本文選題：機(jī)構(gòu)持股 + 債務(wù)融資　； 參考：《江蘇師范大學(xué)》2017年碩士論文

【摘要】：隨著我國資本市場不斷發(fā)展,公司盈余管理受到國內(nèi)外研究學(xué)者的親睞,經(jīng)典的債務(wù)契約等理論認(rèn)為,債務(wù)融資能夠誘發(fā)管理層進(jìn)行盈余管理。由于債務(wù)人是否能夠獲取融資,很多大程度上取決于債務(wù)人提供的財(cái)務(wù)報(bào)告中盈利指標(biāo)。因此,將債務(wù)融資與公司盈余管理聯(lián)系在一起。同時(shí),隨著機(jī)構(gòu)投資者迅速發(fā)展,其在公司治理中扮演越來越重要的角色。機(jī)構(gòu)投資者可通過積極參與公司治理影響管理層融資決策,進(jìn)而對公司盈余管理產(chǎn)生影響。本文希望通過對機(jī)構(gòu)持股進(jìn)行分析,探討機(jī)構(gòu)持股對債務(wù)融資與盈余管理的調(diào)節(jié)作用,為提高公司盈余信息質(zhì)量提供政策性建議。通過對國內(nèi)外相關(guān)文獻(xiàn)進(jìn)行回顧和分析,并對研究結(jié)論進(jìn)行歸納,發(fā)現(xiàn)以往對機(jī)構(gòu)持股、債務(wù)融資與公司盈余管理關(guān)系研究中,側(cè)重研究兩兩關(guān)系,沒有涉及機(jī)構(gòu)持股對債務(wù)融資與盈余管理調(diào)節(jié)作用的研究,且以往研究主要涉及到債務(wù)融資特征中的債務(wù)規(guī)模。本文從債務(wù)融資規(guī)模、債務(wù)融資來源和債務(wù)融資期限三大角度出發(fā),著重研究機(jī)構(gòu)投資者是否持股對債務(wù)融資與公司盈余管理的調(diào)節(jié)作用;為了進(jìn)一步探索上述三者之間的關(guān)系,本文按照機(jī)構(gòu)持股中位數(shù)進(jìn)行劃分,分別研究機(jī)構(gòu)持股高/低對債務(wù)融資與盈余管理的調(diào)節(jié)作用。本文選取2010-2015年間我國滬深兩市A股上市公司作為研究樣本,采用修正的瓊斯模型進(jìn)行度量公司的盈余管理,通過描述性統(tǒng)計(jì)、多元線性回歸方法,研究債務(wù)融資與盈余管理的關(guān)系。在此基礎(chǔ)上,引入機(jī)構(gòu)持股作為調(diào)節(jié)變量,分析了機(jī)構(gòu)持股對債務(wù)融資與公司盈余管理關(guān)系的調(diào)節(jié)作用。研究發(fā)現(xiàn):(1)就債務(wù)融資規(guī)模而言,公司債務(wù)水平較高時(shí),能夠誘發(fā)管理層盈余管理動(dòng)機(jī);就債務(wù)融資來源而言,銀行借款的間接融資模式能夠誘發(fā)盈余管理;就債務(wù)融資期限而言,長期債務(wù)融資能誘發(fā)管理層進(jìn)行盈余管理,但短期債務(wù)融資能夠抑制盈余管理。(2)機(jī)構(gòu)持股和機(jī)構(gòu)持股比例高的上市公司均能對債務(wù)規(guī)模、銀行借款、長期債務(wù)融資與盈余管理關(guān)系起到反向調(diào)節(jié)的作用。最后,根據(jù)研究提出以下合理性建議:(1)規(guī)范機(jī)構(gòu)投資者制度的建設(shè);(2)加強(qiáng)債券市場的發(fā)展,拓寬融資渠道;(3)提高盈余信息質(zhì)量,實(shí)現(xiàn)公司價(jià)值最大化。
[Abstract]:With the development of capital market in our country, earnings management is favored by domestic and foreign scholars. The classical debt contract theory holds that debt financing can induce management to carry out earnings management. Much depends on the profitability of the financial statements provided by the debtor because of the availability of financing for the debtor. Therefore, debt financing and corporate earnings management are linked. At the same time, with the rapid development of institutional investors, it plays an increasingly important role in corporate governance. Institutional investors can actively participate in corporate governance to influence management financing decisions, and then affect corporate earnings management. Through the analysis of institutional shareholding, this paper discusses the adjustment effect of institutional shareholding on debt financing and earnings management, and provides policy suggestions for improving the quality of earnings information. Based on the review and analysis of domestic and foreign literature, and the conclusion of the study, it is found that in the past research on the relationship between institutional shareholding, debt financing and corporate earnings management, the research focuses on the relationship between two and the other. There is no research on the regulatory effect of institutional shareholding on debt financing and earnings management, and previous studies mainly concern the debt size in the characteristics of debt financing. From the perspective of debt financing scale, debt financing source and debt financing period, this paper focuses on the adjustment effect of institutional investors' shareholding on debt financing and corporate earnings management. In order to further explore the relationship between the above three, this paper classifies the relationship between institutional ownership and earnings management according to the median of institutional shareholdings, and studies the regulatory effects of high and low institutional shareholdings on debt financing and earnings management. In this paper, A share listed companies in Shanghai and Shenzhen stock markets in China from 2010 to 2015 are selected as the research samples, and the modified Jones model is used to measure the earnings management of the companies. Through descriptive statistics, the multivariate linear regression method is used to measure the earnings of the companies. The relationship between debt financing and earnings management is studied. On this basis, institutional shareholding is introduced as a regulating variable to analyze the regulatory effect of institutional shareholding on the relationship between debt financing and corporate earnings management. The results show that: (1) when the debt level is high, the management earnings management motivation can be induced, and the indirect financing mode of bank loan can induce earnings management. As far as the term of debt financing is concerned, long-term debt financing can induce management of earnings, but short-term debt financing can restrain earnings management. The relationship between long-term debt financing and earnings management plays a reverse role. Finally, the following reasonable suggestions are put forward according to the research: (1) standardizing the construction of institutional investor system; (2) strengthening the development of the bond market and widening the financing channels; (3) improving the quality of earnings information to maximize the value of the company.
【學(xué)位授予單位】：江蘇師范大學(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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