高息委托借款与企业盈利能力研究——以盈余持续性和价值相关性为视角

High-interest Loans and Profitability of the Firms:from the Perspective of Earnings Persistence and Earnings Value Relevance

从高息委托贷款活动不可持续性、项目风险性等特点出发,讨论了这类活动对企业会计信息质量的影响。研究发现,高息委托贷款存续期间的企业有着较低的盈余持续性。进一步分析表明,较低盈余持续性主要来源于营业利润持续性较低。同时盈余价值相关性分析显示,高息委托贷款组的企业,营业利润的价值相关性较低,营业外利润并没有更高的价值相关性,以上证据说明,对于投资者而言,高息委托贷款的收益并未带来实质上对企业股价看法的改变。

High interest loans have characteristics of unsustainability,sacrifice of firms＇ innovation activities,and high risks.These characteristics may lower the quality of firms＇ accounting information. In this article,we find that the firms which engage in high-interest entrusted loans have lower earnings persistence. Further analysis shows that the low earnings persistence is mainly caused by low main business earnings persistence. The earnings value relevance analysis shows that,for firms which engage in high-interest entrusted loans,earnings are less relevant to stock price and non-core business earnings has no higher value relevance. These results indicate that high-interest entrusted loans business does not substantially change investors＇ perceptions to the company stock.