股权性质、盈余管理与投资效率

发布时间：2018-09-12 06:00

【摘要】：投资是一种资源配置行为,是企业存续和壮大的根源,其不仅会影响企业价值的创造,还会对宏观经济和资本市场产生深远的影响。如果企业出现不合理的投资行为,无论是投资过度还是投资不足,不仅不利于企业的长远发展,也会降低社会资源的利用效率,对社会整体利益产生不利影响。因而,十分有必要重视和关注投资效率问题。高质量会计信息的治理功能能对投资效率的改善起到积极作用。然而盈余管理粉饰了会计信息,会导致信息不对称和代理问题的加重进而对企业投资效率造成不利影响。本文从应计盈余管理和真实盈余管理双重视角出发,探讨企业实施的盈余管理行为如何对企业投资效率产生影响,在此基础上,进一步探讨不同股权性质的企业中盈余管理对投资效率的影响是否存在差异。不仅能够丰富盈余管理经济后果的研究,也为如何改善上市公司投资效率,优化资源配置提供了理论依据,兼具理论和现实意义。本文综合运用规范研究方法和实证研究方法。首先,梳理关于股权性质、盈余管理与投资效率的相关研究成果,阐述并分析相关理论,然后从理论上分析盈余管理如何影响企业的投资效率,并进一步分析股权性质对两者关系的影响,进而提出研究假设。其次,用中国沪深两市A股制造业上市公司2011-2015年的数据进行实证检验,用Richardsor模型、修正Jones模型和Roychowdhury模型分别衡量投资效率、应计盈余管理和真实盈余管理,然后以投资效率为因变量,应计盈余管理和真实盈余管理为自变量,股权性质为调节变量,并对代理成本、盈利能力、债务水平等因素进行控制,建立多元回归模型,实证检验了盈余管理与投资效率之间的关系以及股权性质的调节作用。最后,以得出的结论为依据提出相应的对策并说明本文存在的不足以及未来展望。研究发现,应计盈余管理和真实盈余管理都会降低企业的投资效率。而股权性质的调节作用受到盈余管理方式(应计盈余管理、真实盈余管理)和非效率投资的具体表现形式(投资过度、投资不足)的影响。应计盈余管理与投资效率的相关性在非国有上市公司中更加显著,进一步区分投资过度与投资不足后,研究结果表明在非国有上市公司中应计盈余管理与投资过度的正相关性更显著。而真实盈余管理对投资效率的影响一定程度上在国有上市公司中更加显著。
[Abstract]:Investment is a kind of resource allocation behavior, which is the root of the existence and growth of enterprises. It will not only affect the creation of enterprise value, but also have a far-reaching impact on the macro economy and capital market. If the enterprise appears unreasonable investment behavior, whether it is overinvestment or underinvestment, it will not only be unfavorable to the long-term development of the enterprise, but also will reduce the utilization efficiency of social resources and have a negative impact on the overall interests of the society. Therefore, it is necessary to pay attention to and pay attention to the problem of investment efficiency. The governance function of high-quality accounting information can play a positive role in improving investment efficiency. However, earnings management whitewash accounting information, which will lead to asymmetric information and aggravation of agency problems, which will adversely affect the investment efficiency of enterprises. From the perspective of accrual earnings management and real earnings management, this paper discusses how the earnings management behavior implemented by enterprises has an impact on the investment efficiency of enterprises, and on this basis, This paper further discusses whether there are differences in the influence of earnings management on investment efficiency in enterprises with different equity properties. It not only enriches the study of the economic consequences of earnings management, but also provides a theoretical basis for how to improve the investment efficiency of listed companies and optimize the allocation of resources, which is of both theoretical and practical significance. This article uses the normative research method and the empirical research method synthetically. First of all, combing the relevant research results on the nature of equity, earnings management and investment efficiency, and explaining and analyzing the relevant theories, and then theoretically analyzing how earnings management affects the investment efficiency of enterprises. Further analysis of the impact of the nature of equity on the relationship between the two, and then put forward the research hypothesis. Secondly, using the data of A-share manufacturing listed companies in Shanghai and Shenzhen stock markets in China from 2011 to 2015, using Richardsor model, modified Jones model and Roychowdhury model to measure investment efficiency, accrual earnings management and real earnings management, respectively. Then take investment efficiency as dependent variable, accrual earnings management and real earnings management as independent variables, equity nature as adjusting variables, and control agency cost, profitability, debt level and other factors to establish a multivariate regression model. Empirical test of the relationship between earnings management and investment efficiency, as well as the regulatory role of equity nature. Finally, based on the conclusions, the paper puts forward the corresponding countermeasures and explains the shortcomings and future prospects of this paper. It is found that both accrual earnings management and real earnings management can reduce the investment efficiency of enterprises. The regulating role of equity is influenced by earnings management (accrual earnings management, real earnings management) and the specific forms of inefficient investment (overinvestment and underinvestment). The correlation between accrual earnings management and investment efficiency is more significant in non-state-owned listed companies. The results show that the positive correlation between accrual earnings management and excessive investment is more significant in non-state-owned listed companies. To some extent, real earnings management has a more significant impact on investment efficiency in state-owned listed companies.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7

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