Real earnings management and the cost of new corporate bonds

Wenxia Ge; Jeong-Bon Kim

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Real earnings management and the cost of new corporate bonds

机译：实际收益管理和新公司债券的成本

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We examine the association between real earnings management and the cost of new bond issues of U.S. corporations. We consider three types of real earnings management: sales manipulation, overproduction, and the abnormal reduction of discretionary expenditures. We find that overproduction impairs credit ratings and that sales manipulation and overproduction are associated with higher bond yield spreads. Overall, our results imply that credit rating agencies and bondholders perceive real earnings management as a credit risk-increasing factor and thus require high risk premiums.

机译：我们研究了实际收益管理与美国公司新债券发行成本之间的关联。我们考虑三种实际的盈余管理：销售操纵，生产过剩以及可支配支出的异常减少。我们发现生产过剩会损害信用评级，而销售操纵和生产过剩与更高的债券收益率利差相关。总体而言，我们的结果表明，信用评级机构和债券持有人将实际收益管理视为信用风险增加因素，因此需要较高的风险溢价。

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来源
《Journal of Business Research》 |2014年第4期|641-647|共7页
作者
Wenxia Ge; Jeong-Bon Kim;
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作者单位

Asper School of Business, University of Manitoba, 181 Freedman Crescent, Winnipeg, MB, Canada R3T 5V4;

College of Business, City University of Hong Kong, 83 Tat Chee Avenue, Kowloon Tong, Hong Kong;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Real earnings management; Bond yield spread; Credit rating; New bond issue;

机译：实际收益管理;债券收益率利差;信用评级;新债券发行;

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Real earnings management and the cost of new corporate bonds

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