上市公司盈余管理与投资支出的关系研究——融资约束视角
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摘要
盈余管理一直是财务金融领域的热点问题,尤其是盈余管理的经济后果一直备受关注,但已有研究很少探究盈余管理是否会影响企业自身的经营决策。投资决策作为企业的三大财务决策之一,盈余管理对其的影响和作用机制尚不清晰。MM定理在投资理论中具有奠基性的地位,该理论认为在完美的市场中,公司的投资决策与财务结构无关,这意味着外部资金和内部资金是可以互相替代的。但是现实的市场是不完美的,这使得投资的利润理论越来越受到重视,即企业投资受到利润水平和融资约束的限制。
盈余管理会直接影响企业的报告利润,其重要动机之一就是获取低成本的外部融资,融资是投资的前提和基础,于是融资约束和投资的利润理论就将盈余管理与投资支出联系在了一起,那么盈余管理会不会影响企业投资支出呢?如何影响投资支出?作用机制如何?西方学者已经就这些问题展开了探索性的研究,但是西方学者均运用美国等发达国家数据,发达国家市场的信息不对称较低,产权制度清晰、经济自由度高、市场机制规范、成熟。而中国由于市场经济发展时间较短,制度不健全,市场不规范。两者之间具有非常显著的差别。因此,十分有必要针对我国的实际情况探讨盈余管理与投资支出的关系,分析两者之间的作用路径与作用机制。
本文即运用中国资本市场的数据分析了盈余管理与投资支出的关系,并且从融资约束的角度探讨了盈余管理对投资支出的作用路径和作用机制,希望能对已有研究有微薄的贡献。对上述问题展开研究有利于进一步明确盈余管理所扮演的角色,也有利于明晰盈余管理是否会影响企业内部资源配置这一问题,丰富盈余管理经济后果的相关研究。同时对于企业管理当局作出科学合理的投资决策,对于保护投资者、债权人等利益相关者具有重要的理论意义和应用价值,也有利于政府、金融机构等部门制定相关措施与决策。
本文共分为七章：第一章为绪论,介绍了本文的选题背景和选题意义、研究内容、研究方法和技术路线；第二章为相关文献综述和理论分析,对盈余管理、融资约束和投资支出的理论进行了梳理和总结,并就本文关心的问题进行了初步的分析和探讨；第三章以现有研究为基础,对盈余管理、融资约束和投资支出的计量模型与方式进行了对比,并选择了适合本研究的计量方式与模型,对盈余管理、融资约束和投资支出分别进行了计量,为后续的深入研究奠定了坚实的实证数据基础；第四章通过构建盈余管理—投资支出的关系模型,在控制投资支出的其他影响因素的前提下,研究了盈余管理与投资支出的关系；第五章为本研究的重要内容,通过构建盈余管理与融资约束的作用模型分析了盈余管理与融资约束的相互作用机制,探讨了缓解融资约束的盈余管理动机、盈余管理对融资约束的缓解效果,以及盈余管理缓解融资约束的渠道；第六章是本文的收官之作,通过构建盈余管理—投资支出敏感性差异分析模型从融资约束角度分析了盈余管理对投资支出的作用机制和作用路径；第七章为本文的研究结论与研究展望。
本研究取得的主要结论如下：
(1)中国资本市场中盈余管理与投资支出存在正相关关系
本文选取1998年-2006年中国A股上市公司为研究样本,讨论了盈余管理与投资支出之间的关系。在控制了现金流量、投资机会以及企业成长能力的条件下,通过盈余管理与投资支出的多元关系模型的研究发现,盈余管理程度及其增幅与投资支出之间具有显著的正相关关系,并且这种关系在0.1%的统计水平下显著。
(2)融资约束是盈余管理的重要诱因,同时盈余管理也对融资约束具有显著的缓解作用
本文在控制了盈余管理的诸多动机后,研究发现融资约束是盈余管理的重要诱因,融资约束企业会进行增加报告利润的盈余管理行为。提高正向的盈余管理程度后,现金—现金流量敏感性显著降低,说明盈余管理的确可以起到缓解融资约束的作用。同时本文还针对中国资本市场的融资渠道,分析了盈余管理对企业获取银行贷款、配股资格和增发资格的影响,研究发现盈余管理与获取上述资源的概率具有显著的正相关关系。
(3)缓解融资约束是盈余管理作用于投资支出的重要路径与机制
本文从融资约束的角度探讨了盈余管理对投资支出的作用路径和作用机制。研究发现融资约束对盈余管理与投资支出之间的敏感性具有显著影响。融资约束企业盈余管理与投资支出之间具有显著的正相关关系,敏感性较高,两者之间的敏感周期也较长；而非融资约束企业,盈余管理与投资支出之间则不存在稳定的正相关关系,敏感性较弱。说明缓解融资约束是盈余管理对投资支出产生影响的重要路径和机制。
Earnings management has been a hot issue in finance research area, in particular the economic consequences of earnings management has always been of concern, but the literatures rarely explore whether earnings management will affect their business decisions and allocation of resources within the enterprise. Investment decision is very important, the relationship between investment and earnings management is not clear. MM theory in 1958 is an foundation of investment theory. MM theory belives that in a perfect market, the company's investment decision has nothing to do with the financial structure, which means that external funds and internal funds can be completely replaced. But the real market is not perfect, it makes the investment theory which related to profits more and more important, that is, the capital expenditure is limited by the level of corporate profits and financial status.
