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The Effect of Legal Environment on the Association between Credit Risk and Earnings Quality: Evidence from China

基於法制環境論信用風險與盈餘品質之關聯性-來自中國之證據

摘要


The study examines the association between credit risk and earnings quality as well as the mediating role of legal environment on foregoing relationship by using a sample of Chinese A-share listed companies. The empirical results indicate that the higher credit risk, the lower earnings quality of financial reporting. Besides, firms that are situated in the provinces with a sounder legal environment exhibit higher earnings quality. Finally, this study also finds that the sound legal systems could restrain the potential earnings manipulation behaviors of high credit risk firms, thereby improving the quality of reported earnings.

並列摘要


本文以中國大陸A股上市公司為研究對象,探討信用風險與盈餘品質之關係,並考量省級法制環境於其間所扮演的角色。實證結果顯示,信用風險越高的公司,其所報導之盈餘品質越差。此外,公司若處於法制環境越為完善的省份,其盈餘品質亦越高。最後,省份層級的法制環境越佳,則越能有效抑制高信用風險公司的潛在盈餘管理行為。

參考文獻


Ali, Ashiq, and Weining Zhang, 2008, Proximity to broad credit rating change and earnings management, Working paper.
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Anthony, Joseph H., Bruce Bettinghaus, and David B. Farber, 2006, The magnitude, frequency, and limiting factors of earnings management for capital market purposes: Evidence from the issuance of public debt and equity securities, Working paper.
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