上市公司治理结构与盈余管理的相关性研究

发布时间：2018-04-17 11:01

本文选题：公司治理结构 + 盈余管理　；参考：《西安建筑科技大学》2012年硕士论文

【摘要】：近年来随着我国市场经济及证券市场的不断发展，，上市公司往往会出于对自身利益的考虑而进行一定程度的盈余管理。这一问题成为我国会计学术界关注的焦点之一。在两权分离的现代企业制度下，股东和管理者之间不免会产生利益冲突，而公司治理结构正是解决这一利益冲突的机制。由于我国公司治理的结构还不够完善，给盈余管理的产生创造了条件。那么，公司治理结构中的各要素究竟对盈余管理产生了怎样的影响，对于这个问题的研究也就具有十分重要的意义。本文首先对近期国内外有关公司治理和盈余管理研究的相关文献做了梳理和总结，并且通过对公司治理及盈余管理相关理论的阐述，分析了我国上市公司治理结构与盈余管理的特征和关系。其次，以2008~2010年A股制造业类上市公司为样本，在扩展琼斯模型的基础上引入主营业务成本这一变量估算出盈余管理程度，通过比较发现此模型更具解释性。最后对公司治理各变量和盈余管理相关性进行实证分析。将盈余管理程度作为因变量，从股权结构、董事会特征、监事会特征和管理层特征四个方面选择公司治理结构的重要指标作为自变量，同时将公司规模和资产负债率作为控制变量，建立多元回归模型。通过描述统计分析和回归分析得出结论：独立董事比例与盈余管理负相关；两职合一与盈余管理正相关；第一大股东持股比例与盈余管理正相关；第二至第五大股东占第一大股东比例与盈余管理负相关；监事会开会次数与盈余管理相关性不显著；高管持股比例与盈余管理的相关性不显著；公司规模与盈余管理程度负相关；资产负债率与盈余管理程度正相关。通过对2008~2010的盈余管理相关性研究比较发现：2010年相比较与2008和2009年，第一大股东持股比例，独立董事比例和高管持股比例三方面与盈余管理的关系更为显著，说明随着我国上市公司制度的逐步完善，公司治理结构变量对盈余管理发挥了更好的抑制作用。根据实证性分析得出的结论，本文对上市公司内部治理结构和外部治理结构的完善提出了针对性的建议，以进一步完善公司治理结构，减少盈余管理行为的产生，促进资本市场的健康发展。
[Abstract]:In recent years, with the continuous development of market economy and securities market in China, listed companies tend to carry out earnings management to a certain extent out of the consideration of their own interests.This problem has become one of the focal points of Chinese accounting academia.Under the modern enterprise system with the separation of two rights, the conflict of interests between shareholders and managers is inevitable, and the corporate governance structure is the mechanism to resolve this conflict of interest.As the structure of corporate governance in China is not perfect enough, it creates conditions for the emergence of earnings management.So, it is of great significance to study how the factors of corporate governance influence earnings management.At first, this paper summarizes the relevant literatures about corporate governance and earnings management at home and abroad, and expounds the related theories of corporate governance and earnings management.This paper analyzes the characteristics and relationship between the governance structure and earnings management of listed companies in China.Secondly, based on the sample of A share manufacturing listed companies from 2008 to 2010, this paper introduces the main business cost variable to estimate the earnings management degree based on the extended Jones model, and finds that the model is more explanatory.Finally, the correlation between corporate governance variables and earnings management is analyzed empirically.The degree of earnings management is taken as dependent variable, and the important indexes of corporate governance structure are selected as independent variables from four aspects: ownership structure, board characteristics, supervisory board characteristics and management characteristics.At the same time, the multivariate regression model is established by taking the company size and the ratio of assets and liabilities as control variables.Through descriptive statistical analysis and regression analysis, it is concluded that the proportion of independent directors is negatively correlated with earnings management, the integration of two positions is positively related to earnings management, the proportion of shareholding by the first largest shareholder is positively correlated with earnings management, and the proportion of independent directors is negatively correlated with earnings management.The proportion of the second to fifth largest shareholders is negatively correlated with earnings management; the frequency of board of supervisors is not significantly correlated with earnings management; the proportion of executive ownership has no significant correlation with earnings management;The size of the company is negatively correlated with the degree of earnings management, and the ratio of assets to liabilities is positively correlated with the degree of earnings management.Through the comparative study of earnings management in 2008 and 2010, it is found that compared with 2008 and 2009, the proportion of the largest shareholder, the proportion of independent director and the proportion of senior management are more significantly related to earnings management in 2010 than in 2008 and 2009.It shows that with the gradual improvement of the system of listed companies in China, the variables of corporate governance structure play a better role in restraining earnings management.According to the conclusion of the empirical analysis, this paper puts forward some specific suggestions on the improvement of the internal and external governance structure of listed companies in order to further improve the corporate governance structure and reduce the occurrence of earnings management behavior.To promote the healthy development of the capital market.
【学位授予单位】：西安建筑科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】