盈余管理、审计意见与信贷期限

Earnings Management,Audit Opinion and Credit Duration

从债权人信贷风险防范视角出发,基于2009—2020年沪深A股上市公司微观数据,探讨我国转型期经济背景下企业盈余管理对债权人信贷期限的影响。研究发现:企业盈余管理行为的增加会对债权人信贷决策产生干扰,造成信贷期限延长、信贷风险增加,且这种影响在非国有企业中更为显著;引入外部治理机制后发现,审计意见在盈余管理和信贷期限的关系中发挥调节效应,即非标准审计意见会削弱盈余管理对债权人信贷期限决策的干扰;在经济后果方面,通过盈余管理手段获得的长期贷款会导致会计信息质量恶化、代理问题更加突出,进而对企业投资效率、创新水平和企业绩效产生负向影响。研究结论有助于完善债权人保护机制、提高银行信贷风险治理水平和创新综合监管模式,进而为相关部门制定政策建议提供有益指导和证据支持。

From the perspective of credit risk prevention of creditors,based on the micro-data of Shanghai and Shenzhen A-share listed companies from 2009 to 2020,this paper discusses the effect of earnings management on creditor s credit term under the special background of China s transitional economy.The results show that the increase of earnings management behavior of enterprises will interfere with creditors credit decisions,resulting in the increase of credit term and credit risk,and this effect is more significant in non-state-owned enterprises.And this effect is more significant in non-state-owned enterprises.Through the introduction of external governance mechanism,it is found that audit opinions play a moderating effect on the relationship between earnings management and credit duration,that is,non-standard audit opinions weaken the promoting effect of earnings management on credit duration.In terms of economic consequences,long-term loans obtained by means of earnings management will lead to deterioration of accounting information quality and more prominent agency problems,which will have a negative impact on enterprise investment efficiency,innovation level and enterprise performance.The conclusions of the research will help to improve the mechanism of creditor protection,improve the level of governance of bank credit risk and innovate the comprehensive supervision model,and then provide useful guidance and evidence support for relevant departments to formulate policy recommendations.