盈余管理与企业投资决策——来自中国上市公司的经验证据

本文根据对财务重述公司各时间区间数据的研究,考察了盈余管理对企业投资决策的影响。本文根据2002至2008年公布的财务重述报告,研究了财务重述期间及财务重述发生前后企业投资规模的变化情况,结果表明,财务重述事项的发生引起了企业投资规模的扩大,财务重述报告发布后,企业的投资情况趋于正常水平,说明盈余管理引起了企业的过度投资,影响了企业的投资决策。     

上市公司资金占用与公司财务破产的相关性分析

一、引言 财务破产是指企业资不抵债的状况[1],是财务困境的四种情形中最严重的一种.Altman[2]年将财务困境分为经营失败(failure)、无偿付能力(insolvency)、违约(default)和破产(bankruptcy)四种情形.吕长江等认为,财务困境和财务破产都是公司财务状态变化过程中的两个不同的状态,但二者财务状况的恶化程度不同.企业陷入财务困境是一个逐步的过程,通常从财务稳定发展到财务困境,如果继续恶化就会走向财务破产.财务困境是一个动态持续的过程,陷入财务困境的公司要么走向破产,要么走出财务困境.财务破产是公司财务状况处于非常危险的境地,陷入财务破产的公司财务状况将进一步恶化,以至于公司无法正常经营,更无法偿还到期债务.     

财务风险产生的原因与对策

一、财务风险产生的原因财务风险产生的原因分为内因和外因两个部分。(一)内部原因1.筹资规模策略不当。企业筹资规模的选择不当会形成2财务风险。企业应当根据自身生产经营规模的大小来确定需要筹集资金的数额。投资规模大则筹资就要多,倘若投资规模大而筹集资金过少,企业就可能因此而失去良好的获利机会,或者使已投资在建的项目停摆,企业无法获取预期收益,甚至蒙受重大经济损失。与此相反,如果投资规模小而企业筹入过多的债务资金、就会造成资金闲置,不但不会增加企业的获利,反而会加大企业债务负担,增加企业资金成本,造成企业的财务危机…     

过度投资、投资效果与会计稳健性

与已有研究不同,本文结合投资规模和投资效果来界定过度投资,并将会计稳健性区分为条件稳健和非条件稳健,以研究过度投资与会计稳健性的相互关系.通过对我国2007-20013年A股上市公司样本的分析,本文发现在结合投资规模和投资效果来界定过度投资的情况下,过度投资和会计稳健性的相互影响明显比仅仅根据投资规模来界定过度投资的情形更显著,而且更为精确.与价值(业绩)上升企业相比,价值(业绩)下降企业的条件稳健性对过度投资具有更强的治理作用,而价值(业绩)下降企业的过度投资行为对非条件稳健性产生了显著的负向影响.     

水电投资企业财务风险管理探讨

随着我国经济的迅速发展,水电投资规模在我国不断发展壮大,总体呈现出良好的发展势头.但是,大多数水电投资企业在发展的过程中仍然存在较多的问题,作为高风险的行业,财务风险的管理一直是重中之重.本文在阐述水电投资企业财务风险发展背景及特点的基础上,系统阐述了水电投资企业加强财务风险管控、提高财务风险管理的意义,并在此基础上提出了水电投资企业进行有效财务风险管理的针对性举措.     

高速增长企业的财务困境和盈余管理研究

高速增长企业是否更容易陷入财务困境？高速增长企业在陷入困境前是否会进行盈余管理？本文用我国沪深两市2004—2009年上市公司数据,研究了高速增长企业盈余管理与财务困境之间的关系发现,与非高速增长企业相比,高速增长企业更容易陷入财务困境,且具有更强的盈余管理倾向。此外,我们研究结果显示,与未陷入财务困境的高速增长企业相比,高速增长企业在陷入困境当年的盈余管理倾向明显较高。进一步检验发现,企业总资产规模较大、盈利能力较强的企业具有较强的抗压性,不易陷入财务困境,而资产负债率较高的企业更易陷入财务困境,这与以前的研究得出的结论一致。此外我们没有找到证据证明国有企业和非国有企业哪个更容易陷入财务困境。     

