Empirical Research On Earnings Management Of Listed Companies On The Impact Of Debt Financing

With the gradual development of China's bond market,debt financing in financing our society it has occupied an increasingly important position.From 2008 onwards,both the absolute size and the relative proportion of the bond market has been in corporate finance beyond the stock market,trading volume has already exceeded debt,issuing bonds has become one of the most important companies in the way of direct financing.Since Schipper 1989 put forward the concept of earnings management since earnings management has been an important issue corporate finance and corporate governance concerns.In this paper,corporate bonds as the object of study of the bondholders on the bond market,market regulators and other external information users can identify the issuer earnings management behavior.Using principal-agent theory.a comprehensive analysis of the bond market incentives to manage earnings;and using the theory of economic consequences of accounting information,analyze the impact of earnings management behavior resulting debt financing,combined with the actual situation of the market on the basis of proposed research hypothesis.Using Ordered Logistic regression and a two-stage multiple linear regression analysis,the study hypothesis empirical test,the following conclusions:First,when examine the impact of earnings management of external ratings,credit rating agencies and regulators found caught on China's bond market does not recognize corporate earnings management behavior bonds,but also deceived earnings management to a certain extent,so a whole words,earnings management to enable enterprises to obtain higher external ratings.Second,when examine the impact of earnings management of debt financing costs,earnings management behavior proved true holder of the bond market can recognize enterprises,but accrued earnings management to respond,in general,corporate earnings upward management increased debt financing costs.Third,when study the impact of the nature of property,verify the role of implicit guarantees state-owned property attributes,shifted investor attention to their own financial situation,which in China's bond market,investors in non-state enterprises surplus management behavior is more recognition and response capabilities.