西部论坛
西部論罈
서부론단
JOURNAL OF CHONGQING TECHNOLOGY AND BUSINESS UNIVERSITY(WEST FORUM)
2014年
2期
93-99
,共7页
正向盈余管理%负向盈余管理%投资效率%融资约束%投资不足%盈余管理信息观%巨额冲销%操控性应计利润
正嚮盈餘管理%負嚮盈餘管理%投資效率%融資約束%投資不足%盈餘管理信息觀%巨額遲銷%操控性應計利潤
정향영여관리%부향영여관리%투자효솔%융자약속%투자불족%영여관리신식관%거액충소%조공성응계리윤
positive earnings management%negative earnings management%investment efficiency%financing constraint%investment insufficiency%earnings management information view%huge money counterbalance%discretionary accruals
以2008-2010年沪深A股上市公司为研究样本，从盈余管理的不同方向考察盈余管理程度对企业投资效率的影响，研究发现：适度的正向盈余管理有助于缓和企业投资不足，但过度的正向盈余管理反而会恶化企业投资不足；负向盈余管理往往会伴随产生投资不足的问题。适度的正向盈余管理能够提振投资者信心，从而缓解企业的融资约束。监管部门应该能够容忍企业进行适度的盈余管理，而不是一味地强调所谓“真实的会计信息”。
以2008-2010年滬深A股上市公司為研究樣本，從盈餘管理的不同方嚮攷察盈餘管理程度對企業投資效率的影響，研究髮現：適度的正嚮盈餘管理有助于緩和企業投資不足，但過度的正嚮盈餘管理反而會噁化企業投資不足；負嚮盈餘管理往往會伴隨產生投資不足的問題。適度的正嚮盈餘管理能夠提振投資者信心，從而緩解企業的融資約束。鑑管部門應該能夠容忍企業進行適度的盈餘管理，而不是一味地彊調所謂“真實的會計信息”。
이2008-2010년호심A고상시공사위연구양본，종영여관리적불동방향고찰영여관리정도대기업투자효솔적영향，연구발현：괄도적정향영여관리유조우완화기업투자불족，단과도적정향영여관리반이회악화기업투자불족；부향영여관리왕왕회반수산생투자불족적문제。괄도적정향영여관리능구제진투자자신심，종이완해기업적융자약속。감관부문응해능구용인기업진행괄도적영여관리，이불시일미지강조소위“진실적회계신식”。
By taking the data of Shanghai and Shenzhen A-share listed companies during 2008-2010 as the example, this paper examines the influence of earnings management degree on enterprise investment efficiency from different directions of earnings management, and the research finds that properly positive earnings management is conducive to mitigating the insufficiency of enterprise investment but excessively positive earnings management can deteriorate the shortage of enterprise investment, that negative earnings management always produces the problem in investment shortage, that properly positive earnings management can boost the confidence of the investors to ease the financing constraint of an enterprise, that the supervising departments should be able to endure the enterprises to conduct proper earnings management but should not only emphasize so-called “real accounting information”.
