高管团队背景特征视角下的盈余管理和债务成本关系研究

Research on Earnings Management and Debt Cost from the Perspective of Top Management Team′s Background Characteristics

以2007—2017年的沪深A股上市公司为样本,从应计盈余管理和真实盈余管理双重角度研究盈余管理对债务成本的影响,并在此基础上检验高管团队特征(性别、年龄、学历和任期)对二者关系的调节效应。研究表明,应计盈余管理和真实盈余管理行为都会正向影响债务成本,且真实盈余管理对债务成本的影响更为显著。进一步研究显示,高管团队的女性占比、学历特征对两种盈余管理方式和债务成本都起到负向调节作用,而高管团队的平均年龄只在真实盈余管理和债务成本的关系中起到调节作用。研究结果证实盈余管理会降低企业的会计信息质量,是影响债务成本的重要因素之一,同时启发企业可以通过改善高管团队的结构来降低其债务成本。

Based on the data of Chinese A-share listed companies from 2007 to 2017, this paper explored the effects of accrual earnings management and real earnings management on debt cost, and further examined the moderating effects of the top management team′s background characteristics. We found the accrual earnings management and real earnings management are both positively associated with the cost of debt, but the later is more significant. Further, the female ratio and education degree of the top management team help to weaken the positive effect of the two earnings management on the cost of debt, but the age of top management team only influences the relationship of real earnings management and the cost of debt. This study shows earnings management has decreased the quality of firm′s accounting information, and suggests a new way of decreasing the cost of debt by changing top management teams′ structure.