市场化程度、盈余管理与银行贷款定价

本文从盈余管理角度考察了财务报告质量对银行贷款定价的影响。研究发现，银行关注了企业报表中的盈余管理问题，盈余管理程度越高，企业获得的贷款利率越高；在市场化程度越高的地区，银行对企业盈余管理行为的识别能力越强。该研究结论不仅为会计信息的经济后果提供了经验证据，同时也暗示了债权人监督的有效性。

Market Development, Earnings Management and Loan Pricing

This paper analyses how the quality of financial report, measured by earnings management, affect the pricing of bank loan. It reveals that banks can distinguish the quality of financial report effectively; and the extent of earnings management is posi- tively associated with the cost of bank loan, while the level of market development has a significantly effect on that association. The results not only provide new evidence on the economic consequences of accounting information, but also imply the effectiveness of creditors＇ supervision.