续贷限制对企业盈余管理的影响——来自上市公司的经验证据

The Impact of Loan Rollover Restrictions on the Earnings Management——Empirical Evidence From Listed Companies

本文以《贷款风险分类指引》的颁布作为续贷限制的政策冲击,基于A股上市企业的数据,采用倾向得分匹配双重差分法研究续贷限制对企业盈余管理的影响。结果表明,续贷限制会增强企业的盈余管理行为。进一步研究发现,非国有企业比国有企业受续贷限制政策的影响更明显;相比于低融资约束的企业,高融资约束的企业受政策影响更显著。机制检验发现,续贷限制会降低企业短期贷款的规模,弱化债务监督机制,进而增强企业盈余管理行为。

This paper takes the promulgating of The Guidelines on The Classification of Loan Risk as a policy shock of bank's tightening of loan renewal standards.Based on the data of A-share listed companies,this paper adopts the propensity score matching and difference-in-difference method to study the impact of loan renewal restrictions on corporate earnings management.And the results show that the loan rollover restriction will enhance the enterprise's earnings management behavior.Further research found that non-state-owned enterprises are more obviously affected by the loan extension restriction policy than state-owned enterprises;Compared with enterprises with low financing constraints,enterprises with high financing constraints are more significantly affected by policies.The mechanism test found that the loan rollover restriction will reduce the scale of short-term corporate credit,weaken the debt supervision mechanism,and then enhance the behavior of corporate earnings management.