摘要
信用债违约事件不仅让投资者损失惨重,还可能通过信用风险传染对非违约企业的经营活动产生影响。本文发现,在市场出现信用债违约后,同城市的非违约民营企业会进行更多向上的真实盈余管理,不过类似的影响在同行业非违约企业中并不明显。机理分析显示,信用债违约事件导致当地企业融资约束增大是非违约企业进行盈余管理的重要动机,特别是偿付能力更弱或融资需求更大的非违约企业将进行更多的盈余管理;并且还发现,向上的盈余管理有效缓解了信用债违约对非违约企业融资的负面影响。进一步地,盈利可疑或者负面事件缠身的非违约企业会进行更多的盈余管理;此外,在金融发展水平较高、经济规模更大的地区,非违约企业受信用债违约的影响相对更小。
Bond default not only brings losses to investors,but can also influence the business activities of non-defaulting enterprises through credit risk contagion.This paper finds that after the occurrence of bond default in the market,non-defaulting private enterprises in the same city will conduct more positive real earnings management,but similar effects are not obvious in the same industry.The mechanism test reveals that the local non-defaulting enterprises are incentivized to increase their earnings management because bond default leads to more severe financial constraints,and those with weaker solvency or greater demand for financial support will conduct more earnings management.Moreover,we find that real earnings management can help enterprises get more financial support under the condition of credit risk contagion.Furthermore,non-defaulting enterprises with suspicious earnings or negative events have higher incentives to increase real earnings management while the impact is relatively weak for those located in the areas with higher levels of financial development or larger scales of economy.
出处
《会计研究》
CSSCI
北大核心
2020年第3期66-77,共12页
Accounting Research
基金
国家自然科学基金面上项目(71972160,71772155,71572158),国家自然科学基金青年项目(71902168)资助的阶段性研究成果
关键词
信用债违约
信用风险传染
盈余管理
Bond Default
Credit Risk Contagion
Earnings Management
作者简介
通讯作者:肖金利,jlxiao@xmu.edu.cn。
