本文選題：信用評(píng)級(jí) + 應(yīng)計(jì)盈余管理　； 參考：《中國(guó)礦業(yè)大學(xué)》2017年碩士論文

【摘要】：在2008年之后我國(guó)債券發(fā)行制度發(fā)生改變,即從“額度審批制”轉(zhuǎn)變?yōu)椤昂藴?zhǔn)制”之后信用評(píng)級(jí)行業(yè)才開(kāi)始得到重視,也進(jìn)入了快速發(fā)展時(shí)期,企業(yè)主體及其證券的評(píng)級(jí)結(jié)果發(fā)揮越來(lái)越重要的作用,2016年我國(guó)國(guó)內(nèi)債券市場(chǎng)共發(fā)行公司信用債券9.85萬(wàn)億,債券融資金額遠(yuǎn)超股票融資金額。我國(guó)債券市場(chǎng)的快速發(fā)展,使有關(guān)信用評(píng)級(jí)的研究再一次成為熱點(diǎn)�！豆緜l(fā)行試點(diǎn)辦法》中明確對(duì)規(guī)定,發(fā)行債券的上市公司必須取得公司主體信用評(píng)級(jí)以及本期新發(fā)行債券的評(píng)級(jí),也就是說(shuō)企業(yè)的主體信用評(píng)級(jí)在一定程度上決定了企業(yè)能否發(fā)行債券。而在發(fā)行后債券票面利率的確定同樣依賴于公司的主體信用評(píng)級(jí),而債券票面利率又決定了企業(yè)融資成本的高低,換言之公司的主體信用評(píng)級(jí)對(duì)公司的融資成本有很大的影響。而信用評(píng)級(jí)又在很大程度上受會(huì)計(jì)信息的影響,因此研究信用評(píng)級(jí)與盈余管理相關(guān)性就很有必要。本文選取了2010-2015年間我國(guó)債券市場(chǎng)上存在主體信用評(píng)級(jí)的上市公司為研究對(duì)象,對(duì)存在連續(xù)主體評(píng)級(jí)的公司進(jìn)行考察,研究信用評(píng)級(jí)變化動(dòng)機(jī)與盈余管理行為的相關(guān)性,通過(guò)構(gòu)建模型并進(jìn)行線性回歸,分別從應(yīng)計(jì)和真實(shí)盈余管理兩個(gè)方面對(duì)模型進(jìn)行分析,得出樣本公司中信用評(píng)級(jí)上升的前一年公司普遍會(huì)進(jìn)行盈余管理,且在應(yīng)計(jì)盈余管理和真實(shí)盈余管理兩種方式中,公司更傾向于進(jìn)行真實(shí)盈余管理,同時(shí)公司有外部需求時(shí),會(huì)使主體信用評(píng)級(jí)對(duì)公司盈余管理的影響更明顯。最后用上市公司主體信用評(píng)級(jí)是否帶符號(hào)設(shè)置啞變量,表示公司的信用評(píng)級(jí)調(diào)整動(dòng)機(jī)對(duì)模型進(jìn)行穩(wěn)健型檢驗(yàn),檢驗(yàn)結(jié)果與原實(shí)證分析結(jié)果一致。根據(jù)實(shí)證分析的結(jié)果,提出了相關(guān)的政策建議:(1)公司層面:不斷提升我國(guó)上市公司參與主體信用評(píng)級(jí)的主動(dòng)性和管理層治理機(jī)制;(2)宏觀層面:完善信用評(píng)級(jí)指標(biāo)體系,統(tǒng)一各機(jī)構(gòu)的評(píng)價(jià)標(biāo)準(zhǔn);完善資本市場(chǎng)的監(jiān)督機(jī)制;規(guī)范會(huì)計(jì)準(zhǔn)則與制度,特別是會(huì)計(jì)信息的披露制度。
[Abstract]:After 2008, the bond issuance system of our country changed, that is, the credit rating industry began to be paid attention to after the "quota approval system" was changed to the "approval system", and it also entered a period of rapid development.The rating results of the main enterprise and its securities play an increasingly important role. In 2016, China's domestic bond market issued a total of 9.85 trillion corporate credit bonds, the amount of bond financing far exceeds the amount of stock financing.With the rapid development of the bond market in China, the research on credit rating has once again become a hot topic.The listed company must obtain the credit rating of the main body of the company and the rating of the new bond issued in the current period, that is to say, the main credit rating of the enterprise determines whether the enterprise can issue the bonds to a certain extent.However, the determination of bond coupon rate also depends on the main credit rating of the company, and the bond coupon rate determines the financing cost of the enterprise. In other words, the main credit rating of the company has a great impact on the financing cost of the company.The credit rating is influenced by accounting information to a great extent, so it is necessary to study the correlation between credit rating and earnings management.This paper selects listed companies with main credit rating in China's bond market from 2010 to 2015 to investigate the relationship between the motivation of credit rating and earnings management behavior.By constructing the model and linear regression, this paper analyzes the model from the two aspects of accrual and real earnings management, and concludes that earnings management is generally carried out in the companies with higher credit rating in the sample company in the previous year.And in the two ways of accrual earnings management and real earnings management, companies tend to carry out real earnings management, and when the company has external demand, the main credit rating will make the impact on earnings management more obvious.Finally, the mute variable is set with whether the main body credit rating of the listed company is marked, which indicates that the company's credit rating adjustment motive carries on the robust type test to the model, the test result is consistent with the original empirical analysis result.According to the results of the empirical analysis, this paper puts forward relevant policy recommendations at the company level: to continuously enhance the initiative of the main credit rating of listed companies in China and the governance mechanism of the management; to improve the credit rating index system;Unifying the evaluation standards of various institutions; perfecting the supervision mechanism of the capital market; standardizing accounting standards and systems, especially the disclosure system of accounting information.
【學(xué)位授予單位】：中國(guó)礦業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1738204