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.
MA Hong,HOU Guisheng. Enterprise Financialization and Earnings Management: Based on a Research Perspective of Heterogeneous Holding Purpose. Economic Survey, 2021, 38(1): 0105.
2021, Vol. 38 
