外部治理环境与上市公司盈余管理关系研究

发布时间：2018-03-24 00:39

本文选题：外部治理环境　切入点：盈余管理　出处：《大连理工大学》2012年硕士论文

【摘要】：上市公司的会计信息披露为投资者提供了重要的依据,会计信息质量的高低直接影响着资本市场的健康发展。我国正处于“新兴加转轨”阶段,外部治理环境发展并不完善,上市公司进行盈余操作的事件时有发生,这严重损害了投资者的利益,影响了资本的有效配置。盈余管理问题一直是公司财务领域较为关心的问题,如何约束企业的盈余管理也就成为迫切需要解决的问题。我国经济发展过程中存在区域发展不平衡现象,这种不平衡对上市公司盈余管理及其治理产生了重要影响。基于外部治理环境视角,本文采用2003-2009年沪深两市836家上市公司数据,发现了盈余管理的区域分布特征及分布规律,采用OLS回归方法检验了不同地区外部治理环境对盈余管理的影响,研究了公司治理在薄弱的外部治理环境中发挥的替代保护作用。研究结果表明：(1)从经济地理学的角度可以发现,我国各地区的外部治理环境和上市公司盈余管理程度存在着显著的局域空间集群现象,分布特征有规律可循,即东部地区外部治理环境最好而企业的盈余管理程度最低,中部地区外部治理环境一般,而企业的盈余管理程度也居中,西部地区的外部治理环境最差且企业的盈余管理程度最高；(2)外部治理环境因素显著影响着上市公司的盈余管理,市场化程度越高、政府干预程度越低、法治水平越高,公司的盈余管理程度越低；(3)公司治理水平的差异会显著影响外部治理环境因素对盈余管理的关系,公司治理水平的提高可以有效的减轻外部治理环境对盈余管理的负面影响。
[Abstract]:The disclosure of accounting information of listed companies provides an important basis for investors. The quality of accounting information directly affects the healthy development of capital market. The earnings operations of listed companies occur from time to time, which has seriously damaged the interests of investors and affected the effective allocation of capital. Earnings management has always been a more concerned issue in the field of corporate finance. How to restrain the earnings management of enterprises has become an urgent problem to be solved. There is an imbalance in regional development in the process of economic development in China, which has an important impact on earnings management and governance of listed companies. Based on the data of 836 listed companies in Shanghai and Shenzhen stock markets from 2003 to 2009, this paper finds out the regional distribution characteristics and distribution rules of earnings management, and uses OLS regression method to test the influence of external governance environment in different regions on earnings management. This paper studies the role of corporate governance in the weak external governance environment. The results show that from the point of view of economic geography, there are significant local spatial clusters in the external governance environment and earnings management degree of listed companies in various regions of China, and the distribution characteristics are regular. That is, the external governance environment in the eastern region is the best and the earnings management degree of the enterprise is the lowest, while the external governance environment in the central region is general, and the earnings management degree of the enterprise is also in the middle. The external governance environment of the western region is the worst and the earnings management degree of the enterprises is the highest. (2) the external governance environment factors significantly affect the earnings management of listed companies. The higher the degree of marketization is, the lower the degree of government intervention is and the higher the level of rule of law is. The lower the degree of earnings management, the lower the level of corporate governance will significantly affect the relationship between external governance environment factors and earnings management. The improvement of corporate governance level can effectively reduce the negative impact of external governance environment on earnings management.
【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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