融资融券对盈余管理的影响

Research on the Effect of Securities Margin Trading on Earnings Management

基于我国2008—2017年的A股上市公司数据,实证研究了融资融券对上市公司盈余管理程度、偏好、方向的影响。研究发现,在融资融券后,标的上市公司的总体应计盈余管理和真实盈余管理程度均下降,此时上市公司更偏好进行真实盈余管理,且为向下的盈余管理。本文研究有助于更进一步认识融资融券业务的影响,为政府部门更好地发挥融资融券业务的作用以及投资者更好地监督上市公司的盈余管理提供了必要的经验证据。

Based on the data of Chinese A-share listed companies from 2008to 2017,this paper investigated the impact of securities margin trading on the degree,preference and directions of earnings management of listed companies.The study finds that margin trading would inhibit total accrual earnings management and real earnings management of target listed companies,when listed companies would prefer to use real earning management and run earning management in a decreasing direction after margin trading. The analysis contributes to better understanding of the impact of securities margin trading,providing empirical evidence for government to better regulate the effect of securities margin trading and for investor to better supervise the earnings management of listed companies.