本文選題：資產(chǎn)證券化 + 盈余管理��； 參考：《浙江財經(jīng)學(xué)院》2013年碩士論文

【摘要】：企業(yè)資產(chǎn)證券化是對企業(yè)現(xiàn)有存量資產(chǎn)的優(yōu)化配置，在不增加企業(yè)負債或資產(chǎn)的前提下實現(xiàn)融資。其特有的交易結(jié)構(gòu)和技術(shù)實現(xiàn)了企業(yè)與投資者之間的破產(chǎn)隔離，在更大的范圍內(nèi)滿足融資和投資需求。企業(yè)資產(chǎn)證券化產(chǎn)品是衍生證券技術(shù)和金融工程技術(shù)相結(jié)合的產(chǎn)物，其運作程序復(fù)雜、涉及面較廣，并進行表外信息披露。由于我國的資產(chǎn)證券化業(yè)務(wù)起步較晚，市場還不成熟，發(fā)行產(chǎn)品的數(shù)量比較有限，同時資本市場蘊含著豐富的盈余管理動機，就容易涉及一些隱含的風(fēng)險。盈余管理，從某種程度上來說是一種“合法”的利潤操縱行為，存在一定的正面效應(yīng)。因此，研究企業(yè)資產(chǎn)證券化過程中盈余管理的問題尤為重要，使其能夠發(fā)揮積極效應(yīng)，在為企業(yè)帶來效益的同時也保護投資者的利益，同時加快企業(yè)資產(chǎn)證券化的進程，推動資本市場的發(fā)展。 本文首先在對資產(chǎn)證券化的概念進行界定后，，闡述了資產(chǎn)證券化的特征及其運作機理。再通過對企業(yè)資產(chǎn)證券化與盈余管理相關(guān)性的理論研究后，運用實證方法進一步具體分析。借鑒前人的研究，將可操縱性流動應(yīng)計利潤從流動性應(yīng)計利潤中分離出來，作為企業(yè)盈余管理的替代變量。利用2008-2010年間進行資產(chǎn)證券化的上市公司的財務(wù)報告數(shù)據(jù)，運用對比的方式，實證檢驗上市公司在進行資產(chǎn)證券化當年的盈余管理程度是否比前后一年都要高。本文選取了44家上市公司當年、前一年、后一年的數(shù)據(jù)，通過回歸結(jié)果顯示，并沒有發(fā)現(xiàn)上市公司在進行資產(chǎn)證券化當年的盈余管理程度比前后一年要高。 通過實證結(jié)果得出了如下結(jié)論：1．在正確的使用資產(chǎn)證券化這一融資工具的條件下，資產(chǎn)證券化提高了企業(yè)資產(chǎn)的流動性，降低了資產(chǎn)負債率，也為企業(yè)提供了一種長期的資產(chǎn)流動性補償機制，可改善企業(yè)資本結(jié)構(gòu)，減少企業(yè)盈余操作的可能性。2．資產(chǎn)證券化為企業(yè)開辟了有別于股票和債券發(fā)行等融資方式融資成本較低的資本市場。它的證券化資產(chǎn)表外化，使得企業(yè)的既能夠低成本獲得資金，又能夠不分散企業(yè)自身的控制權(quán)，降低了企業(yè)盈余管理的空間。3．企業(yè)資產(chǎn)證券化特有的風(fēng)險隔離機制和信用增級技術(shù)，保證了企業(yè)融資與企業(yè)整體信用風(fēng)險相分離，降低了企業(yè)融資風(fēng)險，保證了企業(yè)盈余質(zhì)量。同時也指出了本文的研究不足與展望。 最后本文在上述實證研究的基礎(chǔ)上，提出了幾點建議：加強資產(chǎn)證券化相關(guān)會計信息披露的立法；完善會計準則，約束盈余管理；依據(jù)資產(chǎn)證券化的法規(guī)體系，規(guī)范我國信用評級制度；在實體企業(yè)中建立規(guī)范的標準的資產(chǎn)證券化模式。
[Abstract]:Enterprise asset securitization is the optimal allocation of existing stock assets, without increasing the liabilities or assets of the enterprise to achieve financing. Its unique transaction structure and technology realize the bankruptcy isolation between the enterprise and the investor, and meet the financing and investment demand in a larger scope. The enterprise asset securitization products are derivative securities. The result of the combination of technology and financial engineering technology is complex, extensive and out of order information disclosure. Because of the late start of the asset securitization business in China, the market is not mature, the number of products is limited, and the capital market contains rich earnings management motivation, it is easy to involve some implied. Risk. Earnings management, to some extent, is a "legitimate" profit manipulation behavior, and there is a certain positive effect. Therefore, it is particularly important to study the problem of earnings management in the process of asset securitization, making it able to play a positive effect and protect the interests of the investors while it is beneficial to the enterprise, and speed up the enterprise at the same time. The process of asset securitization promotes the development of capital market.
This paper first defines the concept of asset securitization, expounds the characteristics and operating mechanism of asset securitization, and then further concretely analyzes the correlation between asset securitization and earnings management by means of empirical methods. The profits are separated from the earnings management of the enterprise as an alternative variable. By using the financial report data of the listed companies of asset securitization in the past 2008-2010 years, this paper empirically tests whether the earnings management of the listed companies in the year of asset securitization is higher than that of the previous year. This paper selects 44 public listed companies. The data of the previous year, the previous year and the following year, showed that the earnings management of the listed companies in the year of asset securitization did not be higher than that of the previous year.
The following conclusions are drawn from the empirical results: 1. under the conditions of using asset securitization as a financing tool, asset securitization improves the liquidity of the enterprise assets, reduces the asset liability rate, and provides a long-term asset liquidity compensation mechanism for enterprises, which can improve the structure of the enterprise capital and reduce the earnings exercise of the enterprise. The possibility of.2. asset securitization has opened up a capital market which is different from the financing cost of stock and bond issue. The securitization of its securitization makes the enterprise can not only obtain capital at low cost, but also can not disperse the control of the enterprise itself, and reduce the space.3. enterprise of the enterprise's earnings management. The unique risk isolation mechanism and credit increasing technology of asset securitization guarantee the separation of enterprise financing and the overall credit risk of the enterprise, reduce the risk of enterprise financing and guarantee the quality of the earnings of the enterprise, and also point out the shortage and Prospect of the research.
Finally, on the basis of the above empirical research, this paper puts forward several suggestions: strengthening the legislation of accounting information disclosure related to asset securitization, perfecting accounting standards, restricting earnings management, standardizing our country's credit rating system according to the regulatory system of asset securitization, and establishing standard standard asset securitization model in the enterprise industry. Style.
【學(xué)位授予單位】：浙江財經(jīng)學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51;F224

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