上市公司信息披露质量与盈余管理关系研究

发布时间：2018-02-23 04:16

本文关键词： 信息不对称信息披露质量盈余管理修正的Jones模型　出处：《哈尔滨商业大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国资本市场经过十几年的发展,对市场经济产生巨大的作用。但是,由于外部投资者与公司内部之间存在信息不对称,管理当局采取各种盈余管理手段对财务报表的信息进行调整,导致上市公司信息质量存在问题。上市公司的盈余管理严重影响信息披露质量,影响投资者的决策与相关各方的利益。如何抑制上市公司盈余管理行为、提高上市公司信息披露质量成为目前迫切需要解决的问题。在研究中借鉴国内外现有信息披露质量与盈余管理的研究成果,以经济学的契约理论、信息不对称理论、有效市场理论和利益相关者理论作为理论基础,介绍了上市公司信息披露的概念、动机,信息披露质量的涵义、特征,并分析了盈余管理的概念、动机、存在的原因、手段。与此同时,对上市公司信息披露质量与盈余管理关系进行理论分析。在此基础上,提出上市公司信息披露质量与盈余管理的相关假设,选取2007-2010年深圳A股上市公司的数据,运用修正的Jones模型,对上市公司盈余管理进行计量,根据上市公司信息披露质量与盈余管理的影响因素选择控制变量,遵循实证研究原则,构建回归模型。运用各变量间的Pearson和Spearman相关系数检验及回归分析最终得出：(1)我国上市公司信息披露质量与盈余管理也存在显著的负相关关系。其中,上市公司信息披露质量越高,其向上盈余管理程度越低。上市公司信息披露质量越高,其向下盈余管理程度越低。(2)上市公司信息披露质量越低,负债比率越高,盈余管理的程度越高。(3)规模较大的公司内部控制及公司治理情况良好,公司进行盈余管理的可能性较小。(4)上市公司不同信息披露质量的样本,企业特征总体上有显著性差别。(5)独立董事比例与上市公司是否进行盈余管理行为没有统计上的显著相关性。(6)外部审计变量审计质量与上市公司盈余管理行为负相关,而审计意见与盈余管理没有统计上的显著相关性。为此,基于我国资本市场制度的经济背景及实证研究的结论,从健全上市公司外部环境和加强上市公司内部结构体系建设等两方面提出了提高上市公司信息披露质量的建议和对策,从而为规范上市公司盈余管理行为提供了理论和实务上的支持。
[Abstract]:After more than ten years' development, China's capital market has played a great role in the market economy. However, due to the information asymmetry between external investors and companies, The management authorities adopt various means of earnings management to adjust the information in the financial statements, which leads to problems in the information quality of listed companies. The earnings management of listed companies seriously affects the quality of information disclosure. How to restrain earnings management behavior of listed companies and improve the quality of information disclosure of listed companies has become an urgent problem to be solved. In the research, we draw lessons from the existing research results of information disclosure quality and earnings management at home and abroad, take the contract theory of economics, information asymmetry theory, efficient market theory and stakeholder theory as the theoretical basis. This paper introduces the concept, motivation, meaning and characteristics of information disclosure quality of listed companies, and analyzes the concept, motivation, reasons of existence and means of earnings management. Based on the theoretical analysis of the relationship between the quality of information disclosure and earnings management of listed companies, the relevant assumptions of the quality of information disclosure and earnings management of listed companies are put forward, and the data of Shenzhen A-share listed companies from 2007 to 2010 are selected. By using the modified Jones model, this paper measures earnings management of listed companies, selects control variables according to the quality of information disclosure and the influencing factors of earnings management of listed companies, and follows the principle of empirical research. Using Pearson and Spearman correlation coefficient test among variables and regression analysis, it is concluded that there is also a significant negative correlation between the quality of information disclosure and earnings management of listed companies in China. The higher the quality of information disclosure of listed companies, the lower the level of upward earnings management.; the higher the quality of information disclosure of listed companies is, the lower the level of downward earnings management is, the lower the quality of information disclosure of listed companies is, the higher the debt ratio is. The higher the degree of earnings management is, the better the internal control and corporate governance of larger companies are, and the smaller the possibility of earnings management is, the smaller the sample of different information disclosure quality of listed companies is. There is a significant difference in corporate characteristics. 5) there is no statistically significant correlation between the proportion of independent directors and whether the listed company carries out earnings management behavior. There is no statistically significant correlation between the audit quality of external audit variables and the earnings management behavior of listed companies. However, there is no statistically significant correlation between audit opinion and earnings management. Therefore, based on the economic background of China's capital market system and the conclusion of empirical research, From the aspects of perfecting the external environment of listed companies and strengthening the construction of internal structure system of listed companies, this paper puts forward some suggestions and countermeasures to improve the quality of information disclosure of listed companies. It provides theoretical and practical support for standardizing earnings management behavior of listed companies.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

【参考文献】