货币政策紧缩对上市公司盈余管理的影响
发布时间：2019-06-13 10:17
【摘要】：盈余管理一直是国内外学者们研究的热点问题。货币政策属于宏观政策，上市公司盈余管理行为则属于微观领域，两者之间存在密切的联系，货币政策紧缩对于上市公司盈余管理的影响值得我们深入去研究。现阶段，鉴于我国法律法规体系不完善、市场机制不成熟，，上市公司对于非经常性损益操纵利润占了很大的一个比重，而且相关研究还表明盈余管理中使用非经常性损益，比操纵应计利润更频繁。本文选取2003年至2007年度我国沪深两市制造业行业的上市公司作为研究对象，通过以非经常性损益（营业外收支净额）计算盈余管理代理变量，然后实证分析了货币政策紧缩与上市公司盈余管理的相关关系，最后根据所有权性质、市场化程度不同的地区和财务风险控制变量的对比分析，进一步验证两者之间的关系。结果表明，当中国人民银行实行货币政策紧缩时，上市公司为了抵御从紧货币政策的冲击而采取盈余管理的行为；再进一步的研究发现，民营企业、ST公司和市场程度化低的地区企业相比于国有企业、非ST公司和市场程度化高地区的企业进行盈余管理程度更高。最后，针对研究结果进行了分析并且提出了一些合理化的建议和对策。
[Abstract]:Earnings management has always been a hot issue studied by scholars at home and abroad. Monetary policy belongs to macro policy, earnings management behavior of listed companies belongs to the micro field, there is a close relationship between the two, the impact of monetary policy tightening on earnings management of listed companies is worthy of our in-depth study. At present, in view of the imperfect laws and regulations system and the immature market mechanism, listed companies account for a large proportion of non-recurrent profit and loss manipulation profits, and the related research also shows that the use of non-recurrent profits and losses in earnings management is more frequent than the manipulation of accrued profits. This paper selects the listed companies in the manufacturing industry of Shanghai and Shenzhen stock markets from 2003 to 2007 as the research object, calculates the earnings management agent variables by using non-recurrent profit and loss (net revenue and expenditure outside business), and then empirically analyzes the relationship between monetary policy tightening and earnings management of listed companies. Finally, according to the nature of ownership and the comparative analysis of regional and financial risk control variables with different degree of marketization, Further verify the relationship between the two. The results show that when the people's Bank of China implements monetary policy tightening, listed companies adopt earnings management in order to resist the impact of tight monetary policy. Further research shows that private enterprises, ST companies and enterprises in areas with low market process are more likely to carry out earnings management than state-owned enterprises, non-ST companies and enterprises in areas with high market development. Finally, the research results are analyzed and some reasonable suggestions and countermeasures are put forward.
【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F822.0
本文编号：2498457
[Abstract]:Earnings management has always been a hot issue studied by scholars at home and abroad. Monetary policy belongs to macro policy, earnings management behavior of listed companies belongs to the micro field, there is a close relationship between the two, the impact of monetary policy tightening on earnings management of listed companies is worthy of our in-depth study. At present, in view of the imperfect laws and regulations system and the immature market mechanism, listed companies account for a large proportion of non-recurrent profit and loss manipulation profits, and the related research also shows that the use of non-recurrent profits and losses in earnings management is more frequent than the manipulation of accrued profits. This paper selects the listed companies in the manufacturing industry of Shanghai and Shenzhen stock markets from 2003 to 2007 as the research object, calculates the earnings management agent variables by using non-recurrent profit and loss (net revenue and expenditure outside business), and then empirically analyzes the relationship between monetary policy tightening and earnings management of listed companies. Finally, according to the nature of ownership and the comparative analysis of regional and financial risk control variables with different degree of marketization, Further verify the relationship between the two. The results show that when the people's Bank of China implements monetary policy tightening, listed companies adopt earnings management in order to resist the impact of tight monetary policy. Further research shows that private enterprises, ST companies and enterprises in areas with low market process are more likely to carry out earnings management than state-owned enterprises, non-ST companies and enterprises in areas with high market development. Finally, the research results are analyzed and some reasonable suggestions and countermeasures are put forward.
【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F822.0
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