融資約束、盈餘管理與股票流動性風險

如果資本市場未臻完善，投資者或金融機構將與公司間存在資訊不對稱，此時若公司有投資需求，可能造成資金取得的困難亦或融資成本將會變高，以致發生融資約束(Financial Constraints)的現象。若公司因財務結構或獲利狀況不佳，可能使外部融資成本提高，以致發生融資約束。此時公司可能會透過盈餘管理(Earnings Management)來潤飾財報，投資者將無法從財報中得到符合公司現況的財務資訊，擴大雙方資訊不對稱。於此同時，投資者將無法準確地評估股票價值，因此投資者可能不會投資其股票，造成股票流動性減少，進而提高公司股票流動性風險。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

If the capital market is imperfect, the information between the corporation and investors become asymmetric and induce the financial constraint of the corporation. Once the capital cost of corporation raise caused by the financial constraint, the corporation probably use earnings management to embellish the financial statements. Accordingly, investors gather the financial information of the corporation become more difficult and worsen the information asymmetric between the corporation and investors. Finally, investors decrease the investment inclination due to investors unable to valuation of the corporation, and then decrease the stock liquidity of corporation. 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

參考文獻

Adam, G.W., Thomas, M.F., and Robert, J.T.(2018). Risk-based loan pricing consequences for credit unions. Journal of Empirical Finance, V47, 105-119.

Google Scholar

Aghanya, D., Agarwal, V., and Poshakwale, S. (2020). Market in Financial Instruments Directive (MiFID), stock price informativeness and liquidity. Journal of Banking & Finance, V113, 105730.