Earnings management will affect the report earning numbers, one important incentive of earnings management is to get low-cost external financing, and financial is the base of investment, so the earnings management is related to capital expenditure based on the financial constraints and profited investment theory. Then will earnings management affect capital expenditure? How does it affect capital expenditure? What is the mechanism? Western scholars have started to explore the issue, but merely to explore the relation ship between them, the mechanisms is still not clear. And Western scholars have used the data like the United States and other developed countries, thoes country get lower asymmetric information, have a clear system of property rights, economic freedom is high, the market mechanism is better. But the market economic history of Chinese is very short, so the system is not perfect, the market is not standardized. There are very significant differences between the developed market and Chinese market. Therefore, it is necessary to investigate the relationship and the mechanisms between earnings management and capital expenditure based the actual situation in China.
This paper investigate the relationship and mechanism between earnings management and capital expenditure using data from Chinese capital market, hoping to have a modest contribution to the study area. The study on the topic is conducive to further clarify the role of earnings management also help to answer the question of whether earnings management affect internal resource allocation, can extensive economic consequences of earnings management research. At the same time, it make the investment dicision of businesses more scientific and more rational, it also help to protect investors, creditors and other stakeholders. It also has important theoretical and practical value for the government and financial institutions to develop relevant measures and decisions.
This article is divided into seven chapters:The first chapter is the introduction, which introduces the research background and significance of the topic, contents, methods and technical routes; second chapter for the relevant literature review and theoretical analysis; third chapter is the measurement of earnings management, financing constraints; fourth chapter is to analysis the relationship between earnings management and corporate investment; the Chapter five analysis relationship between financing constraints of earnings management; Chapter six analysis how fiancial constraints impact the earnings management sensitivity of investment. Chapter seven is the conclusion. The corresponding results are as follows:
(1) Find the positive relationship between earnings management and capital expenditure in Chinese capital market
We took the Chinese listed companies from 1998-2006 as research samples, under control the cash flow, investment opportunity and growth of company, we find the there is positive relationship between earnings management and investment.
(2) Easy financial constraints is an important incentive of earnings management and earnings management can easy financial constraints.
We find that to easy financial constraints is an important incentive of earnings management, based on control other incentives.We use the cash flow sensitivity of cash to proxy financial constraints, we find that increase the earnings management can decrease the cash flow sensitivity of cash. And we use the logistic model to analysis the impact from earnings management to debt and issue equity. We find that earnings management can increase probability to get debt and issue equity.
