现金流量、盈余管理与债务期限结构

选取2004～2010年问沪深股市771家上市公司作为研究样本，运用面板回归模型，实证分析现金流量与盈余管理行为对公司债务期限结构的影响。研究结果表明，企业现金流量规模越大，盈余管理程度越高；盈余管理程度越高，企业长期债务比重越大。因此，银行等债权人应将债务人的财务行为纳入贷前审核与贷后监管的对象，以保护债权人的利益。

On the Cash Flow, Earnings Management and Debt Maturity Structure

It is shown in the empirical analysis of the influence of cash flow and earnings management on the debt matu- rity structure at the choice of 771 listed companies of Shanghai and Shenzhen Stock Markets as the research sample in the year of 2004 to 2010 by use of panel regression model that the bigger the scale of the eash flow in an enterprise,the higher the extent of the earnings management; and the higher the extent of the earnings management, the bigger the proportion of the long term debt. It is hence for creditors such as banks to put the financial behavior of debtors into the subject of pre-loan review and post-loan supervision for the protection of creditors benefits.