摘要
借助于我国银行贷款利率上限放开产生的外生冲击,基于违约风险高低构造双重差分模型,从正式债务契约形成视角研究贷款可获得性提高如何影响企业盈余分类转移行为。研究发现:第一,贷款利率上限放开后高风险企业盈余分类转移程度更高。第二,横截面差异性检验表明,企业融资约束程度越高、融资渠道丰富性越低、以及银行对企业信息需求和监管程度越高时,盈余分类转移受贷款利率上限放开影响更大。影响机制检验显示:贷款利率上限放开后,高风险企业通过分类转移优化盈余结构后确实获得更多银行信贷。本文利用我国贷款利率上限放开这一独特研究场景,科学识别了盈余分类转移的债务融资动机,拓展并丰富了会计信息生产的制度决定因素。
Based on the exogenous impact of the cancellation of the upper limits of loan interest rates,this paper constructs a difference in difference model,and studies how the improvement of financing availability affects the corporate earnings classification transfer behavior through the formal debt contract.First,the results shows that the degree of classified transfer of high-risk enterprises increases significantly after the upper limit of loan interest rate is cancellated.Second,the cross-sectional difference test shows that the higher the degree of enterprise financing constraints,the lower the richness of financing channels,and the higher the bank's demand for enterprise information and supervision,the greater the impact of loan interest rate marketization reform on earnings classification transfer.The impact mechanism test shows that after the upper limit of loan interest rate is cancellated,high-risk enterprises optimize the earnings structure through classified transfer to promote the improvement of enterprise loan ability.In this paper,we use the unique setting of the interest rate marketization in China to scientifically identify the debt financing motivation theory of earnings classification transfer,which expands and enriches the institutional determinants of accounting information production.
出处
《会计研究》
CSSCI
北大核心
2023年第9期88-103,共16页
Accounting Research
基金
国家自然科学基金地区项目“贷款利率市场化、企业间信贷资源配置与企业竞争力提升”(71962020)
天津市研究生科研创新项目“基于中国制度背景下契约环境对客户集中度与技术创新影响的研究”(2020YJSB038)的支持。
关键词
利率市场化
债务契约
核心盈余
分类转移
Interest Rate Liberalization
Debt Contract
Core Earnings
Classified Shifting
作者简介
通讯作者:刘星河,xingheliu@126.com。
