货币政策波动、区域金融发展及盈余管理——基于中国上市公司数据

Monetary Policy,Regional Financial Development and Earnings Management Data Based on Chinese Listed Companies Data

本文以2003-2012年期间A股上市公司年度数据为基础,从宏观、微观和区域金融这三个视角研究了货币政策与企业盈余管理程度之间的关系。实证研究结果表明,从总体上看,当货币政策越是紧缩时,公司越可能进行正向的盈余管理;处于货币政策紧缩阶段时,相比国有企业,非国有企业进行盈余管理的程度更小;在货币政策紧缩阶段,处于金融发展程度较高区域的企业相对于处于金融发展程度较低区域的企业,进行盈余管理的程度更小。

Based on Chinese Listed companies＇ data from 2003 to 2012, this paper analyzes the relation between monetary policy and earning management from the perspective of overall, forms of business ownership and regional financial development. The empirical findings show that： （1） O- verall, there＇s a larger chance of possibility that the enterprise would engage in earnings management when the monetary policy gets tighter; （2） When the monetary policy is tight, the non--state owned enterprise has less degree of earnings management behavior, （3） When the monetary policy is tight, the enterprise located in more firtancially developed region would have less chance of conducting earnings management.