企业金融化与盈余管理——基于异质性持有目的的研究视角

摘要以中国A股上市公司2008—2016年的经验数据为样本,实证分析企业金融化对盈余管理的影响。研究发现:(1)在金融化的异质性影响分析中,适度的企业金融化偏向于预防性储备的目的,进而削弱了企业实施盈余管理的动机,而过度的企业金融化偏向于套利目的,进而激励了企业实施盈余管理的动机。(2)在进一步展开的分组分析中,依据企业对金融收益的依赖程度对样本进行分组发现,在依赖程度较高组中,企业金融化对盈余管理具有显著的助长效应,相反在依赖程度较低组中,则具有显著的抑制效应。

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	马红
	侯贵生

关键词：企业金融化盈余管理预防性储备投机套利

Abstract： Bases on the empirical data of Chinese A-share listed companies from 2008 to 2016, this paper has an empirical analysis of the impact of enterprise financialization on earnings management. There are following findings: (1) In the analysis of heterogeneous impact of financialization, the authors find that moderate enterprise financialization tends to have the purpose of preventive reserve, which inhibits enterprise’s motivation of earnings management, while the excessive enterprise financialization tends to have the purpose of speculative arbitrage, which increases the motivation of earnings management; (2) In the further grouping analysis, according to the degree of dependence on financial income, it is found that the enterprise financialization has a significant incentive effect on earnings management in the group with higher degree of dependence. On the contrary, it has a significant inhibition effect in the group with lower degree of dependence.

Keywords： Enterprises Financialization Earnings Management Preventive Reserve Speculative Arbitrage

收稿日期 2020-01-06; 接受日期 ;

基金资助:山东省自然科学基金项目(ZR2018BG007);青岛市哲学社会科学规划项目(QDSKL1901128);山东科技大学人才引进科研启动基金项目(2017RCJJ023)

作者简介: 马红(1985— ),女,山东济南人,博士,讲师,硕士生导师,主要从事公司治理与公司财务研究;侯贵生(1965— ),男,山东文登人,博士,教授,博士生导师,主要从事企业战略管理研究。

引用本文:

马红, 侯贵生.企业金融化与盈余管理——基于异质性持有目的的研究视角[J]. 经济经纬, 2021,1: 105-113

MA Hong, HOU Guisheng.Enterprise Financialization and Earnings Management: Based on a Research Perspective of Heterogeneous Holding Purpose[J] Economic Survey, 2021,V38(1): 105-113

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2021/V38/I1/105

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