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为了顺利融资,国内公司普遍存在财务报告粉饰行为,这种行为显然是公司的一种失信行为。为了剖析在融资需求驱动下,公司的盈余粉饰行为对公司信用风险的影响,本文以2009-2013年国内A股非金融业上市公司为样本,实证检验融资需求驱动下,公司盈余管理对信用风险的影响。研究发现:(1)融资需求越大,真实活动盈余管理程度更高;(2)公司基于融资动机而进行的盈余操控将显著增加信用风险,且不同操控手段对信用风险的影响存在差异。本文揭示了公司盈余粉饰行为对信用风险的影响,丰富了盈余管理经济后果的内涵,且对银行信贷决策及中国上市公司退市制度的实施具有一定的参考价值。
In order to smooth financing, the widespread financial reporting of domestic companies whitewashing behavior, this behavior is clearly a kind of company’s dishonest behavior. In order to analyze the influence of the company’s surplus investment on the company’s credit risk driven by the financing demand, this paper takes the domestic A-share non-financial listed companies from 2009 to 2013 as a sample to test the impact of financing demand on corporate credit risk Impact. The research found that: (1) The larger the financing demand, the higher the real activity earnings management; (2) The company’s earnings manipulation based on the financing motivation will significantly increase the credit risk, and the impact of different control measures on credit risk is different. This article reveals the influence of corporate earnings finishes on credit risk, enriches the connotation of the economic consequences of earnings management and has certain reference value for bank credit decision making and the delisting system of Chinese listed companies.