融資約束、盈餘管理與股票流動性風險

Financial Constrains, Earnings Management, and Liquidity Risk

林昭佑(ZhaoYou Lin) ； 李家豪(Chia-Hao Lee)

《當代商管論叢》 5卷1期 (2020/12) Pp. 1-24

https://doi.org/10.6852/JCBM.202012_5(1).01

摘要

本文以中國A股上市公司為樣本，在考量融資約束的情況下，探討盈餘管理對股票流動性的影響，並了解融資約束於兩者間的中介效果。結果發現在考量了融資約束的影響後，盈餘管理會對股票流動性產生顯著的負面影響，亦即公司經理人從事盈餘管理會使降低該公司的股票流動性，受到融資約束的狀況越嚴重，也會使股票流動性降低，且融資約束於其中存在中介效果。本研究結果將有助於公司改善其公司治理及強化融資決策。

關鍵字

融資約束 ； 盈餘管理 ； 流動性風險

並列摘要

This study is to explore the impact of earnings management on the stock liquidity of the corporation with financial constrain and investigate the mediation effect of financial constraint. The empirical results from the stocks of China A share indicate the earnings management can significantly decrease the stock liquidity. These results imply that the corporation suffered by financial constraint to use earnings management can induce stock liquidity to become decrease. The findings of the study can bring the benefit for the corporation to improve their governance and financing decision.

並列關鍵字

Financial Constraints ； Earnings Management ； Liquidity Risk