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本文在分析企业借款影响盈余质量的双重作用机理的基础上,选取2003～2011年所有A股上市公司数据,实证检验外部治理环境和货币政策对企业借贷与盈余质量两者关系的影响。结果表明:总借款、短期借款与盈余质量呈倒“U”形关系,长期借款与盈余质量负相关;外部治理环境的改善验证了投资者保护的惩罚假说,恶化了企业借款与盈余质量的关系;货币紧缩增强了银行的监督治理效果,改善了企业借款与盈余质量的关系。货币紧缩时期,银行能够识别企业的盈余质量表明改革取得初步成效,法律执行机制不健全导致外部治理环境仅起到威慑效果,意味着要深化改革。
On the basis of analyzing the dual action mechanism that corporate borrowings affect the earnings quality, this paper selects the data of all A-share listed companies from 2003 to 2011 and empirically tests the influence of external governance environment and monetary policy on the relationship between corporate lending and earnings quality. The results show that the total borrowings, short-term borrowings and earnings quality are inverted U-shaped, and the long-term loans are negatively correlated with the earnings quality. The improvement of the external governance environment validates the penalty hypothesis of investor protection and worsens the corporate borrowings and the earnings quality The monetary tightening has strengthened the supervision and control of banks and improved the relationship between corporate loans and earnings quality. In the period of monetary tightening, the bank’s ability to identify the earnings quality of the enterprises shows that the reforms have achieved initial results, that the law enforcement mechanism is not perfect and that the external environment for governance is only deterrent, which means deepening the reform.