外部环境和公司治理对盈余管理影响路径研究

发布时间：2018-01-21 12:35

本文关键词： 盈余管理公司治理外部治理环境结构方程模型　出处：《大连理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：2006年以来,中国实施了以原则导向为特征的新会计准则,公允价值、减值测试、或有事项与商业实质等的运用,留给了管理层更多的自由裁量权,也为盈余管理提供了操作空间。在我国特殊的制度背景下,政府干预、市场监管等外部治理环境的发展不尽完善,上市公司进行盈余管理侵害投资者合法权益的事件时有发生,如何有效控制过度盈余管理、增强投资者保护已成为社会关注的热点。影响盈余管理的因素很多,但从制度层面来讲,包括法律制度等外部治理环境和公司内部治理机制。本文基于结构方程模型,选用2007-2009年间2413个观察样本,对上市公司内外部治理机制中的各子机制对盈余管理的影响路径进行了实证研究。研究结果显示,外部治理环境、股权结构、公司特征以及高管薪酬对盈余管理均起着显著的影响作用。其中,高管薪酬是触发盈余管理的主要诱因,管理人员为了追求自身利益最大化有动机进行操纵盈余从而降低盈余质量；股权过度集中也是诱发盈余管理的重要因素,控股股东可能为了获得更多的控制权收益从而进行盈余管理；目前,我国的外部治理环境尚未能有效发挥度对盈余管理的抑制作用,需进一步建立公平、成熟、完善的外部环境,为公司治理提供良好的环境基础。同时,外部治理环境与股权结构对盈余管理的影响通过高管薪酬这一中介变量得到分离：一方面,外部治理环境和股权结构直接影响盈余管理程度；另一方面,外部治理环境和股权结构通过高管薪酬对盈余管理起着间接的抑制作用。
[Abstract]:Since 2006, China has implemented new accounting standards characterized by principle orientation, fair value, impairment testing, and the use of matter and business substance, leaving more discretion to management. It also provides the operating space for earnings management. Under the special system background of our country, the development of external governance environment such as government intervention, market supervision and so on is not perfect. How to effectively control excessive earnings management and enhance the protection of investors has become a hot topic in the society, because the listed companies' earnings management encroaches on the legitimate rights and interests of investors from time to time. There are many factors affecting earnings management, but from the institutional level, including the legal system and other external governance environment and corporate governance mechanism. This paper is based on the structural equation model. This paper selects 2413 observation samples from 2007 to 2009 to make an empirical study on the influence of each sub-mechanism in the internal and external governance mechanism of listed companies on earnings management. The results show that the external governance environment, equity structure, corporate characteristics and executive compensation play a significant role in earnings management. Among them, executive compensation is the main incentive to trigger earnings management. In order to maximize their own interests, managers manipulate earnings in order to reduce the quality of earnings; Excessive concentration of equity is also an important factor to induce earnings management. Controlling shareholders may manage earnings in order to gain more income of control. At present, China's external governance environment has not been able to play an effective role in restraining earnings management, need to further establish a fair, mature and perfect external environment to provide a good environmental basis for corporate governance. The influence of external governance environment and equity structure on earnings management is separated by the intermediary variable of executive compensation: on the one hand, external governance environment and equity structure directly affect earnings management degree; On the other hand, external governance environment and equity structure indirectly restrain earnings management through executive compensation.
【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F832.51;F224

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