地理位置、高铁与盈余稳健性

胡  珺1; 2; 马  栋1; 周林子3; 胡国柳4

地理位置、高铁与盈余稳健性

引用本文：胡珺1，2,马栋1,周林子3,胡国柳4.地理位置、高铁与盈余稳健性[J].财经理论与实践,2020,(4):62-69

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作者	单位
胡珺1，2,马栋1,周林子3,胡国柳4	（1.海南大学管理学院，海南海口 570228 2.海南省公司治理研究院，海南海口 570228 3.海南大学经济学院，海南海口 570228 4.浙江工商大学财务与会计学院，浙江杭州 310012）

中文摘要:基于债务契约假说的分析框架，探讨企业地理分布对盈余确认稳健性的影响，研究发现：当企业地理分布相对更加偏远时，在信息不对称加剧的影响下，融资约束会刺激企业选择更加激进的盈余确认政策；城市高铁开通有助于缩减时空距离，从而弱化企业地理分布在盈余政策选择中的影响。进一步研究发现，企业地理分布对盈余稳健性的负向影响在非国有企业、高负债企业和低股利企业中更为明显，地理偏远企业采用激进的盈余政策主要是为了向资本市场释放利好信息，以缓解企业的外部融资约束。

中文关键词:地理位置高铁信息不对称盈余稳健性

Geographic Location, High Speed Rail and Earnings Conservatism

Abstract:This paper analyzes the impact of geographic distribution of enterprises on earnings confirmation policy based on the analysis framework of debt contract hypothesis. Taking Chinese A-share listed companies from 2003 to 2016 as samples, this paper finds that: when the geographical distribution of enterprises is relatively more remote, under the influence of increasing information asymmetry, financing constraints will stimulate enterprises to choose more aggressive earnings confirmation policies. The opening of the high speed railway helps to reduce the distance both in time and space, thus weakening the influence of geographical distribution of enterprises in the choice of earnings confirmation policy. Further research shows that the negative impact of geographic distribution on earnings conservatism is more obvious in non-state-owned enterprises, high debt enterprises and low dividend enterprises. The aggressive earnings confirmation policies adopted by geographically remote enterprises are mainly aimed at releasing positive information to the capital market to relieve the external financing constraints of enterprises.

keywords:geographical location high speed rail information asymmetry earnings conservatism

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