我国上市公司产品市场竞争、公司内部治理与盈余管理的关系分析
发布时间：2019-06-28 20:29
【摘要】：我国上市公司盈余管理是一个普遍的现象,给市场经济的正常运作带来一定的不利影响。从制度层面上看,影响和制约上市公司实施盈余管理行为的两大因素主要是会计准则与公司治理机制。企业在会计准则的范围之下具有一定的会计政策选择权,企业拥有会计政策选择权能够更加真实、恰当地反映其经营活动成果和财务适时状况,但这种结果的前提是企业拥有一套完善的治理机制。如果企业没有一套完善的治理机制,控股股东和管理层就可能利用其职权中所获得的会计信息优势,滥用会计政策选择权,实施盈余管理,已达到谋取私人利益的目的。基于此,学者们认为公司治理机制对盈余管理的影响程度要大于会计准则的影响程度。 因而,在抑制盈余管理的问题上,政府管理机构试图借鉴国内外先进理论和经验提高我国上市公司治理水平,以此发挥公司治理在抑制盈余管理方面的作用,但收效甚微。由于盈余管理带来的资本市场上的财务丑闻仍接连不断,因此需要我们另辟蹊径,把目光集中与公司治理对盈余管理影响的同时,考虑公司所处的外部市场竞争环境对盈余管理的影响。 现代竞争理论认为,产品市场竞争作为基本的外部公司治理机制之一,它能够通过对公司内部治理机制的作用从而影响盈余管理。本文在现有研究基础上,结合信息不对称理论、委托代理理论、现代竞争理论以及我国企业的现实背景,将产品市场竞争、公司内部治理机制、盈余管理至于一个逻辑严密的框架内进行研究。论文从理论上研究了公司内部治理机制对盈余管理的影响,以及产品市场竞争与公司内部治理综合作用对盈余管理的影响。同时,利用中国证券市场上市公司2006-2008年非平衡面板数据,实证检验了股权治理、董事会治理对上市公司盈余管理的影响,以及产品市场竞争与股权治理、董事会治理的综合作用对盈余管理的影响。 1、研究目的及意义 本文旨在对前人研究成果进行系统、完整归纳总结分析的基础上,以Stata软件为统计分析工具,利用实证研究的方法对公司内部治理机制对盈余管理的影响以及产品市场竞争与公司内部治理机制综合作用对盈余管理的影响进行了分析,揭示了产品市场竞争对公司治理的补充作用,丰富了该领域的研究,并为我国公司治理提供了理论指导。具体来说,本研究能够使得投资者更好地评估上市公司的盈余状况并发现盈余管理行为,有助于其调整投资策略。 2、研究方法 为了实现本文的研究目标,本论文采用了规范研究和实证研究相结合的方法,具体而言,使用了如下几种研究方法：(1)文献研究法。本研究的文献来源于西南财经大学图书馆数据库的数字资源,如国泰安数据库和中国学术期刊全文数据、维普学术期刊数据库等中文数据库。(2)比较分析法。将国内外专家学者对产品市场竞争、公司内部治理以及盈余管理方面的研究成果进行比较分析,总结出有益的结论,为本研究提供帮助。(3)实证分析法。实证研究是本文采用的主要研究方法。其基本做法是首先根据文献的研读情况提出本文的研究假设,然后构建实证模型,并搜集、整理相关数据,最后根据数据分析结果对所提出的假设进行验证,得出结论。 3、研究思路 本文主要分为四个部分：第一部分主要是介绍了本文研究背景和意义以及盈余管理概念的鉴定。同时对盈余管理的动机,公司治理对盈余管理的影响,产品市场竞争与公司内部治理对盈余管理的影响的相关文献进行了回顾和评述。此部分包括正文第一章和第二章。第二部分以第一部分中产品市场竞争、公司治理以及盈余管理有关方面的文献为基础,进一步进行了详细的理论说明并提出研究假设,公司内部治理机制本文主要研究两方面,即股权治理和董事会治理。提出的具体假设为假设一：股权制衡度与盈余管理呈负相关关系；假设二：股权集中度与盈余管理的呈U型关系；假设三：产品市场竞争能够对股权治理影响盈余管理起到补充性作用；假设四：董事会规模与盈余管理程度呈U形关系；假设五：独立董事比例与盈余管理呈负相关关系；假设六：董事长和总经理两职分离能够降低盈余管理的程度；假设七：产品市场竞争能够对董事会治理影响盈余管理起到补充性作用。此部分包括正文第三章。第三部分主要是采用实证研究的方法对公司内部治理机制对盈余管理的影响,以及产品市场竞争和公司内部治理机制的综合作用对盈余管理的影响进行分析,主要采用的分析方法为：描述性统计、相关分析和OLS回归分析。此部分包括正文第四章和第五章。第四部分主要是结论和启示。总结研究结论,根据启示提出相应的建议。此部分包括正文第六章。 4、研究结论 本文研究的实证分析结果是：股权制衡度与盈余管理的关系是正相关关系,与理论假设不符。股权集中度与盈余管理呈U形关系,董事会规模与盈余管理呈U形关系,及与假设相符。独立董事比例与盈余管理的关系,以及董事长与总经理两职分离与盈余管理的关系均不具有显著性。本文对其原因,分别作了详细的解释。加入产品市场竞争后,股权治理综合指数、董事会治理综合指数与盈余管理的相乘项均与盈余管理呈显著的负相关关系。总体的结论是,产品市场竞争对股权治理和董事会治理起到了补充作用,由于公司内部治理是股权治理机制和董事会治理机制的综合体现,因而得出产品市场竞争对公司内部治理对盈余管理的影响起到了补充作用。 5、创新点及不足之处 本文主要创新点：(1)本文首次将产品市场竞争、公司内部治理机制、盈余管理纳入到一个逻辑严密的框架进行研究。国内外学者研究产品市场竞争与公司治理对公司绩效影响的文献较多,但研究二者对盈余管理的影响的文献不多。本文通过对信息不对称理论、委托代理理论、现代竞争理论的回顾分析,找到产品市场竞争、公司内部治理、盈余管理之间的连接点,并将它们置于一个统一的分析框架,从而可以更系统、更全面地分析降低上市公司的盈余管理程度。(2)在实证研究中,本文构建了对比的模型,对比了未加入产品市场竞争变量和加入后的不同,更好的分析了产品市场竞争和公司内部治理对盈余管理的影响。 本文也有一些不足之处：(1)由于时间和精力有限,本文没能够把所有公司内部治理机制囊括在内,只选择了两个主要的方面,因此还需后续的研究者加以补充。(2)数据收集方面,由于资料的有限性,文中产品市场竞争变量的衡量数据没有采用全部企业的数据,而是用大企业来代替,希望后续的研究能够用全部企业数据来进一步验证研究结果。
[Abstract]:The surplus management of listed companies in China is a common phenomenon, which has a certain adverse effect on the normal operation of the market economy. From the system level, the two main factors that affect and restrict the performance of the listed company's earnings management are the accounting standards and the corporate governance mechanism. The enterprise has a certain choice of accounting policy under the scope of the accounting standards, and the enterprise has the option of accounting policy to be more realistic and appropriate to reflect the results of its operation activities and the timely status of the finance, but the premise of this result is that the enterprise has a complete set of governance mechanism. If the enterprise does not have a complete set of governance mechanism, the controlling shareholders and the management can take advantage of the accounting information obtained in its authority, abuse the option of accounting policy and implement the surplus management, and have achieved the purpose of seeking the private benefit. Based on this, scholars believe that the impact of corporate governance mechanism on earnings management is greater than that of accounting standards. Therefore, on the issue of inhibiting the management of surplus, the government administration has tried to improve the governance level of the listed companies by using the advanced theory and experience at home and abroad, so as to play the role of corporate governance in the suppression of surplus management, but the effect is very small. micro. The financial scandal in the capital market brought by the surplus management is still continuous, so we need to find a new way to focus on the influence of the company's governance on the earnings management, and to consider the shadow of the surplus management in the external market competition environment in which the company is located In response, the modern competition theory holds that