引入外资股东对A股上市公司盈余管理的影响

发布时间：2018-03-17 11:41

本文选题：外资股东　切入点：上市公司　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：从1979年,中国政府在深圳蛇口设立蛇口工业区,并将深圳设立为经济特区以来,我国引入外资的数量和质量都大大提高。从最初的试点尝试,到如今的习以为常,外资在我国国民经济中的地位也日渐重要。1995年,日本五十铃汽车公司和伊藤忠商事株式会社成为北旅汽车的第二大股东,更是拉开了外资进入我国上市公司的序幕。虽然我国现在对外资进入中国的门槛在逐渐降低,但是有很多行业仍然是不对外资开放的。另外,在外资引进的过程中,相应的法律法规也需要及时的修订以适应发展的需要。我国的资本市场在经历了20年的发展后已经初具规模,无论是上市公司的数量还是上市公司的总市值都在快速增长。但不可否认的是,我国的A股市场仍然是一个年轻的市场,存在着各种各样的制度漏洞与发展问题。另外,由于历史原因和传统文化的影响,我国的资本市场存在着与西方国家截然不同的问题：超级大股东对中小股东利益的侵害。绝对控股的超级大股东可能会通过层层控制链条,对上市公司进行盈余管理,从而达到其侵害中小股东利益的最终目的。外资给我国的经济发展带来了高新技术和先进的管理理念,同时由于外资股东在公司中所处的特殊地位,可以对上市公司的管理者或者是控股股东产生一定的制衡作用。同时,外资股东在上市公司的经营管理中发挥的重大作用是否还会受到其他因素的影响和制约,这些都是值得认真仔细探讨的问题。本文首先从盈余管理的理论出发,讨论了盈余管理的定义,企业进行盈余管理的动机和目前学术界对盈余管理的计量手段；接下来再以委托代理理论为基础,详细介绍了第一类委托代理问题和第二类委托代理问题。然后,本文在理论的基础上,对我国引入外资的历史进行了回顾并进一步地展开实证研究,从沪深两市中选取样本,按照已建立的模型进行回归分析,希望找出外资股东对上市公司盈余管理所产生的影响,并尝试从多个方面对这种影响进行详细的剖析。通过研究,本文发现引入外资股东的确可以对上市公司的盈余管理产生抑制作用。而当外资股东不是第一大股东的时候,外资股东对上市公司的盈余管理存在着更加显著的抑制作用,另外,外资股东的持股比例的提升会更加抑制上市公司的盈余管理。本文共分为五章,主要有三个部分：第一部分,包括第一章和第二章。这一部分主要是导论和理论依据介绍,对盈余管理理论和委托代理理论进行了文献综述,并且对我国引入外资的历史进行了回顾；第二部分,包括第三章和第四章。这一部分主要是文章的主体部分——研究假设的提出,研究模型的构建和实证研究结果；第三部分,第五章,研究结论与政策建议。作为论文的最后一个部分,这里对全文的研究结论进行了总结和回顾,并且根据研究结果提出了一些政策建议。此外,第三部分还对本文的不足之处进行了总结,并对未来的研究方向提出一些展望意见。
[Abstract]:From 1979, the government set up Chinese Shekou Industrial Zone in Shenzhen and Shekou, Shenzhen set up as a special economic zone, the quantity and quality of the introduction of foreign investment in China are greatly improved. From the initial pilot, now accustomed to foreign status in China's national economy has become more important in.1995, Japan's Isuzu Motor Ltd and Itochu Mitsubishi has become the second largest shareholder of new cars, is the prelude of foreign capital in China's listed companies. Although China is now on the threshold of foreign capital into Chinese decreased gradually, but there are a lot of industry is still not open to foreign investment. In addition, in the process of the introduction of foreign capital, the corresponding laws and regulations also require timely revised to meet the needs of the development.
In the capital market of our country after 20 years of development has begun to take shape, regardless of the number of listed companies or the total market capitalization of Listed Companies in the rapid growth. But it is undeniable that China's A share market is still a young market, there is a system of loopholes and problems in the development of various all. In addition, due to historical reasons and the influence of traditional culture, the capital market of our country is very different from western countries: super large shareholders to infringe the interests of minority shareholders. The absolute control of super large shareholders may be through the layers of control chain, the earnings management of listed companies, so as to achieve the ultimate goal against the interests of small shareholders.
Bring high technology and advanced management concept of foreign capital to China's economic development at the same time, because of the special status of the foreign shareholders in the company, the listed company managers or controlling shareholders have a balancing role. At the same time, whether a significant role in the management of foreign shareholders of Listed Companies in the will be affected and restricted by other factors, these are worthy of careful study.
This paper from the earnings management theory, discusses the definition of earnings management, corporate earnings management motivation and the academic study on the measurement methods of earnings management; then based on the principal-agent theory, introduced the first second kinds of principal-agent problem and the principal-agent problem. Then, in this paper that is reviewed and further empirical research on the introduction of foreign investment in China's history, the sample from Shanghai and Shenzhen two, regression analysis was carried out in accordance with the established model, hoping to find out the influence of foreign shareholders arising on the earnings management of the listed company, and try to make a detailed analysis of the influence from many aspects in this paper. Through the study, found that the introduction of foreign shareholders can inhibit the earnings management of listed companies. And when the foreign shareholder is not the first major shareholders when abroad Shareholders have a more significant inhibitory effect on earnings management of listed companies. In addition, the increase of shareholding ratio of foreign shareholders will further inhibit earnings management of listed companies. This paper is divided into five chapters, including three main parts.
The first part includes the first chapter and the second chapter. This part is mainly about introduction and theoretical basis, and makes a literature review on earnings management theory and principal-agent theory, and reviews the history of introducing foreign capital in China.
The second part includes third chapters and fourth chapters. This part is mainly about the main body of the article -- the research hypothesis, the construction of the research model and the results of the empirical research.
The third part, the fifth chapter, conclusions and policy recommendations. As the last part of the thesis, here of the research findings are summarized and reviewed according to the research results, and puts forward some policy suggestions. In addition, the third part is the deficiency of the paper are summarized, and put forward some views on the prospect of research direction in the future.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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