我国上市公司股权结构对盈余管理影响的实证研究

发布时间：2018-01-04 04:39

本文关键词：我国上市公司股权结构对盈余管理影响的实证研究　出处：《西南交通大学》2011年硕士论文　论文类型：学位论文

【摘要】：盈余管理是会计理论和实证研究的一个重要话题,它不仅仅是一种会计行为,更是一种管理行为。国内对盈余管理的研究主要集中在盈余管理是否存在以及盈余管理的目的、手段。国内也有学者研究上市公司股权结构与盈余管理之间的关系,但研究学者们得出的结论并非一致。在研究方法、盈余管理模型选择等方面还存在很大研究空间。公司治理与上市公司的盈余管理行为存在关联,公司治理中的股权结构对盈余管理有重要影响。因此本文从股权集中度、股权制衡度、股权性质、管理层持股和机构投资者持股角度来研究股权结构与盈余管理之间的关系。本文在回顾文献的基础上,采用理论分析与实证研究相结合的方法,利用上市公司2004-2009年的数据对我国上市公司股权结构与盈余管理的相关关系进行了研究。本文利用横截面数据,采用琼斯模型、修正琼斯模型、Healy模型计算盈余管理变量。剔除异常值后,造成特定年份某些行业数据量少,难以采用分行业分年度估计模型参数。故本文采用分年度计算琼斯模型和修正琼斯模型的参数,并利用年度参数来计算琼斯模型和修正琼斯模型下的盈余管理变量值。三个模型得出的结论趋于一致。(1)我国上市公司股权高度集中,且股权集中度与盈余管理之间存在倒U型关系。(2)我国上市公司的股权制衡度与盈余管理负相关,但不显著。(3)我国上市公司股权性质与盈余管理行为相关,非国有控股公司比国有控股公司进行操纵盈余行为更严重。(4)管理层持股与盈余管理显著正相关,说明我国上市公司管理层会侵占上市公司利益。(5)我国上市公司机构投资者持股与盈余管理显著负相关,机构投资者能够有效抑制上市公司盈余管理行为。最后本文根据研究结果得出相关结论并提出建议。
[Abstract]:Earnings management is an important topic of accounting theory and empirical research, it is not only a kind of accounting behavior, but also a kind of management behavior. The domestic research on earnings management mainly focus on the existence of earnings management as well as the goal, the means of earnings management. The domestic scholars research also has a relationship between ownership structure and earnings management the company, but the researchers can not reach the same conclusion. In research methods, the earnings management model selection is still a big research space. There are associated with the earnings management behavior of listed companies and corporate governance, ownership structure in corporate governance has an important influence on earnings management. This article from the ownership concentration, equity balance degree the nature of equity, ownership and management of institutional investors perspective to study the relationship between ownership structure and earnings management.
In this paper, on the basis of literature review, theoretical analysis and empirical research methods combined with the use of listed companies 2004-2009 data related to the ownership structure and earnings management of Listed Companies in China are studied. By using the cross section data, using the Jones model, modified Jones model, the calculation of earnings management variables Healy model. To eliminate the abnormal value, causing a particular year in some industries is difficult to use a small amount of data, divided into industry annual estimate model parameters. So this paper adopts parameter calculation annual Jones model and modified Jones model, and to calculate the Jones model and modified Jones model of earnings management variables using annual three model parameters. The conclusion is consistent. (1) China's listed companies are highly concentrated, and the concentration of shareholding and earnings management are inverted U relationship. (2) of the shares of Listed Companies in China The right balance is negatively related to the earnings management, but not significant. (3) the relevant behavior of the nature of equity and earnings management of listed companies and non state-owned holding companies conduct earnings manipulation behavior is more serious than the state-owned holding company. (4) is positively related to managerial ownership and earnings management, the management of Listed Companies in China would encroach on the interests of the listed company. (5) ownership and earnings management of China's institutional investors of listed companies negatively related to institutional investors can effectively restrain the earnings management behavior of listed companies. Finally, according to the research results and relevant conclusions and make recommendations.

【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F271;F275;F224

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