融资需求、盈余管理与公司资本配置效率

Financing Demand,Earnings Management and Corporate Capital Allocation Efficiency

本文以我国2011~2015年的A股上市公司为考察对象,实证检验了融资需求与盈余管理的关系,及在融资需求驱动下,不同盈余管理方式对资本配置效率的影响。研究发现:融资需求与盈余管理呈显著正相关,即企业融资需求越强烈,发生盈余管理活动的可能性越大,盈余管理程度也越高;盈余管理行为会影响会计信息质量,提高信息不对称程度,进而容易引发非效率投资问题,但盈余管理并不总是会降低资本投资效率,基于融资需求的盈余管理对缓解非效率投资有一定的积极作用。

Taking A share listed companies in2011~2015as the research object,this paper examines the relationship of fi nancing demand and earnings management,the impact of different earnings management on capital allocation efficiency driven by the demand for financing.The results indicate there is a significant positive relationship between fi nancing demand and earnings management.That means the demand for corporate fi nance is stronger,and the possibility of earnings management activities is greater,and the degree of earnings management is higher.The behavior of earnings management will affect the quality of accounting information and improve the degree of information asymmetry,which lead to the problem of ineffi cient investment.But the earnings management does not always reduce the effi ciency of capital investment.The earnings management based on the fi nancing demand has a positive effect on the ineffi cient investment.