债券违约风险与企业盈余管理行为--来自中国债券市场的经验证据

Bond default risk and enterprise earnings management behavior--Empirical evidence from China's bond market

债券违约问题逐步呈现常态化和普遍化特征,成为我国资本市场上一个迫切需要引起重视的问题。本文以2015-2019年发行债券的企业作为研究对象,从企业盈余管理行为的角度来考察债券违约风险的影响因素。研究发现:我国债券发行企业存在盈余管理行为,这种现象尤其体现在债券违约企业中;在控制其他变量不变的情况下,无论是应计盈余管理行为还是真实盈余管理行为,债券违约风险与其均呈显著正相关关系;进一步研究发现真实盈余管理对公司业绩存在长期的负面影响,从而增大了企业的债券违约风险。

This paper takes the enterprises issuing bonds from 2015 to 2019 as the research object,and examines the factors affecting the default risk of bonds from the perspective of enterprise earnings management behavior. The results show that:( 1) Earnings management exists in Chinese bond issuing enterprises,which is especially reflected in bond defaulting enterprises.( 2) Other variables controlled,bond default risk is significantly positively correlated with both accrual earnings management and real earnings management.( 3) Further research finds that the real earnings management has a long-term negative impact on the enterprise’s performance,thus increasing the risk of enterprise bond default.