理

Bank Loans,Corporate Bonds and Earnings Management

与以往的盈余管理研究主要关注股权融资中的资本市场动机不同,文章通过研究上市公司债务融资中基于资本市场动机的盈余管理行为发现,沪深两市A股主板上市公司在2007-2011年间进行债务融资时,无论是通过公开发行债券的直接融资方式,还是通过从银行获得贷款的间接融资方式,新债的产生都诱发了企业向上调整盈利水平,并且由于公开债券市场的监督效率低于银行的监督效率,发行债券的直接融资方式对企业盈利操控的影响程度更大。

Different from the previous earnings management studies which focus on the capital market motives in equity financing, this paper discusses the earnings management behaviors based on capital market motives in the debt financing of listed companies. The empirical analysis finds that when the A-share mainboard companies listed in Shanghai and Shenzhen stock markets carried out debt financing during the period of 2007-2011, whether in the form of direct financing by issuing bonds publicly or in the form of indirect financing by obtaining loans from the banks, the generation of new debt would induce the enterprises to make the upward adjustment of the earn- ings level. Besides, since the supervision efficiency in public debt market is weaker than that of the banks, the way of direct financing in bond issuing would have more significant impact on the enter- prises＇ earnings control.