媒体监督、法治水平与上市公司盈余管理

发布时间：2018-01-04 03:01

本文关键词：媒体监督、法治水平与上市公司盈余管理　出处：《管理评论》2017年07期 　论文类型：期刊论文

【摘要】：转轨经济国家的法制环境存在显著的地区差异,这造成部分地区法律层面的强制性纠偏机制无法有效发挥约束上市公司盈余管理的作用,此时市场会派生出替代性纠偏机制来弥补法律保护不足的缺陷。以2009-2013年沪深两市6266个观察样本为研究对象,实证研究了媒体监督和法治水平对上市公司盈余管理的治理作用,检验了媒体监督在薄弱的法治环境中发挥的替代效应,揭示了这种替代效应在不同产权性质情况下存在的差异。研究发现:媒体监督可以有效的制约上市公司盈余管理行为;法治水平的提高可以降低上市公司的盈余管理程度;媒体监督是约束上市公司盈余管理有效的法律外替代机制,较强的媒体监督可以有效的降低由于法治薄弱而诱发的盈余管理;基于产权性质的探索性研究表明,相对于法治水平较高的地区而言,在法治水平较低的地区媒体监督对国有企业盈余管理的约束力大于非国有企业。
[Abstract]:There are significant regional differences in the legal environment of countries in transition economy, which makes the mandatory correction mechanism in some areas unable to play an effective role in restraining earnings management of listed companies. At this time, the market will derive an alternative correction mechanism to remedy the shortcomings of inadequate legal protection. Take 6266 observation samples of Shanghai and Shenzhen stock markets from 2009-2013 as the research object. This paper empirically studies the governance effect of media supervision and the level of rule of law on earnings management of listed companies, and tests the substitution effect of media supervision in the weak legal environment. This paper reveals the differences of the substitution effect in different property rights. The results show that media supervision can effectively restrict the earnings management behavior of listed companies; The improvement of the level of rule of law can reduce the degree of earnings management of listed companies; Media supervision is an effective alternative mechanism to restrain earnings management of listed companies. Strong media supervision can effectively reduce earnings management induced by weak rule of law. The exploratory research based on the nature of property rights shows that the binding force of media supervision on earnings management of state-owned enterprises is greater than that of non-state-owned enterprises in areas where the level of rule of law is higher than that in areas where the level of rule of law is relatively high.
【作者单位】：东北财经大学会计学院/中国内部控制研究中心;
【基金】：国家自然科学基金面上项目(71172136) 国家社会科学基金一般项目(16BJL013);国家社会科学基金青年项目(13CGL060) 教育部人文社会科学研究青年基金项目(14YJC790020) 辽宁省教育厅科学研究一般项目(LN2016YB107) 辽宁省社会科学规划基金青年项目(L16CGL005) 东北财经大学青年科研人才培育项目(DUFE2016Q01)
【分类号】：D920.0;F275;F832.51
【正文快照】： 引言盈余管理作为资本市场的一个古老的话题,备受实务界和学术界的关注。通过梳理2016年我国证监会及地方监管部门发出的行政处罚决定公告发现,共有13家上市公司因财务造假而受到行政处罚。证监会对上市公司财务造假一直坚持“零容忍”的原则,然而就在这样的宏观背景下上市公

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