基于企业生命周期的盈余管理对内部投资效率影响研究

发布时间：2018-01-04 20:07

本文关键词：基于企业生命周期的盈余管理对内部投资效率影响研究　出处：《湖南大学》2014年硕士论文　论文类型：学位论文

【摘要】：基于证券市场规范化的需求，高质量投资决策的追求，以及能够准确把握企业投资效率影响因素在当今市场竞争日渐激烈的形势下愈加重要的现状，本文引入了企业生命周期理论。以期实现动态地考察盈余管理程度，及不同程度下盈余管理对企业内部投资效率的影响差异。文章选取中国制造业上市公司2008-2012年3780家样本数据，，利用销售收入增长率、资本支出率、留存收益率和企业年龄这四个指标来划分企业生命周期。将样本分为成长期、成熟期和衰退期三组数据，分别观察了各个阶段下盈余管理对企业内部投资效率的影响。研究发现，在不区分盈余管理方向的前提下，成熟期的盈余管理程度是最低的，而成长期和衰退期的盈余管理程度相对较高。而随着各个阶段盈余管理程度的不同，进一步发现在盈余管理程度较高的成长期和衰退期，盈余管理程度和企业内部投资效率表现出明显的负向关系。然而这一结果并没有出现在盈余管理程度较低的成熟期。本文的研究是关于盈余管理经济后果更深层次的拓展。由结果分析，除了完善企业的内部结构，从根源上缓解盈余管理所造成的不利后果之外。企业应该辩证地看待盈余管理，重点对成长期和衰退期的企业加大盈余管理监管力度，将盈余管理控制在一定的界限之内，而对于成熟期的企业则可以相对放松，实现有限资源下的合理安排。同时应多渠道的了解企业信息，避免由于信息不对称等原因做出非效率的投资决策。当然最终还是应该通过技术上的创新以及建立核心文化等手段来提高企业竞争力，实现企业的长久健康发展。
[Abstract]:Standardization of stock market based on the needs of high quality investment decision-making and pursuit, can accurately grasp the factors influencing the efficiency of enterprise investment in today's competitive market situation has become more and more important to the status quo, this paper introduces the theory of enterprise life cycle. In order to realize the dynamic study of the extent of earnings management and earnings management of different degree of influence on the internal investment efficiency difference.
This paper selects Chinese listed companies in 2008-2012 3780 sample data, the growth rate of sales income, capital expenditure rate, the four indexes of retained earnings and corporate age division of enterprise life cycle. The sample is divided into the growth period, mature period and three sets of data were used to observe effect of earnings management in each stage on the internal investment efficiency. The study found that in the premise does not distinguish the direction of earnings management under the earnings management level of maturity is the lowest, and the degree of earnings management in growth period and decline period is relatively high. With the degree of earnings management in each stage is different, further found that the higher degree of earnings management in the growth period and the recession period, the degree of earnings management and enterprise investment efficiency showed a significant negative relationship. However, the results did not appear in the mature period to the extent of earnings management is low.
The research of this paper is to expand on the economic consequences of earnings management in a deeper level. By the analysis of the results, in addition to improve the internal structure of enterprises, from the source to alleviate the adverse consequences caused by earnings management. The enterprise should be a dialectical view of earnings management, focusing on the growth period and the recession of the enterprises to increase supervision of earnings management, earnings management within certain limits, and for the maturity of the enterprise can be relatively relaxed, realize the reasonable arrangement of the limited resources. At the same time, should understand the business information of multiple channels, avoid due to asymmetric information to non efficiency investment decision. Of course, ultimately should be through technical innovation and build the core culture means to improve the competitiveness of enterprises, to achieve long-term healthy development of enterprises.

【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F425;F406.7

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