the product market competition is one of the basic external corporate governance mechanisms, and it can influence the profit by the function of the internal governance mechanism of the company On the basis of the existing research, this paper, on the basis of the existing research, combines the information asymmetry theory, the entrusted agency theory, the modern competition theory and the reality background of our country's enterprises, and brings the product market competition, the internal governance mechanism of the company and the surplus management to a logical and tight framework. The paper studies the effect of the internal governance mechanism of the company on the surplus management, and the comprehensive effect of the product market competition and the internal governance of the company on the surplus management. At the same time, using the data of the non-equilibrium panel of listed companies in China's securities market for 2006-2008, the paper has examined the effect of the equity governance, the governance of the board of directors on the earnings management of the listed companies, and the comprehensive effects of the product market competition and the equity governance and the governance of the board of directors on the surplus management. The impact of.1. The purpose and significance of this paper are to make a systematic and complete summary and analysis of the previous research results, and to use the Stata software. In order to make a statistical analysis tool, the effect of the internal governance mechanism of the company on the surplus management, the influence of the product market competition and the comprehensive role of the internal governance mechanism of the company on the surplus management is analyzed, and the market competition of the product is revealed. The complementary effect of governance, enrich the research in this field, and provide our country's corporate governance In particular, this study can make the investors better evaluate the earnings of the listed companies and find the earnings management behavior, which can help It adjusts the investment policy In order to achieve the aim of this paper, the thesis adopts the method of combining the normative research and the empirical research, in particular, the following research methods are used: Methods: (1) The literature study. The literature of this study is derived from the digital resources of the library database of the University of Finance and Economics, such as the Taian database of the State and the full-text data of the Chinese academic journal. The number of Chinese characters such as the periodical database It is useful to compare and analyze the research results of domestic and foreign experts and scholars on the market competition, internal governance and surplus management of the products. Conclusion. It is provided for this study Help. (3) Empirical study. The basic practice of this paper is to put forward the research hypothesis of this paper based on the study of the literature, then build the empirical model, and collect and sort the relevant data, and finally, according to the result of the data analysis, Assumptions to be verified 3. The study thought is mainly divided into four parts: the first part mainly introduces the study of the back The view and significance and the appraisal of the concept of surplus management. At the same time, the motive of the surplus management, the influence of corporate governance on the surplus management, the market competition of the products and the internal governance of the company to the surplus management The relevant literature of the effect is reviewed and reviewed. This part includes the first chapter and the second chapter of the text. The second part is based on the literature of the product market competition, corporate governance and earnings management in the first part. Two aspects, namely, equity governance and the governance of the board of directors. The specific assumptions put forward are the assumption that the balance of equity is negatively related to the management of earnings; The surplus management plays a complementary role; it is assumed that the scale of the board of directors is in a U-shape with the degree of earnings management; it is assumed that the proportion of the independent directors is negatively related to the management of the surplus; and that six, the chairman and the general manager are separated from each other. The ability to reduce the level of earnings management; assume seven: the product market competition