货币政策、银行监督与企业盈余管理
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摘要
基于2006—2017年A股上市公司数据,检验了货币政策和银行监督对企业盈余管理的影响,研究发现:央行紧缩货币政策时,企业盈余管理程度显著下降;银行监督力度越大,企业盈余管理水平越低,并且紧缩性货币政策显著增强了这种负向关系;进一步研究发现,银行监督对聘请银行背景董事的公司盈余管理仅具有微弱制约作用,而对没有银行背景董事的公司具有显著治理效应。研究不仅丰富了宏观经济政策经济后果和企业盈余管理影响因素等文献,而且对商业银行和企业管理者决策具有参考价值,同时也对公司治理机制优化具有一定启示。
Based on the data of A-share listed companies from 2006 to 2017, the paper examines the influence of monetary policies and bank monitoring on enterprise earnings management. The results show that enterprises' aggressive earnings management decreases significantly when the central bank tightens the monetary policy. Similarly, enterprises are less likely to engage in aggressive earnings management when banks scrutinize closely on their loan process. This effect is further enhanced when combined with a tight monetary policy. Furthermore, bank monitoring can hardly restrict earnings management in enterprises with directors from banks whereas in the enterprises without such directors, bank monitoring significantly restricts earnings management. The study not only contributes to the literature on the economic consequence of macroeconomic policies and on influencing factors of enterprise earnings management, but also provides great value to decision making of managers of commercial banks and other enterprises. It also sheds some light on the optimization of corporate governance mechanism.
Based on the data of A-share listed companies from 2006 to 2017, the paper examines the influence of monetary policies and bank monitoring on enterprise earnings management. The results show that enterprises' aggressive earnings management decreases significantly when the central bank tightens the monetary policy. Similarly, enterprises are less likely to engage in aggressive earnings management when banks scrutinize closely on their loan process. This effect is further enhanced when combined with a tight monetary policy. Furthermore, bank monitoring can hardly restrict earnings management in enterprises with directors from banks whereas in the enterprises without such directors, bank monitoring significantly restricts earnings management. The study not only contributes to the literature on the economic consequence of macroeconomic policies and on influencing factors of enterprise earnings management, but also provides great value to decision making of managers of commercial banks and other enterprises. It also sheds some light on the optimization of corporate governance mechanism.
引文
蔡卫星,曾诚,胡志颖.2015.企业集团、货币政策与现金持有[J].金融研究(2):114-130.
曹琼,卜华,杨玉凤,等.2013.盈余管理、审计费用与审计意见[J].审计研究(6):76-83.
陈耿,包燕萍.2014.货币政策波动、区域金融发展及盈余管理——基于中国上市公司数据[J].现代财经——天津财经大学学报(9):44-52.
陈骏.2010.基于债务契约的银行监督有效吗?——来自盈余管理视角的经验证据[J].中央财经大学学报(12):84-90.
黄梅,夏新平.2009.操纵性应计利润模型检测盈余管理能力的实证分析[J].南开管理评论(12):136-143.
黄兴孪,邓路,曲悠.2016.货币政策、商业信用与公司投资行为[J].会计研究(2):58-65.
金鹏辉,张翔,高峰.2014.银行过度风险承担及货币政策与逆周期资本调节的配合[J].经济研究(6):73-85.
雷强.2010.银行监督与上市公司盈余管理关系的实证研究——来自中国证券市场的经验证据[J].审计与经济研究(6):91-98.
李琦,罗炜,谷仕平.2011.企业信用评级与盈余管理[J].经济研究(S2):88～99.
李青原,王红建.2013.货币政策、资产可抵押性、现金流与公司投资——来自中国制造业上市公司的经验证据[J].金融研究(6):31-45.
李志军,王善平.2011.货币政策、信息披露质量与公司债务融资[J].会计研究(1):56-62.
马文超,胡思玥.2012.货币政策、信贷渠道与资本结构[J].会计研究(11):39-48.
饶品贵,姜国华.2011.货币政策波动、银行信贷与会计稳健性[J].金融研究(3):51-71.
饶品贵,姜国华.2013.货币政策对银行信贷与商业信用互动关系影响研究[J].经济研究(1):68-82.
饶艳超,胡奕明.2005.银行信贷中会计信息的使用情况调查与分析[J].会计研究(4):36-41.
孙铮,李增泉,王景斌.2006.所有权性质、会计信息与债务契约——来自我国上市公司的经验证据[J].管理世界(10):100-107.
王文清,傅绍正,赵慧.2018.管理层预测能力、环境不确定性与盈余管理[J].北京工商大学学报(社会科学版)(11):74-83.
王正位,朱武祥,赵冬青.2007.发行管制条件下的股权再融资市场时机行为及其对资本结构的影响[J].南开管理评论(6):40-46.
叶康涛,祝继高.2009.银根紧缩与信贷资源配置[J].管理世界(1):22-28.
AHN S,CHOI W.2009.The role of bank monitoring in corporate governance:Evidence from borrowers’ earnings management behavior [J].Journal of Banking & Finance,33(2):425-434.
BAKER M,WURGLER J.2002.Market timing and capital structure [J].The Journal of Finance,57(1):1-32.
BEATTY A,LIAO W S,WEBER J.2010.The effect of private information and monitoring on the role of accounting quality in investment decisions [J].Contemporary Accounting Research,27(1):17-47.
