我国上市公司股利政策与盈余管理的关系研究

发布时间：2018-04-18 01:22

本文选题：股利政策 + 应计盈余管理　；参考：《华侨大学》2014年硕士论文

【摘要】：上市公司的股利政策和盈余管理均是企业管理的重要组成部分，一直以来备受社会各界的关注。我国的证券市场发展短暂，而且有着特殊的股权结构和流通特征，使得我国股利分配呈现出中国特点，“铁公鸡”、微派现和超额派现严重，这些分配异象很可能是公司盈余管理所导致的。盈余管理在中国资本市场是一种普遍现象，包括应计盈余管理和真实盈余管理两类。盈余管理动机和手段多种多样，而现金股利是其中动机和手段之一。可见，股利政策与盈余管理之间存在密切关系。虽然国内外学者单独对其一的研究数不胜数，但是把两者结合起来研究的文献还相对较少。两者的连接点主要表现在：一方面，盈余管理的后果之一是对股利政策的影响，另一方面则表现在基于利益输送的现金股利可能是盈余管理的动机之一。因此，本文将从上述两方面对股利政策和盈余管理的关系进行探索和研究。基于盈余管理的后果，同时从应计盈余管理和真实盈余管理两个维度出发，，来研究并比较两种不同盈余管理方式对股利政策的影响。另外，基于盈余管理动机，从利益输送的三大手段之一——现金股利出发，实证检验：基于利益输送的现金股利，即预谋现金股利，是否会诱发公司的盈余管理行为。以期为全流通时代下我国上市公司股利分配的规范和公司盈余管理的识别提供参考意见。本文采用2009-2012年数据，通过T检验和多元回归方法进行实证研究，主要研究结论为：（1）应计盈余管理与股利分配倾向、分配金额显著正相关，包括现金股利和股票股利，表明中国上市公司为其操纵性应计利润支付了股利，以此来掩饰其应计盈余管理行为、迎合投资者预期抑或达到利益输送目的。（2）根据应计盈余管理度量模型，对盈余进行分拆，发现现金股利分配更多地来自于非操纵性盈余，而股票股利则正好相反，主要来自于操纵性盈余。（3）真实盈余管理与现金股利分配倾向及分配金额显著负相关，与股票股利并没有显著关系。主要是因为真实盈余管理损害大，且手段较隐蔽，所以公司没有能力或必要对这部分盈余支付股利。（4）基于利益输送的现金股利与应计盈余管理显著正相关，但是与真实盈余管理并没有显著的关系，从而说明了控股股东为了利用现金股利进行利益输送，越可能进行损害相对较小的应计盈余管理，但是并不会采取对公司长期业绩损害较大的真实盈余管理。
[Abstract]:The dividend policy and earnings management of listed companies are important components of enterprise management, and have been concerned by all walks of life.The development of China's securities market is short, and it has special equity structure and circulation characteristics, which makes the distribution of dividend in our country show the characteristics of China, "Iron Rooster", "micro-cash" and "excess cash".These distributive anomalies are probably the result of earnings management.Earnings management is a common phenomenon in Chinese capital market, including accrual earnings management and real earnings management.There are a variety of motives and means of earnings management, and cash dividend is one of the motivations and means.Visible, dividend policy and earnings management are closely related.Although scholars at home and abroad have made numerous researches on it alone, the literature on combining the two is relatively few.On the one hand, one of the consequences of earnings management is the impact on dividend policy, on the other hand, cash dividend based on the transmission of interests may be one of the motives of earnings management.Therefore, this paper will explore and study the relationship between dividend policy and earnings management from the above two aspects.Based on the consequences of earnings management and the two dimensions of accrual earnings management and real earnings management, this paper studies and compares the impact of two different earnings management methods on dividend policy.In addition, based on the motive of earnings management, starting from the cash dividend, one of the three means of profit transmission, the empirical test is as follows: whether the cash dividend based on interest transmission, that is, premeditated cash dividend, will induce the earnings management behavior of the company.In order to provide reference for the regulation of dividend distribution and the identification of earnings management in China's listed companies in the era of full circulation.This paper uses 2009-2012 data, through T test and multivariate regression method to carry on the empirical research, the main conclusion is: 1) the accrual earnings management and the dividend distribution tendency, the allotment amount is significant positive correlation, including the cash dividend and the stock dividend,It shows that Chinese listed companies pay dividends for their manipulative accrual profits in order to cover up their accrual management behavior and cater to investors' expectations or achieve the purpose of delivering profits. 2) according to the accrual earnings management metric model, the earnings are split up.It is found that the distribution of cash dividend is mainly from non-manipulative earnings, while the stock dividend is just the opposite, mainly from the manipulation earnings. 3) the true earnings management is negatively correlated with the tendency of cash dividend distribution and the amount of distribution.There is no significant relationship with stock dividends.The main reason is that the real earnings management is harmful and the means are more subtle, so the company has no ability or necessity to pay dividends on this part of earnings. (4) the cash dividend based on the transmission of benefits is significantly positively related to the accrual earnings management.However, there is no significant relationship with real earnings management, which indicates that controlling shareholders are more likely to carry out accrual earnings management with relatively little damage in order to use cash dividends for profit transmission.But will not adopt to the company long-term performance damage bigger real earnings management.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】