货币政策、盈余管理与银行信贷融资

Monetary Policy,Earning Management and Bank Credit Financing

本文选取深沪两市2004-2010年所有A股上市公司的数据为研究样本,研究盈余管理与银行信贷融资的关系,同时考虑了货币政策这一宏观因素对微观经济主体会计行为的影响。研究结果表明,无论央行采取什么样的货币政策,上市公司均会通过盈余管理行为去粉饰财务状况来提高业绩获得新增信贷资金,这种情况在银根紧缩时期表现的更加明显;在央行实施从紧的货币政策下,企业会通过提高操控性应计利润来抵消货币政策所带来的信贷融资的负面冲击。非国有企业较国有企业在银根紧缩时期,更有可能去进行盈余管理。

In this paper,using the Shenzhen and Shanghai A-share listed companies of 2004-2010 as research samples,we have to study the relationship between earing management and the bank credit financing,at the same time,taking into consideration the impact of the macroscopical factors like monetary policy on the accounting behavior of micro economic entities.The results suggest no matter what kind of monetary policy be adopt by Central bank,the listed company can through the earnings management behavior to witewash financial conditions to improve perform-ance in order to gain new credit funds,this kind of situation was more obvious in the credit-tightening period.Under the tight monetary policy which taken by the Central Bank,the enterprise can use Discretionary Accruals to offset the negative effects of credit financing which bring by monetary policy.In credit-tightening period,non-stata-owned enterprises are more willing to condct earnings managements than state-owned enterprises.