高速增长企业的财务困境和盈余管理研究

高速增长企业是否更容易陷入财务困境?高速增长企业在陷入困境前是否会进行盈余管理?本文用我国沪深两市2004—2009年上市公司数据,研究了高速增长企业盈余管理与财务困境之间的关系发现,与非高速增长企业相比,高速增长企业更容易陷入财务困境,且具有更强的盈余管理倾向。此外,我们研究结果显示,与未陷入财务困境的高速增长企业相比,高速增长企业在陷入困境当年的盈余管理倾向明显较高。进一步检验发现,企业总资产规模较大、盈利能力较强的企业具有较强的抗压性,不易陷入财务困境,而资产负债率较高的企业更易陷入财务困境,这与以前的研究得出的结论一致。此外我们没有找到证据证明国有企业和非国有企业哪个更容易陷入财务困境。     

浅议新会计准则下长期股权投资的会计核算

企业的长期股权投资是企业财务内部重要的环节之一,它对企业起着重要的作用.投资企业经过长期股权投资可以更好的实行对被投资单位的监控,使被投资单位的财务活动或者财务政策更有利于投资企业的财务发展,增加投资企业的收益,促进投资企业经济效益的提高.在新会计准则背景下,企业长期股权投资的会计核算有所改变.本文根据企业长期股权投资的情况,着重讨论新会计准则下长期股权投资的会计核算.     

市场景气、融资约束与制造业投资 ——基于带有预期效应的新古典投资理论的再检验

本文在新古典投资理论基础上,将市场景气状态、预期偏差、融资约束纳入投资行为的理论分析框架,并利用我国31个省(自治区、直辖市)制造业上市企业微观数据进行了实证检验.研究表明:企业合意投资水平与市场景气水平密切相关,当市场处于扩张期时,企业合意投资规模提高,反之合意投资规模下降.受预期偏差和融资约束的影响,企业实际投资规模偏离合意投资水平,形成非效率投资.融资约束不是越低越好,当市场处于扩张期,企业对未来预期过于乐观时,适度的融资约束有助于企业合理控制投资规模,避免投资过度;当市场处于收缩期,且企业对未来预期过于悲观时,降低融资约束有利于提高企业投资规模;国有企业和民营企业由于融资能力和投资动力不同,其投资水平也有所不同,相对于民营企业,国有企业更容易产生过度投资问题.     

财务共享会影响投资效率吗？——基于上市公司建立财务共享服务中心的经验证据

本文以2007―2021年A股上市公司为研究样本，探讨财务共享对企业投资效率的影响。研究发现，财务共享提升了企业投资-投资机会敏感性并降低了非效率投资。中介效应检验发现，财务共享通过缓解信息不确定性的负面影响、提升企业内部信息传递效率以及增强外部监督进而提升企业投资效率。进一步研究发现，当子公司数量较多、实施激进型战略、子公司收入占比较高时，企业实施财务共享的动机较强，财务共享提升企业投资效率的作用更显著；当存在高管纵向兼任、多元化程度较低时，企业实施财务共享的能力较强，财务共享提升企业投资效率的作用更显著。整体而言，财务共享能提升企业投资效率。本文丰富了财务共享经济后果和企业投资效率影响因素的相关研究。     

环境规制、绿色金融与环保企业投资

本文以2010—2017年80家上市环保企业为样本,使用系统GMM模型和面板门槛模型考察环境规制和绿色金融发展对环保企业投资的影响,研究发现:环保企业投资项目的长期性使其需要绿色金融的资金支持,环境规制促进专门从事防污治污的环保企业成立,环境规制在绿色金融对环保企业投资的支持中主要起到规范和促进作用;环境规制水平越低,工业企业的污染排放和环境破坏程度越严重,政府和金融部门在事后治理中对环保产业的投入越多,环保企业投资越大。     

