Pacific-Basin Finance Journal, Volume 51, October 2018

真实盈余管理是如何影响现金持有的价值？信息和代理角度之间的比较

作者：Che-Chia Chang (Tunghai University, Taiwan, China),

Li-Han Kao (Soochow University, Taiwan, China)

Hsin-Yu Chen (Providence University, Taiwan, China)

摘要：在本文中，我们探讨了真实盈余管理是否与现金持有的预防效益或代理成本有关。我们发现，真实盈余管理损害了现金持有的价值。然而，现金持有的价值与基于利息的盈余管理无关，基于利息的盈余管理对现金流没有影响。我们的结果显示，真实盈余管理损害现金持有量的价值，主要是针对那些存在潜在代理问题或面临融资约束的公司。此外，我们的结果表明，不同的真实盈余管理手段主要通过经营、投资或融资活动影响现金流，并且通过它们各自的业务活动损害现金流的价值。总的来说，我们的结果支持这样的结论:真实的盈余管理与现金持有的代理成本有关。

How does real earnings management affect the value of cash holdings? Comparisons between information and agency perspectives

Che-Chia Chang (Tunghai University, Taiwan, China), Li-Han Kao (Soochow University, Taiwan, China), Hsin-Yu Chen (Providence University, Taiwan, China)

ABSTRACT

In this paper, we investigate whether real earnings management is associated with the precautionary benefits or agency costs of cash holdings. We find that real earnings management impairs the value of cash holdings. However, the value of cash holdings is not associated with accrual-based earnings management, which has no effect on cash flows. Our results show that real earnings management impairs the value of cash holdings mainly in firms having potential agency problems or firms facing financial constraints. Moreover, our results indicate that different means of real earnings management influence cash flows from operating, investing, or financing activities, and impair the value of cash flows from the respective business activities. Overall, our results support the conclusion that real earnings management is associated with the agency costs of cash holdings.

原文链接：https://www.sciencedirect.com/science/article/pii/S0927538X17304559

翻译：阙江静