本文關(guān)鍵詞： 混合所有制企業(yè) 信貸融資 盈余管理方式 國(guó)有持股比例　出處：《山東工商學(xué)院》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：十八三中全會(huì)的《決定》指出積極發(fā)展混合所有制經(jīng)濟(jì)是我國(guó)經(jīng)濟(jì)制度的重要實(shí)現(xiàn)形式。決定的提出讓我們聚焦混合所有制改革。從各項(xiàng)數(shù)據(jù)來(lái)看,混合所有制企業(yè)效率更高,探究背后原因我們發(fā)現(xiàn):企業(yè)面臨融資成本明顯不同,相比其他性質(zhì)企業(yè),混合所有制企業(yè)獲取了更多的信貸融資。在以往大量的研究中指出,我國(guó)企業(yè)普遍會(huì)通過(guò)盈余管理而獲取信貸融資,這不禁讓我們思考混合所有制企業(yè)所得到的大量貸款是否是通過(guò)盈余管理得到的。為了研究這個(gè)問題,本文以2008~2014年度我國(guó)A股混合所有制上市公司為樣本,研究了混合所有制企業(yè)盈余管理對(duì)企業(yè)信貸融資的影響。結(jié)果發(fā)現(xiàn):混合所有制企業(yè)為了獲取貸款也存在盈余管理動(dòng)機(jī),具體而言,國(guó)有性質(zhì)的混合所有制企業(yè)傾向通過(guò)應(yīng)計(jì)盈余管理來(lái)獲信貸融資;民營(yíng)性質(zhì)的混合所有制企業(yè)公司更加傾向通過(guò)真實(shí)盈余管理來(lái)獲取信貸融資,進(jìn)一步來(lái)看,國(guó)有持股比例的大小對(duì)混合所有制企業(yè)通過(guò)盈余管理手段獲得信貸融資無(wú)顯著影響。本文共分為6章,各章內(nèi)容如下:第1章緒論。主要介紹了本文的研究背景、研究意義、研究的主要內(nèi)容、研究的方法、思路以及本文的創(chuàng)新之處。第2章文獻(xiàn)綜述。首先對(duì)盈余管理的相關(guān)研究進(jìn)行了綜述,包括盈余管理概念研究、動(dòng)機(jī)研究以及方式的研究。然后對(duì)盈余管理與信貸融資的研究進(jìn)行了綜述,包括會(huì)計(jì)信息質(zhì)量與債務(wù)契約的研究,盈余管理與貸款的研究。最后,對(duì)產(chǎn)權(quán)屬性與企業(yè)信貸融資的關(guān)系進(jìn)行的研究綜述�？偨Y(jié)了以往研究的不足,提出了本文的研究?jī)?nèi)容。第3章理論基礎(chǔ)與提出假設(shè)。首先對(duì)盈余管理、信貸融資、混合所有制企業(yè)的概念進(jìn)行了界定。然后介紹了信息不對(duì)稱理論、委托代理理論以及尋租理論。接下來(lái),運(yùn)用三種理論分析了盈余管理、信貸融資與產(chǎn)權(quán)性質(zhì)的關(guān)系。最后,以背景分析和理論分析為基礎(chǔ),細(xì)化了盈余管理對(duì)信貸融資影響的研究問題,提出了混合所有制企業(yè)是否通過(guò)盈余管理獲取貸款;不同產(chǎn)權(quán)性質(zhì)是否會(huì)影響混合所有制企業(yè)選擇盈余管理方式,及不同的國(guó)有持股比例是否會(huì)對(duì)兩者關(guān)系產(chǎn)生影響的三大類假設(shè)。第4章研究設(shè)計(jì)。本文以2008~2014年上市的混合所有制企業(yè)為樣本,針對(duì)不同的假設(shè),設(shè)置了不同的解釋變量與被解釋變量,并結(jié)合變量構(gòu)建了主要的6個(gè)模型。第5章實(shí)證研究結(jié)果分析。本章對(duì)選取的數(shù)據(jù)運(yùn)用stata進(jìn)行了描述性統(tǒng)計(jì),相關(guān)性分析,多元回歸分析,在回歸分析中,本文探討了混合所有制企業(yè)盈余管理方式與信貸融資的關(guān)系,并得出了本文的結(jié)論。最后在穩(wěn)健性測(cè)試中,本文選擇了盈余管理等其他的變量定義進(jìn)行測(cè)試,結(jié)果與預(yù)期一致,本文主要的研究結(jié)論基本成立。第6章研究結(jié)論及展望。首先,本章對(duì)上一章的研究結(jié)果進(jìn)行了總結(jié)論述,具體包括:(1)混合所有制企業(yè)通過(guò)盈余管理獲取貸款。(2)國(guó)有性質(zhì)的混合所有制企業(yè)通過(guò)應(yīng)計(jì)盈余管理獲取貸款,民營(yíng)性質(zhì)混合所有制企業(yè)通過(guò)真實(shí)盈余管理獲取貸款。(3)國(guó)有持股比例不會(huì)對(duì)混合所有制企業(yè)通過(guò)盈余管理獲取信貸融資產(chǎn)生顯著影響。然后,梳理本文的研究貢獻(xiàn),主要有:(1)從研究視角上補(bǔ)充了關(guān)于混合所有制企業(yè)的實(shí)證研究。(2)在研究?jī)?nèi)容上,系統(tǒng)闡述了盈余管理對(duì)企業(yè)信貸融資的影響機(jī)制,不同產(chǎn)權(quán)性質(zhì)的混合所有制企業(yè)如何選擇盈余管理方式。從而在一定程度上豐富了盈余管理與債務(wù)融資的相關(guān)研究。(3)在研究方法上,本文加入了國(guó)有持股比例的研究,國(guó)有持股比例作為連續(xù)變量相比加入國(guó)有、非國(guó)有的虛擬變量的研究會(huì)更加深入。接下來(lái)。本文提出了文章的五點(diǎn)政策建議,包括:(1)債權(quán)人加強(qiáng)對(duì)盈余管理手段的辨別能力。(2)銀行應(yīng)該加強(qiáng)對(duì)貸款的后續(xù)監(jiān)督。(3)完善會(huì)計(jì)信息披露制度。(4)完善債務(wù)融資監(jiān)管機(jī)制。(5)大力發(fā)展混合所有制改革。最后,總結(jié)了文章存在的不足與局限,針對(duì)局限論述了未來(lái)進(jìn)一步的研究方向,為以后的研究做了鋪墊。
[Abstract]:< > eighteen Third Plenary Session of the decision pointed out that the positive development of mixed ownership economy is an important form of economic system of our country. The decision made us focus on the reform of mixed ownership. From the data, mixed ownership enterprises more efficient, explore the reasons behind we found that enterprises are facing financing costs are significantly different, compared to other properties enterprises, mixed ownership enterprises to obtain more credit financing. It is pointed out that in previous studies, Chinese enterprises generally will obtain credit financing through earnings management, which makes us think that there is a large number of mixed business loans are obtained through earnings management. In order to study this problem, in this paper 2008~2014 China A shares mixed ownership of listed companies as the sample of mixed ownership enterprise earnings management to the enterprise's credit financing effect. The results show that: Mixed ownership enterprises to obtain loans also exist earnings management motivation, in particular, mixed state-owned property ownership enterprises intention through accrual earnings management to credit financing; private enterprises of mixed ownership are more likely to get real earnings management through credit financing, further, the proportion of state-owned shares has no significant size effect of mixed ownership enterprises to obtain financing through the means of earnings management. This paper is divided into 6 chapters, each chapter is as follows: the first chapter is the introduction. It mainly introduces the research background, the significance of this study, the main research contents, research