企业融资需求、生命周期与盈余管理

Enterprise Financing Demands, Life Cycle and Earnings Management

以A股上市企业2007-2016年的数据为样本,实证检验我国企业融资需求、生命周期与盈余管理之间的关系。研究发现,企业的融资需求与应计盈余管理、真实盈余管理显著正相关,而在企业不同生命周期阶段其相关关系是不同的。处在成长期的企业融资需求与盈余管理显著负相关,而衰退期其融资需求与盈余管理显著正相关。这一结论丰富了相关研究,有助于利益相关者据此识别企业盈余管理活动,更有助于监管者监督企业经营活动,加强监管。

Taking the data of A share listed enterprises from 2007 to 2016 as a sample, the empirical test examines the relationship between the financing needs, life cycle and earnings management of Chinese enterprises. It is found that the financing demand of enterprises is significantly positively correlated with accrual earnings management and real earnings management, while the correlation is different at different life cycle stages of enterprises. Compared with the mature period, the financing demand of enterprises in the growth period is significantly negatively correlated with earnings management, while the financing demand of enterprises in the recession period is significantly positively correlated with earnings management. This conclusion has enriched the researches of the relationship between earnings management, life cycle and enterprise financing needs, helps stakeholders identify the enterprise surplus management activities, and more helps regulators to supervise enterprise management activities.