我国制造业上市公司盈余管理影响因素的实证研究

发布时间：2018-06-16 00:00

本文选题：盈余管理 + 高管增持　；参考：《华东理工大学》2017年硕士论文

【摘要】：随着我国实体经济的飞速发展,自1989年中国证券市场试点开始,以证券市场为代表的虚拟市场也取得日新月异的变化。并且27年的发展中,证券市场从一个政策主导的市场,逐步开放,行成一个以市场经济为导向的地方。在这样一个市场中,财务报告信息成为外界衡量企业经营状况和进行投资决策的一大依据。因此,财务报告中的会计盈余信息就随之成为影响股票价格的一个重要因素。再加上伴随着市场的发展和规范,很多的有关证券市场的法律法规都与会计盈余信息产生了重要的联系。其中最有代表性的就是IPO上市标准中对企业连续盈利能力的要求。在这样的情况下,会计盈余信息的重要性日益明显,对投资者的参考作用也越发的巨大。但是会计盈余信息并非是客观生成的数据,企业管理人员作为企业真实经营信息的知情者,往往会在诱惑之下,利用会计准则等规范的漏洞,对会计盈余进行管理,以使得披露出来的会计信息能够符合其需求。在这样的过程中,盈余管理就成为了企业管理层、投资者、证券管理部门和财税机关关注的重点之一。另一方面,盈余管理作为管理层在合规范围内对会计利润的调整,其本身就是一个极具争议的话题。从好的一面看,盈余管理可以平滑年度间的利润,防止企业业绩大起大落,损害投资者利益。但是更多的情况下,其起到的作用是粉饰财务数据,误导投资者以达成企业管理层自利目的的工具。本文试图从盈余管理的识别和计量开始,研究盈余管理通常会使用的方式,并选取制造业作为实证研究的样本,使用截面琼斯回归模型,研究制造业上市公司中盈余管理的现况,并通过多元回归模型的构建和分析,来确认假设的因素是否确实影响了制造业盈余管理现况。本文发现,在2010年至2014年的五年中,在制造业上市公司中,盈余管理还是明显存在的,但是其程度整体上是呈降低趋势的。而在影响盈余管理的因素中,盈余管理的程度与增减持、企业规模、大股东持股比例和机构持股比例等都有一定的联系,但是相关性并不大。
[Abstract]:With the rapid development of the real economy in China, the virtual market, represented by the securities market, has been changing with each passing day since 1989. And 27 years of development, the securities market from a policy-led market, gradually open to a market-oriented place. In such a market, financial report information has become a major basis for the outside world to measure the business situation and make investment decisions. Therefore, the accounting earnings information in the financial report becomes an important factor that affects the stock price. In addition, with the development and regulation of the market, many laws and regulations about the securities market have important relation with the accounting earnings information. One of the most representative IPO listing standards for the continuous profitability of the requirements. In this case, the importance of accounting earnings information is becoming more and more obvious, and the reference to investors is more and more huge. However, accounting earnings information is not objectively generated data. Enterprise managers, as insiders of real business information, are often tempted to use the loopholes of accounting standards to manage accounting earnings. So that the disclosed accounting information can meet its needs. In such a process, earnings management has become one of the key issues of management, investors, securities management and financial and tax authorities. On the other hand, earnings management, as an adjustment of accounting profit in compliance scope, is a controversial topic. On the positive side, earnings management can smooth the profits during the year, prevent the enterprise performance from fluctuating, and harm the interests of investors. But more often than not, it serves as a tool to whitewash financial data and mislead investors to achieve management self-interest. Starting with the identification and measurement of earnings management, this paper attempts to study the usual methods of earnings management, and select manufacturing industry as the sample of empirical research, and use the cross-section Jones regression model. This paper studies the current situation of earnings management in listed companies in manufacturing industry, and through the construction and analysis of multivariate regression model, confirms whether the hypothetical factors really affect the earnings management situation of manufacturing industry. This paper finds that in the five years from 2010 to 2014, earnings management still exists in manufacturing listed companies, but the degree of earnings management on the whole shows a decreasing trend. Among the factors affecting earnings management, the degree of earnings management is related to the increase and decrease of holdings, the size of enterprises, the proportion of large shareholders holding shares and the proportion of institutional holdings, but the correlation is not great.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425

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