can be used to the board of directors The management of the surplus management plays a role in the management of surplus The third part mainly uses the method of empirical research to analyze the effect of the internal governance mechanism of the company on the surplus management, as well as the influence of the product market competition and the comprehensive function of the internal governance mechanism of the company on the surplus management. The analytical methods to be used are: descriptive Statistics, correlation analysis and OLS regression analysis This section includes the text in Chapter 4 and Chapter 4. The fourth part is the conclusion and the inspiration. The conclusion is based on the enlightenment. A suggestion should be made. The part includes the main text, Chapter VI.4. The results of the research are as follows: the balance of the equity and the surplus The relationship between equity concentration and earnings management is in the form of U-shape, and the board of directors The scale and earnings management are U-shaped and are in line with the assumptions. The relationship between the proportion of independent directors and the management of earnings, as well as the chairman and the general manager The relationship between the two levels of separation and earnings management is not obvious In this paper, the reasons are explained in detail. After the market competition of the product, the comprehensive index of the equity governance, the comprehensive index of the board of directors and the management of the surplus The result of the general conclusion is that the market competition of the product plays a complementary role in the governance of the stock and the governance of the board of directors, as the internal governance of the company is The mechanism of equity governance and the comprehensive reflection of the governance mechanism of the board of directors, so that the market competition of the product is obtained Internal Governance to Earnings Management The main innovation points of this paper are: (1) the first time in this paper, the product market competition and the internal governance of the company The mechanism and the surplus management are integrated into a logical framework to study. The domestic and foreign scholars study the influence of market competition and corporate governance on the performance of the company. The literature is much more, but there are not many literatures to study the effect of the two on the earnings management. This paper, through the review and analysis of the information asymmetry theory, the proxy agent theory and the modern competition theory, finds the connection point between the product market competition, the company's internal governance and the surplus management. and place them in a unified analysis framework, (2) In the empirical study, this paper constructs a comparative model, and compares the different and better points that have not been added to the market competition variable and the addition of the product. The paper analyses the influence of the product market competition and the internal management of the company on the earnings management. Two main aspects are selected, so the following researchers are required to supplement. (2) In the aspect of data collection, due to the limitation of the data, the measurement data of the product market competition variable is not the data of the whole enterprise, but instead of using the large enterprise,
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.6;F224
本文编号：2507591
[Abstract]:The surplus management of listed companies in China is a common phenomenon, which has a certain adverse effect on the normal operation of the market economy. From the system level, the two main factors that affect and restrict the performance of the listed company's earnings management are the accounting standards and the corporate governance mechanism. The enterprise has a certain choice of accounting policy under the scope of the accounting standards, and the enterprise has the option of accounting policy to be more realistic and appropriate to reflect the results of its operation activities and the timely status of the finance, but the premise of this result is that the enterprise has a complete set of governance mechanism. If the enterprise does not have a complete set of governance mechanism, the controlling shareholders and the management can take advantage of the accounting information obtained in its authority, abuse the option of accounting policy and implement the surplus