基于公司治理的上市公司关联交易与盈余管理研究

发布时间：2018-01-13 21:01

本文关键词：基于公司治理的上市公司关联交易与盈余管理研究　出处：《浙江工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：本文首先回顾了关联交易、盈余管理、公司治理的概念和特征,系统地梳理了盈余管理的计量模型和关联交易与盈余管理关系的研究文献。其次,对我国上市公司关联交易的现状进行了描述性统计分析,总结出我国上市公司关联交易现有的特征。并根据关联交易现状分析了关联交易与盈余管理的动机。再次,全面论述公司内外治理机制对关联交易及盈余管理的影响,在此基础上提出了本文的5个研究假设。最后,参考前人的研究成果,采用横截面修正的Jones模型作为盈余管理的度量,建立了以可控应计数为被解释变量的多元回归模型以进行实证研究。在实证研究中,选取了2009-2011年沪市和深市主板共计668家A股制造业上市公司为研究样本,先分别对各变量进行描述性统计分析,初步得出制造业上市公司各关联交易方式和盈余管理的特征。接着,借助spss19.0统计分析软件进行多元回归分析来验证本文提出的5个研究假设。实证研究结果表明：1、上市公司中明显存在利用关联交易进行盈余管理的行为；2、对高层管理人员实施股权激励计划的上市公司存在较大利用关联交易进行盈余管理的可能性；3、第一大股东股权超过50%的上市公司关联交易进行盈余管理的可能性不一定更大；4、第一大股东股权小于15%的上市公司关联交易进行盈余管理的可能性较小；5、治理层未履行相关责任而遭到证监委公开谴责或行政惩罚的上市公司关联交易进行盈余管理的可能性较大。最后,本文根据实证分析结果,从公司治理机制对关联交易盈余管理的治理提出若干对策。
[Abstract]:This paper reviews the concepts and characteristics of related party transactions earnings management and corporate governance systematically combs the measurement model of earnings management and the research literature on the relationship between related party transactions and earnings management. Secondly. This paper makes a descriptive statistical analysis on the current situation of related party transactions of listed companies in China. Summarizes the existing characteristics of related party transactions of listed companies in China, and analyzes the motivation of related party transactions and earnings management according to the current situation of related party transactions. This paper comprehensively discusses the influence of internal and external governance mechanism on related party transactions and earnings management, and then puts forward five hypotheses of this paper. Finally, referring to the previous research results. Using cross-section modified Jones model as the measure of earnings management, a multivariate regression model with controllable due count as the explanatory variable is established to carry out empirical research. A total of 668 A-share manufacturing listed companies in Shanghai and Shenzhen stock markets from 2009 to 2011 were selected as the research samples. First, descriptive statistical analysis of each variable was carried out. The characteristics of each related party transaction mode and earnings management of listed companies in manufacturing industry are preliminarily obtained. Then, the five research hypotheses proposed in this paper are verified by multivariate regression analysis with the help of spss19.0 statistical analysis software. The empirical results show that the behavior of earnings management in listed companies is obvious by using related party transactions. (2) there is a great possibility of earnings management by using related party transactions in listed companies that implement equity incentive plans for senior managers; (3) the possibility of earnings management in related party transactions of listed companies with the largest shareholder more than 50% is not necessarily greater; (4) the possibility of earnings management in related party transactions of listed companies with the largest shareholder less than 15% is small; 5. The possibility of earnings management in affiliated transactions of listed companies which have been publicly condemned or punished by the CSB for failing to fulfill the relevant responsibilities. Finally, according to the results of empirical analysis. From the corporate governance mechanism to the related party transaction earnings management governance put forward a number of countermeasures.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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