本文關(guān)鍵詞：以融資約束為視角上市公司盈余管理與投資效率關(guān)系研究　出處：《哈爾濱商業(yè)大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 盈余管理 融資約束 投資效率

【摘要】：盈余管理一直以來是會計研究的熱點問題,也是學(xué)術(shù)研究的熱點,對于盈余管理的研究文獻更是汗牛充棟,特別是隨著資本市場的不斷發(fā)展和完善,信息對于管理者與投資者都具有十分重要的意義,投資者以及利益相關(guān)者對于信息的真實性、全面性的要求也越來越高。因此會計盈余越來越成為這些利益相關(guān)者所關(guān)注的焦點。現(xiàn)代企業(yè)中,管理者與投資者之間由于權(quán)責(zé)分離出現(xiàn)了一些信息不對等的情況,上市公司的管理者為了實現(xiàn)自身利益的最大化會進行盈余管理,從而能夠募集到更多的資金來進行投資。而我國也確實存在信息不對稱以及披露的信息質(zhì)量不高等方面的問題,這為管理者操控會計盈余,進行盈余管理提供了條件。而當(dāng)公司高管進行盈余管理時,往往會根據(jù)特定情況選擇盈余管理的方式。從而實現(xiàn)更好的投資,提升投資效率。以往對于盈余管理與投資效率相關(guān)性的研究文獻有很多,但是卻很少有人研究以融資約束為視角下的上市公司的盈余管理與投資效率之間的關(guān)系,因此本文基于這樣的出發(fā)點,為了更好的了解在上市公司所受的融資約束的情況下二者之間的關(guān)系,引入了一個新的研究視角,即融資約束視角,來研究和分析在融資約束視角下盈余管理與投資效率之間的關(guān)系。在研究中借鑒了相關(guān)領(lǐng)域的國內(nèi)外專家學(xué)者的研究成果,以信息不對稱理論、信息披露理論以及投資的效率理論作為理論基礎(chǔ),分析了盈余管理的內(nèi)涵、特征、計量方法,投資效率的含義、計量方法等,另外闡述了在融資約束的視角下的盈余管理與投資效率的關(guān)系并進行理論分析。在此基礎(chǔ)上,提出了兩個假設(shè),選取2007-2013年滬深兩市A股市場的非金融類上市公司為樣本,最終研究發(fā)現(xiàn),在融資約束視角下,盈余管理與非投資效率呈顯著正相關(guān)關(guān)系,應(yīng)計盈余管理、真實盈余管理與非投資效率也呈顯著的正相關(guān)關(guān)系。這一結(jié)果表明,上市公司在融資約束的情況下,盈余管理會使得投資效率顯著降低。為此,結(jié)合我國資本市場的大環(huán)境,文中提出了三個政策性建議,從而為規(guī)范公司高管的盈余管理行為,更好的提高上市公司的投資效率提供理論以及實務(wù)上的支持。
[Abstract]:Earnings management has always been a hot issue in accounting research, but also a hot spot in academic research. The research literature on earnings management is full of money, especially with the continuous development and improvement of capital market. Information is of great significance to both managers and investors, and investors and stakeholders are concerned about the authenticity of information. The requirement of comprehensiveness is becoming higher and higher. Therefore, accounting earnings are becoming the focus of these stakeholders. Due to the separation of power and responsibility between managers and investors, there are some unequal information situations. In order to maximize their own interests, the managers of listed companies will carry out earnings management. Therefore, we can raise more funds to invest. But in our country, there are some problems such as asymmetric information and the low quality of information disclosure, which is the management of accounting earnings. Earnings management provides conditions. When the company executives carry out earnings management, they often choose the way of earnings management according to the specific situation, so as to achieve better investment. There are many literatures on the relationship between earnings management and investment efficiency. However, few people study the relationship between earnings management and investment efficiency of listed companies from the perspective of financing constraints, so this paper based on such a starting point. In order to better understand the relationship between the listed companies under the financing constraints, a new research perspective is introduced, that is, financing constraints perspective. To study and analyze the relationship between earnings management and investment efficiency in the perspective of financing constraints. Information disclosure theory and investment efficiency theory as the theoretical basis, this paper analyzes the connotation, characteristics, measurement methods, the meaning of investment efficiency, measurement methods and so on. In addition, it expounds the relationship between earnings management and investment efficiency from the perspective of financing constraints and makes theoretical analysis. On this basis, two hypotheses are put forward. The non-financial listed companies in the A-share market of Shanghai and Shenzhen from 2007 to 2013 were selected as samples. Finally, the study found that earnings management and non-investment efficiency were significantly positive correlation in the perspective of financing constraints. Accrual earnings management, real earnings management and non-investment efficiency also show a significant positive correlation. This result shows that listed companies in the case of financing constraints, earnings management will significantly reduce investment efficiency. Combined with the general environment of our country's capital market, this paper puts forward three policy suggestions, thus providing theoretical and practical support for standardizing the earnings management behavior of company executives and improving the investment efficiency of listed companies.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F275

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本文編號：1437928