methods, ideas and innovation of this article. The second chapter is the literature review on the first. The related research of earnings management are reviewed, including the study of earnings management concept, motivation research and Research on the way of study. Then the earnings management and credit financing The research is reviewed, including the quality of accounting information and debt contract, study on earnings management and loan. Finally, summary of the study on the relationship between the financing of property rights and enterprise. Summarize the shortcomings of previous studies, put forward the research content of this paper. The third chapter is the theoretical basis and put forward the hypothesis. First, on earnings management. The concept of credit financing, mixed ownership enterprises are defined. And then introduces the theory of asymmetric information, principal-agent theory and rent-seeking theory. Then, using three kinds of theoretical analysis of earnings management, the relationship between credit financing and property rights in nature. Finally, with the background analysis and theoretical analysis, the study on the influence of earnings refinement the management of credit financing, proposed mixed ownership enterprises to obtain loans through earnings management; whether the different nature of the property will affect the earnings of mixed ownership enterprises Whether the different management mode, and the proportion of state-owned shares will be three kinds of assumptions affect the relationship between the two. The fourth chapter of the study design. This paper takes mixed ownership enterprises 2008~2014 listed according to different assumptions, set up different explanatory variables and explanatory variables, and variables constructed 6 models the main analysis results. The fifth chapter is the empirical research. This chapter of the selected data using Stata for descriptive statistics, correlation analysis, multiple regression analysis, regression analysis, this paper discusses the mixed ownership enterprise earnings management and credit financing relationship, and the conclusion of this paper. Finally, in the robustness test. This paper chooses the earnings management and other variables tested, consistent with the expected results, the main conclusions of this study basically established. The conclusion and outlook of the sixth chapter. Firstly, this chapter on The research results of chapter are summarized, including: (1) the mixed ownership enterprises to obtain loans through earnings management. (2) mixed state-owned property ownership enterprises through the accrual earnings management to obtain loans, the private property of mixed ownership enterprises to obtain loans through real earnings management. (3) the proportion of state-owned shares not for mixed ownership enterprises through earnings management to obtain credit financing has significant effect. Then, the main research contributions, combing of this paper are: (1) from the view of the supplement on empirical research on mixed ownership enterprises. (2) in the research content, systematically expounded the influence mechanism of earnings management of enterprise credit financing and how mixed ownership enterprises of different property right choice of earnings management. So as to enrich the research of earnings management and debt financing to a certain extent. (3) in the research method, this paper add The study on the proportion of state-owned shares, the proportion of state-owned shares as a continuous variable compared to join state-owned, state-owned non virtual variables will be more in-depth. Then put forward in this paper. The five point of the policy recommendations, including: (1) the creditors to strengthen the means of earnings management the distinguish ability. (2) the bank should strengthen the follow-up the supervision on the loan. (3) improve the accounting information disclosure system. (4) improve the regulatory mechanism of debt financing. (5) the development of the mixed ownership reform. Finally, summarizes the deficiencies and limitations of the existing limitations, to discusses the future direction for further research, for future research to do the groundwork.

【學(xué)位授予單位】：山東工商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51;F832.4

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