CAJ | 학술논문

选取2004—2011年A股上市公司的数据实证检验了过度投资对盈余质量的影响，基于市场化进程和产权性质进一步检验了银行借款对企业过度投资及盈余质量的影响。研究结论如下：企业过度投资金额越大，盈余质量越差，且自由现金流能够增强过度投资与盈余质量的负相关性。总借款、短期借款和长期借款均能削弱过度投资与盈余质量的负相关性，且长期借款对过度投资与盈余质量负相关性的削弱效果源于银行的监督治理。相对于总借款和长期借款而言，短期借款对自由现金流负面效应的削弱效果更显著。市场化进程的发展能够增强债权治理效果，且市场化进程对债权治理效果的改善作用在国有企业中更显著。
선취2004—2011년A고상시공사적수거실증검험료과도투자대영여질량적영향，기우시장화진정화산권성질진일보검험료은행차관대기업과도투자급영여질량적영향。연구결론여하：기업과도투자금액월대，영여질량월차，차자유현금류능구증강과도투자여영여질량적부상관성。총차관、단기차관화장기차관균능삭약과도투자여영여질량적부상관성，차장기차관대과도투자여영여질량부상관성적삭약효과원우은행적감독치리。상대우총차관화장기차관이언，단기차관대자유현금류부면효응적삭약효과경현저。시장화진정적발전능구증강채권치리효과，차시장화진정대채권치리효과적개선작용재국유기업중경현저。
This paper selects all A - share listed companies ranging from 2004 to 2011 as research samples, and makes an empirical researeh for the influence of exeessive investment on the earnings quality, based on the process of marketization and nature of property rights, makes a further test whether the governance effect of bank loans haves impact on the relationship between the two. Research conclusions are as follows： The more the excessive investment, the worse the earning quality is, and the free cash flow can enhance the negative correlation between exceasive investment and earnings quality; Total loans, short - term loans and long - term loans can weaken the negative correlation between excessive investment and earnings quality, and long - term loans＇ weakening effect on excessive investment and earnings quality is the result of bank＇ s supervision and management, relative to total loans and long - term loans, short - term loans have more significant weakening effect on free cash flow; The improvement of the marketization process can enhance debt＇ s governance effects, and the improvement of marketization process on debt＇ s governance effect is more significant in the state - owned enterprises.