(3) Easy financial constraints is an important channel and mechanism of earnings management to impact capital expenditure
We analysis the relationship between earnings management and investment based on financial constraints. We find that the financial constraints is positive related to the earnings management sensitivity of capital expenditure. This prove that to easy financial constraints is an important channel and mechanism between earnings management and capital expenditure.
盈余管理会直接影响企业的报告利润,其重要动机之一就是获取低成本的外部融资,融资是投资的前提和基础,于是融资约束和投资的利润理论就将盈余管理与投资支出联系在了一起,那么盈余管理会不会影响企业投资支出呢?如何影响投资支出?作用机制如何?西方学者已经就这些问题展开了探索性的研究,但是西方学者均运用美国等发达国家数据,发达国家市场的信息不对称较低,产权制度清晰、经济自由度高、市场机制规范、成熟。而中国由于市场经济发展时间较短,制度不健全,市场不规范。两者之间具有非常显著的差别。因此,十分有必要针对我国的实际情况探讨盈余管理与投资支出的关系,分析两者之间的作用路径与作用机制。
本文即运用中国资本市场的数据分析了盈余管理与投资支出的关系,并且从融资约束的角度探讨了盈余管理对投资支出的作用路径和作用机制,希望能对已有研究有微薄的贡献。对上述问题展开研究有利于进一步明确盈余管理所扮演的角色,也有利于明晰盈余管理是否会影响企业内部资源配置这一问题,丰富盈余管理经济后果的相关研究。同时对于企业管理当局作出科学合理的投资决策,对于保护投资者、债权人等利益相关者具有重要的理论意义和应用价值,也有利于政府、金融机构等部门制定相关措施与决策。
本文共分为七章：第一章为绪论,介绍了本文的选题背景和选题意义、研究内容、研究方法和技术路线；第二章为相关文献综述和理论分析,对盈余管理、融资约束和投资支出的理论进行了梳理和总结,并就本文关心的问题进行了初步的分析和探讨；第三章以现有研究为基础,对盈余管理、融资约束和投资支出的计量模型与方式进行了对比,并选择了适合本研究的计量方式与模型,对盈余管理、融资约束和投资支出分别进行了计量,为后续的深入研究奠定了坚实的实证数据基础；第四章通过构建盈余管理—投资支出的关系模型,在控制投资支出的其他影响因素的前提下,研究了盈余管理与投资支出的关系；第五章为本研究的重要内容,通过构建盈余管理与融资约束的作用模型分析了盈余管理与融资约束的相互作用机制,探讨了缓解融资约束的盈余管理动机、盈余管理对融资约束的缓解效果,以及盈余管理缓解融资约束的渠道；第六章是本文的收官之作,通过构建盈余管理—投资支出敏感性差异分析模型从融资约束角度分析了盈余管理对投资支出的作用机制和作用路径；第七章为本文的研究结论与研究展望。
本研究取得的主要结论如下：
(1)中国资本市场中盈余管理与投资支出存在正相关关系
本文选取1998年-2006年中国A股上市公司为研究样本,讨论了盈余管理与投资支出之间的关系。在控制了现金流量、投资机会以及企业成长能力的条件下,通过盈余管理与投资支出的多元关系模型的研究发现,盈余管理程度及其增幅与投资支出之间具有显著的正相关关系,并且这种关系在0.1%的统计水平下显著。
(2)融资约束是盈余管理的重要诱因,同时盈余管理也对融资约束具有显著的缓解作用
本文在控制了盈余管理的诸多动机后,研究发现融资约束是盈余管理的重要诱因,融资约束企业会进行增加报告利润的盈余管理行为。提高正向的盈余管理程度后,现金—现金流量敏感性显著降低,说明盈余管理的确可以起到缓解融资约束的作用。同时本文还针对中国资本市场的融资渠道,分析了盈余管理对企业获取银行贷款、配股资格和增发资格的影响,研究发现盈余管理与获取上述资源的概率具有显著的正相关关系。
(3)缓解融资约束是盈余管理作用于投资支出的重要路径与机制
本文从融资约束的角度探讨了盈余管理对投资支出的作用路径和作用机制。研究发现融资约束对盈余管理与投资支出之间的敏感性具有显著影响。融资约束企业盈余管理与投资支出之间具有显著的正相关关系,敏感性较高,两者之间的敏感周期也较长；而非融资约束企业,盈余管理与投资支出之间则不存在稳定的正相关关系,敏感性较弱。说明缓解融资约束是盈余管理对投资支出产生影响的重要路径和机制。
Earnings management has been a hot issue in finance research area, in particular the economic consequences of earnings management has always been of concern, but the literatures rarely explore whether earnings management will affect their business decisions and allocation of resources within the enterprise. Investment decision is very important, the relationship between investment and earnings management is not clear. MM theory in 1958 is an foundation of investment theory. MM theory belives that in a perfect market, the company's investment decision has nothing to do with the financial structure, which means that external funds and internal funds can be completely replaced. But the real market is not perfect, it makes the investment theory which related to profits more and more important, that is, the capital expenditure is limited by the level of corporate profits and financial status.
