企业银行借款融资中的盈余管理研究——来自中国A股上市公司的经验证据

银行借款是我国上市公司重要的融资途径，企业有没有为了自身利益而围绕借款过程进行盈余管理？研究将盈余管理的借款动机从其他动机中分离出来，并针对两组变量：银行借款与当期盈余、银行借款与当期盈余增量分别使用分布检验，以揭示企业在借款过程中是否存在盈余管理并探究其盈余管理的表现形式。从而发现企业基于借款融资动机进行了盈余管理，且其表现形式为制造正盈余以避免亏损。另外，企业并没有刻意制造盈余上升的趋势。使用Probit回归进行补充验证，进一步证实企业围绕银行借款过程进行了盈余管理。对盈余管理的频率进行分析，发现约有4．74％到14．15％的企业存在避免亏损的盈余管理行为，且存在借款融资动机时，盈余管理频率将更高。

Research on Earnings Management for Bank Loan Financing of Enterprises --Evidence from Chinese A-Share Listed Companies

Bank loan financing is an important way of Chinese listed companies＇ capital raising. Do enterprises manage their earnings around the process of bank loan financing with consideration of their own interests？ In order to reveal whether the borrowing enterprises adopt earnings management for bank loan financing and explore the form of their earnings management, the authors separate the incentive of bank loan financing from other incentives and use a distributional test based on two groups of variables： （1） bank loans and current earnings; （2） bank loans and current change in earnings. The result shows that enterprises adopt earnings management for bank loan fmancing and the form is counterfeiting positive earnings to avoid losses. In addition, they don＇t deliberately make an upward tendency in earnings to avoid earnings decreases. The conclusion that the borrowing enterprises manage their earnings to avoid losses is further confirmed by the following probit regression. The authors analyze the frequency of earnings management and find approximately 4.74% to 14.15% of the enterprises being studied manipulate their earnings to avoid losses and this proportion will increase together with bank loan financing motivation.