Fintech,Financing Constraints and Earnings Management
Earnings management will affect the authenticity of corporate financial information,leading investors to make wrong decisions,and reducing the efficiency of capital market operation.The development of financial technology(fintech)can help enterprises expand financing channels and reduce their willingness to manage earnings.Taking China's A-share listed companies as a research sample,this paper confirms that the development of fintech significantly reduces the level of earnings management by alleviating corporate financing constraints.Further analysis shows that the inhibitory effect of fintech on earnings management is more significant in enterprises that are located in developed eastern regions,or face weak market competition,or receive high attention from analysts or enjoy high corporate governance.The economic consequence test shows that fintech can reduce corporate financial restatement by discouraging earnings management in the enterprises.Based on this,in the future,the enterprises should make full use of the financing and governance advantages of fintech to alleviate the financing constraints;The government should speed up the introduction of fintech,inhibit the earnings management of the enterprises,and improve the quality of accounting information disclosure in the capital market.Investors should make full use of the advantages of fintech to identify companies with high information quality to invest,so as to reduce investment risks.
万方数据
维普
