Configuration Earnings Management, Property Relati-Onship Between Nature And Credit Resources

Since the establishment of China's capital market,information asymmetry between creditor and debtor enterprises will persist,corporate debt imagine utilizing unique information to manipulate earnings,when the creditor does not recognize the debts of the business of such earnings management behavior,will result in damage to the interests of the creditors themselves,and when the creditor is able to identify corporate debt that earnings management behavior and they will take certain measures to curb debt companies such acts,zoom in to society as a whole,the performance will be more rational use of resources,highquality projects to get good development,It will promote the socialist capital markets sustained and effective development.As China's system for continuous improvement and development of capital markets,resource allocation more reasonable standard,how to obtain additional debt financing in the capital markets,lower debt financing cost of capital becomes more and more practitioners and theorists the focus of attention.According to information asymmetry theory and practical experience in the domestic situation,proposed the first hypothesis: the creditor is able to identify earnings management behavior debts of the business,and by controlling the size of the debt financing for the debts of corporate earnings management behavior punished.1 Results based on the assumption of the theory and use of data analysis to explore whether earnings management has an impact on the cost of debt financing and debt financing capital,and made the following assumptions: the lower the level of earnings management of the enterprise,the more you can get larger debt financing;the lower the level of earnings management accounting company,the more debt financing can be obtained at low cost.With assumption 2 and 3,we added the nature of the property factor,further analysis of the different nature of property rights in a listed company earnings management differences in accounting impact of debt financing on the basis of China's capital market situation,we propose hypothesis 4: compared to the state-owned holding enterprises,the impact of earnings management on debt financing costs and the size of the nonstate-controlled enterprises is more significant.This paper selects 2005--2014 Shanghai and Shenzhen and Shenzhen Ashare listed companies in the sample,the use of performance matched accrual earnings management model to measure corporate earnings debt management,and Granger test to determine creditor debt financing during the debts of the business earnings management behavior is having the ability to identify,then were on the level of earnings management,debt financing,debt financing cost of capital and added nature of the property after the empirical analysis,the study found: the creditor is able to identify accounting earnings management behavior of enterprises,namely earnings management on debt financing has a negative effect of on the cost of debt capital has a positive impact resistance;compared to the state-owned holding enterprises,the impact of earnings management on debt financing costs and the size of the non-state-controlled enterprises is more significant.