Earnings management will affect the report earning numbers, one important incentive of earnings management is to get low-cost external financing, and financial is the base of investment, so the earnings management is related to capital expenditure based on the financial constraints and profited investment theory. Then will earnings management affect capital expenditure? How does it affect capital expenditure? What is the mechanism? Western scholars have started to explore the issue, but merely to explore the relation ship between them, the mechanisms is still not clear. And Western scholars have used the data like the United States and other developed countries, thoes country get lower asymmetric information, have a clear system of property rights, economic freedom is high, the market mechanism is better. But the market economic history of Chinese is very short, so the system is not perfect, the market is not standardized. There are very significant differences between the developed market and Chinese market. Therefore, it is necessary to investigate the relationship and the mechanisms between earnings management and capital expenditure based the actual situation in China.
This paper investigate the relationship and mechanism between earnings management and capital expenditure using data from Chinese capital market, hoping to have a modest contribution to the study area. The study on the topic is conducive to further clarify the role of earnings management also help to answer the question of whether earnings management affect internal resource allocation, can extensive economic consequences of earnings management research. At the same time, it make the investment dicision of businesses more scientific and more rational, it also help to protect investors, creditors and other stakeholders. It also has important theoretical and practical value for the government and financial institutions to develop relevant measures and decisions.
This article is divided into seven chapters:The first chapter is the introduction, which introduces the research background and significance of the topic, contents, methods and technical routes; second chapter for the relevant literature review and theoretical analysis; third chapter is the measurement of earnings management, financing constraints; fourth chapter is to analysis the relationship between earnings management and corporate investment; the Chapter five analysis relationship between financing constraints of earnings management; Chapter six analysis how fiancial constraints impact the earnings management sensitivity of investment. Chapter seven is the conclusion. The corresponding results are as follows:
(1) Find the positive relationship between earnings management and capital expenditure in Chinese capital market
We took the Chinese listed companies from 1998-2006 as research samples, under control the cash flow, investment opportunity and growth of company, we find the there is positive relationship between earnings management and investment.
(2) Easy financial constraints is an important incentive of earnings management and earnings management can easy financial constraints.
We find that to easy financial constraints is an important incentive of earnings management, based on control other incentives.We use the cash flow sensitivity of cash to proxy financial constraints, we find that increase the earnings management can decrease the cash flow sensitivity of cash. And we use the logistic model to analysis the impact from earnings management to debt and issue equity. We find that earnings management can increase probability to get debt and issue equity.
(3) Easy financial constraints is an important channel and mechanism of earnings management to impact capital expenditure
We analysis the relationship between earnings management and investment based on financial constraints. We find that the financial constraints is positive related to the earnings management sensitivity of capital expenditure. This prove that to easy financial constraints is an important channel and mechanism between earnings management and capital expenditure.
引文
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