供应链金融、盈余管理与企业融资效率

Supply Chain Finance,Earnings Management and Corporate Financing Efficiency

本文以我国2014—2019年间沪深A股主板非金融类上市公司为研究样本,采用真实盈余管理模型和修正-Jones模型分别度量企业的真实和应计盈余管理,并通过主成分分析提取综合指标衡量融资效率,实证检验了供应链金融、盈余管理对企业融资效率的影响,以及供应链金融与盈余管理对融资效率的交互影响,并按企业规模、企业所有制属性对上述影响进行深入考察。研究发现,高质量的供应链金融有利于改善企业融资效率;企业内部盈余管理会抑制融资效率的提高;上述两种影响在大规模、国有企业中表现更突出。进一步的研究发现,供应链金融与真实盈余管理对融资效率的影响存在显著的替代效应,这种替代效应在小规模、国有企业中更显著。

According to the report on the Work of the State Council in 2020,multiple measures are needed to promote market-oriented allocation of factors of production,develop a multi-tiered capital market and achieve sustainable development of enterprises.Under the current market economy conditions,the premise and important guarantee for enterprises to maintain sustainable development and achieve their set goals is the adequacy and liquidity of capital.However,due to the weak quality,poor anti-risk ability,information opacity and other problems of most Chinese enterprises,the disconnection between financial supply and real demand leads to the financial repression of real enterprises.Low financing efficiency is still the main obstacle to the sustainable development of enterprises.As a good external financing method,supply chain finance can gradually invigorate funds,shorten the operation cycle of funds,and alleviate the difficulty and high cost of financing for enterprises.Under the background that there are still hidden dangers in financial information in our country,earnings management,as an important means of corporate hiding the internal bad news,will intensify the information asymmetry with external investors and increase the financing cost of enterprises.By combining earnings management and supply chain finance,this paper analyzes the mechanism of corporate financing efficiency,which not only provides a good supplement to the existing financing theories and literature,but also provides practical empirical evidence for solving the problems of financing difficulty and low efficiency for enterprises,which has practical significance for the high-quality development of Chinese real economy.In this paper,non-financial listed companies on the main board of Shanghai and Shenzhen A-shares during 2014—2019 are taken as research samples.In order to ensure the integrity and accuracy of the data,descriptive statistics and Pearson correlation test are conducted on the sample data to observe the distribution of the data and their relationship with each other on the whole.The real earnings management model and the modified Jones model are used to measure the real and accrued earnings management of enterprises respectively.Comprehensive indicators are extracted from financing cost,capital allocation efficiency,anti-risk ability and corporate governance efficiency through principal component analysis to fully measure financing efficiency.Quick ratio,return on total assets,ownership concentration,earnings per share,growth rate of operating revenue,and age of the enterprise are selected as control variables,and two dummy variables,industry and year,are introduced to construct a multiple regression model.Through empirical analysis,this paper examines the influence of supply chain finance and earnings management on corporate financing efficiency,as well as the interactive influence of supply chain finance and earnings management on financing efficiency.Further,the scale and ownership attributes of enterprises are introduced as cross-terms to investigate the mechanism of corporate financing efficiency.At the same time,the robustness analysis of the regression results is carried out to ensure the reliability of the research results.Based on literature review and theoretical analysis,this paper discusses the relationship among supply chain finance,earnings management and corporate financing efficiency.The empirical findings are as follows:(1)High-quality supply chain finance is conducive to improving the financing efficiency of enterprises.(2)There is a significant negative correlation between earnings management and financing efficiency.The higher the degree of earnings management,the lower the financing efficiency of enterprises.Meanwhile,compared with accrual earnings management,real earnings management has a more significant inhibitory effect on the financing efficiency of enterprises.Thus enhancing the financing constraints of enterprises.(3)Under the same conditions,it is more effective for large-scale state-owned enterprises to use supply chain finance to improve their financing efficiency.State-owned enterprises are“implicitly guaranteed”by the government and have obtained strong financing ability with the help of strong financial support from the state.With the support of supply chain finance,the time to obtain funds is shorter,the cost is lower,the efficiency is higher and the quantity is larger.At the same time,the use of earnings management in large-scale state-owned enterprises also has a more significant inhibiting effect on financing efficiency.There are debt“soft constraints”in state-owned enterprises,and they lack enthusiasm for resource demand in the capital market,thus weakening the possibility for enterprises and their managers to obtain benefits by manipulating earnings information,especially accrued earnings management.(4)There is a substitution effect between supply chain finance and earnings management,and the substitution effect between supply chain finance and real earnings management is more significant than that between accrued earnings management.(5)Under the same conditions,the substitution effect between supply chain finance and real earnings management in large-scale and state-owned enterprises is stronger than that in small-scale enterprises and non-state-owned enterprises.The above conclusions provide a theoretical basis for solving the problems of“expensive financing,difficult financing and low efficiency”in the development of enterprises.The limitations of this paper may lie in:(1)The impact of earnings management on financing efficiency in earnings quality is only discussed,and future studies can comprehensively consider multiple influencing factors such as the quality and timeliness of earnings disclosure for further exploration;(2)This paper only discusses the influence of debt financing on financing efficiency in external financing,and does not include equity financing.Future studies can further discuss the changes of financing efficiency under different financing structures from the perspective of the overall financing structure.