management, and have achieved the purpose of seeking the private benefit. Based on this, scholars believe that the impact of corporate governance mechanism on earnings management is greater than that of accounting standards. Therefore, on the issue of inhibiting the management of surplus, the government administration has tried to improve the governance level of the listed companies by using the advanced theory and experience at home and abroad, so as to play the role of corporate governance in the suppression of surplus management, but the effect is very small. micro. The financial scandal in the capital market brought by the surplus management is still continuous, so we need to find a new way to focus on the influence of the company's governance on the earnings management, and to consider the shadow of the surplus management in the external market competition environment in which the company is located In response, the modern competition theory holds that the product market competition is one of the basic external corporate governance mechanisms, and it can influence the profit by the function of the internal governance mechanism of the company On the basis of the existing research, this paper, on the basis of the existing research, combines the information asymmetry theory, the entrusted agency theory, the modern competition theory and the reality background of our country's enterprises, and brings the product market competition, the internal governance mechanism of the company and the surplus management to a logical and tight framework. The paper studies the effect of the internal governance mechanism of the company on the surplus management, and the comprehensive effect of the product market competition and the internal governance of the company on the surplus management. At the same time, using the data of the non-equilibrium panel of listed companies in China's securities market for 2006-2008, the paper has examined the effect of the equity governance, the governance of the board of directors on the earnings management of the listed companies, and the comprehensive effects of the product market competition and the equity governance and the governance of the board of directors on the surplus management. The impact of.1. The purpose and significance of this paper are to make a systematic and complete summary and analysis of the previous research results, and to use the Stata software. In order to make a statistical analysis tool, the effect of the internal governance mechanism of the company on the surplus management, the influence of the product market competition and the comprehensive role of the internal governance mechanism of the company on the surplus management is analyzed, and the market competition of the product is revealed. The complementary effect of governance, enrich the research in this field, and provide our country's corporate governance In particular, this study can make the investors better evaluate the earnings of the listed companies and find the earnings management behavior, which can help It adjusts the investment policy In order to achieve the aim of this paper, the thesis adopts the method of combining the normative research and the empirical research, in particular, the following research methods are used: Methods: (1) The literature study. The literature of this study is derived from the digital resources of the library database of the University of Finance and Economics, such as the Taian database of the State and the full-text data of the Chinese academic journal. The number of Chinese characters such as the periodical database It is useful to compare and analyze the research results of domestic and foreign experts and scholars on the market competition, internal governance and surplus management of the products. Conclusion. It is provided for this study Help. (3) Empirical study. The basic practice of this paper is to put forward the research hypothesis of this paper based on the study of the literature, then build the empirical model, and collect and sort the relevant data, and finally, according to the result of the data analysis, Assumptions to be verified 3. The study thought is mainly divided into four parts: the first part mainly introduces the study of the back The view and significance and the appraisal of the concept of surplus management. At the same time, the motive of the surplus management, the influence of corporate governance on the surplus management, the market competition of the products and the internal governance of the company to the surplus