Abstract: Constructing a measure of regional bank competition based on bank branches data, this paper examines how commercial bank competition influence earnings management of Chinese listed companies from 2007 to 2017. The results demonstrate that competitive market structure of banking industry significantly alleviates firms' earnings management. By studying the mechanism, the improvement of accounting information quality is attributable to the debtors' greater governance from banks. This paper uses the exogenous event of 2009 banking deregulation and instrumental variable to verify the above results. This paper not only enriches the literature on enterprise accounting information quality from the perspective of debtors, but also supplements empirical researches on bank competition.

Key words:  , bank competition, debt contract, earning management

摘要： 本文以2007—2017年我国上市公司为研究样本，利用银保监会公布的商业银行在各城市开设分支机构的数据，构造地级市区域银行竞争指标，检验了商业银行竞争程度与公司盈余管理之间的关系。研究发现，银行业竞争性的市场结构能够有效降低企业盈余管理水平。对机制的考察表明，企业会计信息质量的提高得益于银行债权人治理作用不断加强。本文选择2009年银保监会放开银行设立分支机构限制的政策作为外生事件，并通过构造工具变量等方法进一步验证了研究结论。本文的结果从债权人的角度丰富了企业会计信息质量的文献，同时对银行竞争方面的研究做出了有益补充。

关键词: 银行竞争, 债务契约, 盈余管理