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

吳幸蓁(Shing-Jen Wu) ； 沈大白(Da-Bai Shen) ； 莊婷婷(Ting-Ting Chuang)*)

《財務金融學刊》 26卷2期 (2018/06) Pp. 93-137

https://doi.org/10.6545/JFS.201806_26(2).0003

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.

關鍵字

Earnings quality ； credit risk ； legal environment ； provincial business environment index

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。

並列關鍵字

盈餘品質 ； 信用風險 ； 法制環境 ； 省份企業經營環境指數

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