股票风险警示对同行企业盈余管理行为的影响研究
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引用本文:孙 洁,殷方圆.股票风险警示对同行企业盈余管理行为的影响研究[J].财经理论与实践,2020,(5):77-82
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作者单位
孙 洁,殷方圆 (天津财经大学 会计学院,天津 300222) 
中文摘要:依据2007-2018年中国沪深A股被实施风险警示企业的同行企业样本,考量企业被实施股票风险警示对同行企业盈余管理行为的影响。结果发现:风险警示信息具有同行企业治理效应,即行业中有企业被实施风险警示后,同行企业盈余管理程度会显著降低,这种效应在非国有企业和市场竞争地位较低的企业中更为明显。作用路径分析表明:风险警示信息增加了债权人对同行企业的行业风险感知,提高了同行企业的债务资本成本,同行企业为了降低债务资本成本会主动增加信息透明度,降低盈余管理程度。
中文关键词:股票风险警示  盈余管理  同行企业  债务资本成本
 
The Impact of the Stock Risk Warning on the Earnings Management of Peer Firms
Abstract:This paper investigates the impact of the stock risk warning on the earnings management behavior of peer enterprises based on the research sample of non-warned A-share public companies listed in China's Shanghai and Shenzhen stock exchanges during 2007-2018. The study finds that the risk warning information has a peer corporate governance effect. That is, the degree of earnings management of peer enterprises will be significantly reduced after the implementation of risk warning, which is more obvious in non-state-owned enterprises and enterprises with a low market competitive position. The effect mechanism analysis indicates that the risk warning information increases the creditor's perception of the peer enterprises' industry risk and improves their debt capital cost. To reduce the debt capital cost, peer enterprises will actively increase the information transparency and reduce the degree of earnings management. The research conclusions of this paper not only expands the research perspective of the economic consequences of stock risk warning, and enriches the theoretical research on the influencing factors of earnings management behavior, but also demonstrates that risk warning information has the corporate governance effect on peer enterprises, and provides evidence support for regulators to further improve the risk warning system.
keywords:stock risk warning  earnings management  peer enterprises  debt capital cost
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