Impact of Financing Sources on the Earnings Management of Chinese Listed Firms before and after Institutional Reforms

融資來源在制度變革前後對中國上市公司盈餘管理的影響

洪榮華(Jung-Hua Hung) ； 李易政(I-Cheng Li) ； 王文聖(Wen-Sheng Wang) ； 陳香如(Hsiang-Ju Chen) ； 李尉慈(Wei-Tzu Li)

《財務金融學刊》 21卷2期 (2013/06) Pp. 31-60

https://doi.org/10.6545/JFS.2013.21(2).2

摘要

本研究檢視融資來源在制度改革前後對中國上市公司盈餘管理行為之影響。將來源分為負債融資及權益融資，以2004年銀行業股份制改革及2001年權益融資法規調整為分界點，PanelLeast Squares模型檢視之結果，銀行業股份制改革後，負債融資企業盈餘管理行為顯著高於改革前；權益融資相關法規調整後，權益融資公司進行盈餘管理情形顯著高於調整前。

關鍵字

盈餘管理 ； 融資來源 ； 制度改革

並列摘要

This paper uses discretionary accruals as a proxy for earnings management to examine the impact of financing sources on the earnings management in Chinese listed firms before and after the institutional reforms. The financing sources are divided into debt and equity financing whose research periods are categorized according to the banking reform in 2004 and the securities regulation reform in 2001, respectively. Panel least squares regression is used to analyze the data. The empirical results show that, after the banking reform and the securities regulation reform, managers tend to manipulate earnings more prominently than they did before.

並列關鍵字

Earnings management ； sources of financing ； institutional reform

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