management The relevant literature of the effect is reviewed and reviewed. This part includes the first chapter and the second chapter of the text. The second part is based on the literature of the product market competition, corporate governance and earnings management in the first part. Two aspects, namely, equity governance and the governance of the board of directors. The specific assumptions put forward are the assumption that the balance of equity is negatively related to the management of earnings; The surplus management plays a complementary role; it is assumed that the scale of the board of directors is in a U-shape with the degree of earnings management; it is assumed that the proportion of the independent directors is negatively related to the management of the surplus; and that six, the chairman and the general manager are separated from each other. The ability to reduce the level of earnings management; assume seven: the product market competition can be used to the board of directors The management of the surplus management plays a role in the management of surplus The third part mainly uses the method of empirical research to analyze the effect of the internal governance mechanism of the company on the surplus management, as well as the influence of the product market competition and the comprehensive function of the internal governance mechanism of the company on the surplus management. The analytical methods to be used are: descriptive Statistics, correlation analysis and OLS regression analysis This section includes the text in Chapter 4 and Chapter 4. The fourth part is the conclusion and the inspiration. The conclusion is based on the enlightenment. A suggestion should be made. The part includes the main text, Chapter VI.4. The results of the research are as follows: the balance of the equity and the surplus The relationship between equity concentration and earnings management is in the form of U-shape, and the board of directors The scale and earnings management are U-shaped and are in line with the assumptions. The relationship between the proportion of independent directors and the management of earnings, as well as the chairman and the general manager The relationship between the two levels of separation and earnings management is not obvious In this paper, the reasons are explained in detail. After the market competition of the product, the comprehensive index of the equity governance, the comprehensive index of the board of directors and the management of the surplus The result of the general conclusion is that the market competition of the product plays a complementary role in the governance of the stock and the governance of the board of directors, as the internal governance of the company is The mechanism of equity governance and the comprehensive reflection of the governance mechanism of the board of directors, so that the market competition of the product is obtained Internal Governance to Earnings Management The main innovation points of this paper are: (1) the first time in this paper, the product market competition and the internal governance of the company The mechanism and the surplus management are integrated into a logical framework to study. The domestic and foreign scholars study the influence of market competition and corporate governance on the performance of the company. The literature is much more, but there are not many literatures to study the effect of the two on the earnings management. This paper, through the review and analysis of the information asymmetry theory, the proxy agent theory and the modern competition theory, finds the connection point between the product market competition, the company's internal governance and the surplus management. and place them in a unified analysis framework, (2) In the empirical study, this paper constructs a comparative model, and compares the different and better points that have not been added to the market competition variable and the addition of the product. The paper analyses the influence of the product market competition and the internal management of the company on the earnings management. Two main aspects are selected, so the following researchers are required to supplement. (2) In the aspect of data collection, due to the limitation of the data, the measurement data of the product market competition variable is not the data of the whole enterprise, but instead of using the large enterprise,
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.6;F224
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