盈余管理对企业未来绩效的影响研究

发布时间：2018-06-27 17:58

本文选题：应计盈余管理 + 真实盈余管理　；参考：《江南大学》2017年硕士论文

【摘要】：随着我国经济的发展,资本市场的不断完善,越来越多的上市公司为我国的股市带来新的动力和活力。公司定期发布的财务报告具有向利益相关者传递企业的经营状况以及财务成果的功能,但信息不对称使管理人员能够公布有利于他们自身的信息,隐藏并修饰其中的不利好信息。盈余管理的存在是普遍而客观存在的现象,现有相关研究,主要内容包括制度诱因、方式、动机和影响因素,对盈余管理对公司未来业绩的影响的研究还未形成理论体系,尤其是对不同动机下高管进行盈余管理的经济后果研究比较少,且结论并不一致。因此,本文研究探索了不同动机下,高管实施的不同类型的盈余管理的经济后果。首先本文对盈余管理的概念、影响因素、动机,企业绩效的概念、评价方法进行了梳理,并对国内外学者的相关研究进行了归纳、整理与总结。同时也对理论基础进行了说明,主要从契约理论、信号传递理论与委托代理理论三个方面进行了总结。接着,从三种动机(资本市场动机、契约动机以及政治成本动机)出发,分别对应计项目盈余管理以及真实活动管理对企业未来绩效(财务绩效与市场绩效)的影响作出了相关假设,并对研究假设作出相应的研究设计,建立相应的模型,并进行实证分析,并得出以下结论:资本市场动机下,基于企业股权再融资的盈余管理短期内与企业的经营绩效正相关,但是,在短期内会出现比较明显的反转;而基于避免亏损公司的盈余管理行为,有利于公司长期绩效的增长,起到了信息传递的正向的作用。契约动机下,盈余管理行为对企业的市场价值的长期影响为负向。在政治成本动机下,盈余管理行为往往是企业预期税率下降时进行的负向利润调整,其对企业未来绩效的影响并不显著。最后,从企业内部治理与外部监督两个方面的提出建议,促进企业以及整个市场更好的发展。
[Abstract]:With the development of economy and the improvement of capital market, more and more listed companies bring new impetus and vitality to our stock market. The financial reports issued regularly by the company have the function of transmitting the business status and financial results to the stakeholders, but the information asymmetry enables managers to publish information that is beneficial to them. Hide and embellish unfavorable information. The existence of earnings management is a universal and objective phenomenon. The existing relevant studies, including institutional incentives, ways, motives and influencing factors, have not yet formed a theoretical system for the impact of earnings management on the future performance of companies. Especially, there are few studies on the economic consequences of earnings management for executives with different motivations, and the conclusions are not consistent. Therefore, this paper explores the economic consequences of different types of earnings management implemented by executives under different motivations. First of all, the concept of earnings management, influencing factors, motivation, concept of corporate performance, evaluation methods are combed, and domestic and foreign scholars of relevant research are summarized, collated and summarized. At the same time, the theoretical basis is explained, mainly from contract theory, signal transfer theory and principal-agent theory. Then, starting with three motivations (capital market motivation, contractual motivation and political cost motive), Corresponding to the impact of project earnings management and real activity management on the future performance of enterprises (financial performance and market performance), the relevant assumptions are made, and the corresponding research and design of the research hypotheses are made, and the corresponding models are established. And the empirical analysis, and draw the following conclusions: under the motivation of capital market, earnings management based on corporate equity refinancing in the short term is positively related to the business performance, but in the short term, there will be a more obvious reversal; In order to avoid the loss of earnings management behavior, it is conducive to the growth of the company's long-term performance, and plays a positive role in the transmission of information. Under the motivation of contract, the long-term effect of earnings management on the market value of enterprises is negative. Under the motivation of political cost, earnings management behavior is usually the negative profit adjustment when the expected tax rate drops, and the effect on the future performance of the enterprise is not significant. Finally, suggestions are put forward from two aspects of internal governance and external supervision to promote the better development of enterprises and the whole market.
【学位授予单位】：江南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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