投资者关系管理、信息不对称与盈余管理研究

发布时间：2018-01-19 02:08

本文关键词： 投资者关系管理信息不对称盈余管理　出处：《山东财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：由于在资本市场中普遍存在着信息不对称现象，由此造成上市公司与投资者之间的沟通障碍，为上市公司管理当局进行盈余管理提供了条件。而投资者关系管理作为上市公司的一项自主治理机制，已逐渐受到我国的重视，并迅速的发展起来，投资者关系管理的有效实施能够提高公司的透明度，降低上市公司内外部的信息不对称现象，进而抑制公司管理当局的盈余管理行为。本文以中国上海证券交易所A股上市公司为研究对象，最终选取了705家符合条件的上市公司作为样本，，检验了我国上市公司投资者关系管理与信息不对称、信息不对称与盈余管理、投资者关系管理与盈余管理之间的关系。研究认为，投资者关系管理与信息不对称之间存在负相关关系，信息不对称与盈余管理之间存在正相关关系，投资者关系管理与盈余管理之间存在负相关关系；另外，研究发现投资者关系管理内容的不同方面，在降低信息不对称，进而抑制盈余管理行为上所起到的作用也不同，在投资者关系管理实施过程中，上市公司与投资者的沟通活动越来越受到重视，已与传统的信息披露活动地位相当；同时，沟通活动指标相对于信息披露指标而言，在降低信息不对称，进而抑制盈余管理行为中所起的作用更为显著，因而沟通活动在实施投资者关系管理实践中有着更为重要的意义。
[Abstract]:Because of the information asymmetry in the capital market, the communication obstacle between listed companies and investors is caused. It provides conditions for the management of listed companies to carry out earnings management. As an independent governance mechanism of listed companies, investor relationship management has been gradually attached importance to, and developed rapidly. The effective implementation of investor relationship management can improve the transparency of the company, reduce the information asymmetry phenomenon inside and outside the listed company, and then restrain the earnings management behavior of the company management authority. This paper takes A-share listed companies of Shanghai Stock Exchange as the research object, and finally selects 705 eligible listed companies as the sample. This paper examines the relationship between investor relationship management and information asymmetry, information asymmetry and earnings management, investor relationship management and earnings management of listed companies in China. There is a negative correlation between investor relationship management and information asymmetry, a positive correlation between information asymmetry and earnings management, and a negative correlation between investor relationship management and earnings management. In addition, the study found that different aspects of investor relationship management content, in reducing information asymmetry, and then restrain earnings management behavior plays a different role, in the implementation of investor relationship management process. More and more attention has been paid to the communication activities between listed companies and investors, which have been in the same position as the traditional information disclosure activities. At the same time, compared with the information disclosure index, the communication activity index plays a more significant role in reducing information asymmetry, and then restraining earnings management behavior. Therefore, communication activities in the implementation of investor relationship management practice has a more important significance.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

【参考文献】