The Relationship between Changes in Fixed Plant Investment and the Likelihood of Emergence from Corporate Financial Distress

Companies experiencing financial distress can attempt to mitigate financial distress through changing the investment in the fixed asset base. Management may choose to expand the asset base in hopes of increasing sales. Alternatively, management may choose to contract the asset base in order to eliminate and/or reduce investment in unprofitable or risky ventures, improve liquidity, reduce earnings volatility, and reduce the need for operating capital.In this study, we examined how observed changes in the investment base affect the likelihood of emergence from a financially distressed condition. We find that, when management chooses to contract the investment in property, plant, and equipment, the likelihood of emergence from financial distress is significantly improved. On the other hand, when management chooses to expand property, plant, and equipment in the face of distress, the distress is only intensified. Our explanation is that companies that choose to contract their fixed asset base in times of trouble are taking steps that will most likely improve their financial condition—they are less likely to need working capital, and can better tolerate increased levels of long-term debt. Conversely, increasing the fixed asset base amplifies the need for working capital, and borrowing money to facilitate the expansion simply increases the necessary uses of that working capital because the debt must be serviced. As a result, companies descend even deeper into financial distress and decrease the likelihood that they will emerge therefrom.     

基于CFaR模型与Logistic回归的财务困境预警研究

从现金流风险角度出发,对企业财务困境进行预警研究：首先构建一个基于企业内部环境、宏观经济政策、货币政策及财政政策等因素的CFaR模型,识别出期望现金流及风险现金流;然后以这两个指标作为预警变量,构建一个二元Logistic财务困境预警模型;最后选取27家中国证券市场中代表陷入财务困境的ST公司及配对的财务良好的非ST公司作为样本进行实证研究。结果表明,所构建的CFaR模型能较好地度量两类上市公司的现金流状况,且两类公司的期望现金流和风险现金流水平存在显著的差异;二元Logistic预警模型能较好地实现对上市公司财务风险的预警,对两类公司的预警正确率分别达到85.2%和81.5%。     

Investments,Credit, and Corporate Financial Distress: Evidence from Central and Eastern Europe

Although they are instrumental for economic development, productivity-enhancing corporate investments may increase the financial vulnerability of companies, especially in an economic and financial crisis. We employ an instrumental probit model with the aim of finding evidence for the investment and credit patterns that led companies into financial distress during the global financial crisis 2009–2010. The company-level micro-data for our study on three Central and East European countries—Hungary, Bulgaria, Romania and two Baltic countries, Latvia and Lithuania—originates from two independent surveys, the Business Environment and Enterprise Performance Survey conducted in 2008 and the Financial Crisis Survey conducted in 2009/2010. Both were carried out jointly by the EBRD and the World Bank. Our results emphasize a substantial adverse impact from investment intensity and debt financing on company financial soundness during a crisis. On top of that, we discover a strong non-linear pattern in the sensitivity of company distress to its investment-financing nexus.     

上市公司财务状况分类研究

如何对众多上市公司的财务状况进行合理分类 ,判别公司的财务处境 ,进而指导公司的财务行为 ,对于公司财务政策的制定具有重要意义。本文突破以往文献将企业财务状况仅仅基于“好”与“坏”标准进行简单分类、即财务困境企业和非财务困境企业的界限 ,在理论上首次将公司的财务状况分为五类 ,即财务闲置、财务充盈、财务均衡、财务困境和财务破产。实证研究表明 ,我国上市公司确存在五种财务状况 ,支持理论假设 ,进一步 ,我们发现 ,中国上市公司普遍存在财务状况不佳的现象 ,隐性财务破产的上市公司多于证券市场上实际披露的数目。     

The Information Content of Management's Prospective Comments in Financially Distressed Companies: A Note