BHARATH S T,SUNDER J,SUNDER S V.2008.Accounting quality and debt contracting [J].The Accounting Review,83(1):1-28.
CHEN C W K,YUAN H Q.2004.Earnings management and capital resource allocation:Evidence from China's accounting-based regulation of rights issues[J],The Accounting Review,79(3):645-665.
CHEN H,CHEN J Z,LOBO G J,et al.2010.Association between borrower and lender state ownership and accounting conservatism[J].Journal of Accounting Research,48(5):973-1014.
GüNER A B,MALMENDIER U,TATE G.2008.Financial expertise of directors [J].Journal of Financial Economics,88(2):323-354.
JONES J J.1991.Earnings management during import relief investigations[J].Journal of Accounting Research,29(2):193-228.
MOJON B,SMETS F,VERMEULEN P.2002.Investment and monetary policy in the Euro area[J].Journal of Banking and Finance,26(11):2111-2129.
QIAN J,STRAHHAN P E,YANG Z S.2015.The impact of incentives and communication costs on information production:Evidence from bank lending [J].The Journal of Finance,70(4):1457-1493.
①2009年央行没有调整存贷款基准利率和存款准备金率,如果根据调整次数,难以判断货币政策松紧度。
曹琼,卜华,杨玉凤,等.2013.盈余管理、审计费用与审计意见[J].审计研究(6):76-83.
陈耿,包燕萍.2014.货币政策波动、区域金融发展及盈余管理——基于中国上市公司数据[J].现代财经——天津财经大学学报(9):44-52.
陈骏.2010.基于债务契约的银行监督有效吗?——来自盈余管理视角的经验证据[J].中央财经大学学报(12):84-90.
黄梅,夏新平.2009.操纵性应计利润模型检测盈余管理能力的实证分析[J].南开管理评论(12):136-143.
黄兴孪,邓路,曲悠.2016.货币政策、商业信用与公司投资行为[J].会计研究(2):58-65.
金鹏辉,张翔,高峰.2014.银行过度风险承担及货币政策与逆周期资本调节的配合[J].经济研究(6):73-85.
雷强.2010.银行监督与上市公司盈余管理关系的实证研究——来自中国证券市场的经验证据[J].审计与经济研究(6):91-98.
李琦,罗炜,谷仕平.2011.企业信用评级与盈余管理[J].经济研究(S2):88～99.
李青原,王红建.2013.货币政策、资产可抵押性、现金流与公司投资——来自中国制造业上市公司的经验证据[J].金融研究(6):31-45.
李志军,王善平.2011.货币政策、信息披露质量与公司债务融资[J].会计研究(1):56-62.
马文超,胡思玥.2012.货币政策、信贷渠道与资本结构[J].会计研究(11):39-48.
饶品贵,姜国华.2011.货币政策波动、银行信贷与会计稳健性[J].金融研究(3):51-71.
饶品贵,姜国华.2013.货币政策对银行信贷与商业信用互动关系影响研究[J].经济研究(1):68-82.
饶艳超,胡奕明.2005.银行信贷中会计信息的使用情况调查与分析[J].会计研究(4):36-41.
孙铮,李增泉,王景斌.2006.所有权性质、会计信息与债务契约——来自我国上市公司的经验证据[J].管理世界(10):100-107.
王文清,傅绍正,赵慧.2018.管理层预测能力、环境不确定性与盈余管理[J].北京工商大学学报(社会科学版)(11):74-83.
王正位,朱武祥,赵冬青.2007.发行管制条件下的股权再融资市场时机行为及其对资本结构的影响[J].南开管理评论(6):40-46.
叶康涛,祝继高.2009.银根紧缩与信贷资源配置[J].管理世界(1):22-28.
AHN S,CHOI W.2009.The role of bank monitoring in corporate governance:Evidence from borrowers’ earnings management behavior [J].Journal of Banking & Finance,33(2):425-434.
BAKER M,WURGLER J.2002.Market timing and capital structure [J].The Journal of Finance,57(1):1-32.
BEATTY A,LIAO W S,WEBER J.2010.The effect of private information and monitoring on the role of accounting quality in investment decisions [J].Contemporary Accounting Research,27(1):17-47.
BHARATH S T,SUNDER J,SUNDER S V.2008.Accounting quality and debt contracting [J].The Accounting Review,83(1):1-28.
CHEN C W K,YUAN H Q.2004.Earnings management and capital resource allocation:Evidence from China's accounting-based regulation of rights issues[J],The Accounting Review,79(3):645-665.
CHEN H,CHEN J Z,LOBO G J,et al.2010.Association between borrower and lender state ownership and accounting conservatism[J].Journal of Accounting Research,48(5):973-1014.
GüNER A B,MALMENDIER U,TATE G.2008.Financial expertise of directors [J].Journal of Financial Economics,88(2):323-354.
JONES J J.1991.Earnings management during import relief investigations[J].Journal of Accounting Research,29(2):193-228.
MOJON B,SMETS F,VERMEULEN P.2002.Investment and monetary policy in the Euro area[J].Journal of Banking and Finance,26(11):2111-2129.
QIAN J,STRAHHAN P E,YANG Z S.2015.The impact of incentives and communication costs on information production:Evidence from bank lending [J].The Journal of Finance,70(4):1457-1493.
①2009年央行没有调整存贷款基准利率和存款准备金率,如果根据调整次数,难以判断货币政策松紧度。
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