我国上市公司股权结构对盈余管理的影响研究

发布时间：2018-01-19 01:12

本文关键词： 盈余管理程度股权结构修正的Jones模型分组行业　出处：《中国矿业大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国上市公司盈余管理行为普遍存在，盈余管理行为一定程度上降低了会计盈余信息的质量。会计盈余信息的失真违背了财务报告的目标，侵犯了财务报告使用者的利益。上市公司盈余管理行为的发生，很大程度上是由于公司治理结构存在缺陷，而股权结构不合理是主要因素。我国上市公司股权结构特殊，，表现为股权集中度高、股权制衡度较低、股权未实现完全流通等，正是由于这些股权结构的缺陷，诱发了盈余管理行为，并为盈余管理创造了条件。本文针对股权结构不合理，盈余管理行为普遍存在的现实背景，从股权集中度、股权制衡度、股权流通性、第一大控股股东股权属性、管理层持股和机构投资者持股这六个方面，探究股权结构对盈余管理的影响，目标在于构建合理的股权结构，抑制盈余管理行为，并给出政策建议。首先，本文整理国内外文献进行文献综述，发现国内外研究的不足并确定自己的研究方向。在此基础上，本文详细阐述了代理理论、契约理论、信息不对称理论、机会主义理论和产权理论，为本文实证研究奠定了理论基础。然后本文对股权结构和盈余管理进行了研究现状分析，为本文实证研究提供了现实依据。其次，本文选取2008-2012年中国沪深两市的A股上市公司，最终获得有效的5729个样本。本文结合上市公司股权结构的特点，以股权集中度、股权制衡度、股权流通性、第一大控股股东股权属性、管理层持股和机构投资者持股这六个维度作为股权结构的自变量，用修正的Jones模型计算出的可操纵性应计数的绝对值代表盈余管理程度，作为因变量，运用回归模型进行实证分析。研究表明，股权集中度、第一大控股股东股权属性和管理层持股比例与盈余管理程度显著正相关。股权制衡度、流通股比例和机构投资者持股比例与盈余管理程度显著负相关。再次，在考察股权结构对盈余管理影响的一般规律的基础上，按照盈余管理程度排序，并进行三等位分，取盈余管理程度最高的组为激进组，取盈余管理程度最低的组为保守组，分组探讨不同盈余管理程度样本，股权结构对盈余管理的影响是否不同。研究发现，在激进组，股权集中度与盈余管理程度显著正相关，股权制衡度、流通股比例和机构投资者持股比例与盈余管理程度显著负相关；在保守组，第一大控股股东股权属性、管理层持股比例与盈余管理程度显著正相关。这表明分组研究具有说服力。此外，本文重点关注盈余管理程度较高的激进组，发现股权集中度高、股权制衡度低、股权未全流通等股权结构存在的缺陷，导致盈余管理程度普遍较高。本文还分析了激进组的行业分布情况，关注重点行业，抑制盈余管理行为，促进行业长远健康发展。最后，在实证研究的基础上，本文特别针对激进组中股权结构缺陷和行业分布情况提出政策建议，改善股权结构，抑制盈余管理行为，关注重点行业。
[Abstract]:Widespread earnings management behavior of Listed Companies in China, the earnings management behavior to a certain extent reduced the quality of accounting information. Accounting information distortion violates the objective of financial reporting, violation of the financial report users' interests. The earnings management behavior, largely due to the drawbacks of corporate governance, and the unreasonable ownership structure is the main factor. The ownership structure of Listed Companies in particular, as ownership concentration, equity balance degree is low, no complete equity circulation, it is because of these defects of ownership structure, earnings management behavior induced, and create conditions for earnings management. Based on ownership structure not reasonable, realistic background of widespread earnings management, from ownership concentration, equity balance degree, stock liquidity, largest shareholder equity property, management holding The six aspects of stock and institutional investor shareholding explore the impact of ownership structure on earnings management. The goal is to build a reasonable ownership structure and curb earnings management behavior, and give policy recommendations.
Firstly, this paper reorganizes the domestic and foreign literature review, found that lack of research at home and abroad and determine the direction of their research. On this basis, this paper describes the principal-agent theory, contract theory, information asymmetry theory, opportunism theory and property rights theory, laid the theoretical foundation for the empirical research in this paper. Then based on the ownership structure and earnings management research present situation analysis, provide a realistic basis for the empirical study.
Secondly, this paper selects Chinese Shanghai and Shenzhen 2008-2012 two years, A shares of listed companies, finally obtained 5729 valid samples. This paper combined with the characteristics of the ownership structure of listed companies, the ownership concentration, equity balance degree, stock liquidity, largest shareholder equity property, ownership and management of institutional investors holding the six dimensions as the ownership structure variables, calculated by the modified Jones model can manipulate the absolute value represents the extent of earnings management of accruals, as the dependent variable, the regression model for empirical analysis. The results show that ownership concentration is positively related to moderate, the largest controlling shareholder equity and property management shareholding ratio and the degree of earnings management. Equity balance degree, the proportion of tradable shares and the proportion of institutional ownership and earnings management is negatively associated.
Again, the basic rule in the influence of ownership structure on earnings management, sorted according to the degree of earnings management, and three alleles, the extent of earnings management for the highest group of radical groups, take the degree of earnings management for the lowest group conservative group, group of different level of earnings management sample, whether different effects ownership structure on earnings management. The study found that in the radical group, significant positive correlation of ownership concentration and the degree of earnings management, equity balance degree, the proportion of tradable shares and the proportion of institutional ownership and earnings management is negatively related; in the conservative group, the largest controlling shareholder equity property, is positively related to the proportion of managerial ownership with the extent of earnings management. This research shows that the packet is convincing. In addition, the radical group, this article focuses on the higher degree of earnings management, equity concentration, equity balance degree is low, not equity The defects of ownership structure such as total circulation lead to a high level of earnings management. This paper also analyzes the industry distribution of radical group, focuses on key industries, inhibits earnings management behavior, and promotes the long-term healthy development of the industry.
Finally, on the basis of empirical research, this paper puts forward policy recommendations for improving the ownership structure, controlling earnings management and focusing on key industries.

【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275.5;F832.51

【参考文献】