Prior research revealed management's prospective comments (MPCs) in annual reports to be informative with respect to companies' future performance. As the finding was derived from analyses of random samples of companies, it is not known whether it is generalizable to companies that are experiencing financial distress. This study investigates whether disclosure of MPCs in the annual reports of companies experiencing financial distress is informative with regard to their future viability. The MPCs of 140 Australian public companies that had experienced significant losses were identified and then categorized as optimistic, pessimistic, mixed or no MPCs. Results from logistic regression analysis indicate that such MPCs provided information incremental to that contained in historical financial information about companies' future viability. It was also found that, while companies that did not disclose any MPCs were more likely to fail than companies that disclosed optimistic MPCs, they were as likely to fail as companies that disclosed pessimistic or mixed MPCs. This suggests that financially distressed companies avoid disclosing MPCs in the absence of an optimistic outlook, a finding that supports Darrough and Stoughton's (1990) theory of selective disclosure.     

Does the Achilles heel of guarantee networks drive financial distress?

To explore characteristics of guarantee networks that drive financial distress, we use a dataset comprising 20,467 firm-year observations from Chinese companies listed on the Shanghai and the Shenzhen Stock Exchanges to construct networks from 85,229 guarantee relationships. We show that guarantee networks have a negative effect on company financial distress, revealed by cash holdings and long-term liabilities. Larger networks, those with an Achilles heel, and companies with high closeness centrality exacerbate this effect, and companies in a stronger financial position suffer greater negative impacts. Guarantee networks may also exert their negative impact by acting as a channel for shareholder tunneling.     

Corporate Insurance and Debt: The Case of China*

Finance theorists have long argued that corporate purchases of property insurance can reduce the probability and hence the expected costs of financial distress. And by so doing, the corporate use of insurance can reduce borrowing costs and/ or increase debt capacity, reduce the overall cost of capital, and increase firm value. This article attempts to apply this argument to the case of publicly traded companies in China, which provides a particularly interesting environment given the significant presence of both foreign direct investment and state shareholdings in its corporate sector. From their study of several hundred Chinese companies during the period 1997‐2003, the authors report the following conclusions: Companies with higher borrower costs tend to purchase more property insurance, which in turn has the effect of increasing their debt capacity. Smaller companies are more likely than larger firms both to insure their assets and to purchase more property insurance (as a percentage of assets), reflecting their greater vulnerability to financial shocks and larger potential benefit from insurers' real advisory services (such as loss prevention advice). Companies with more and larger growth opportunities are more likely to purchase insurance, reflecting their higher expected costs of financial distress (from possible underinvestment) than firms with limited growth opportunities. Companies with higher levels of state ownership tend to insure their assets to a greater extent, suggesting that the managers of such companies insure to protect their job security, particularly as the availability of state subsidies to the Chinese corporate sector has declined since market reforms were initiated in 1978.     

我国短期融资券募集资金是否存在短融长投——对中国上市公司的实证研究

本文以发行短期融资券的上市公司为样本,用回归分析的方法实证研究了上市公司短期融资券募集资金的使用情况。实证结果显示短期融资券发行额与营运资金增加额呈显著的负相关关系,与长期资产现金支出、以及偿还债务所支付的现金均呈显著的正相关关系。表明上市公司发行短期融资券募集的资金存在短融长投及集中还贷的现象,也就反映了企业利用市场时机进行融资、并用短期资金进行长期投资的行为。这种短融长投的行为可能因为投融资期限不匹配而导致企业财务风险,并给投资者带来一定的兑付风险。     

Predicting financial distress of Chinese listed companies using machine learning: To what extent does textual disclosure matter?

Using machine learning to predict the financial distress of Chinese listed companies, this study shows that the incremental value of textual disclosure in financial distress prediction diminishes in the presence of detailed financial data. Detailed financial data itself has the capacity to accurately predict financial distress, and its prediction performance is not improved when combined with predictors extracted from textual disclosure. The model using combined predictors attaches more importance to financial-data-based predictors than textual-data-based ones. Our results provide evidence about the overstated value of textual disclosure and the understated information value of detailed financial data in financial distress prediction.