过剩自由现金流和审计质量对盈余管理的影响研究

发布时间：2018-01-09 02:04

本文关键词：过剩自由现金流和审计质量对盈余管理的影响研究　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：20世纪80年代中期以来,盈余管理逐渐成为公司金融领域最活跃的研究热点之一,成为近年来监管者和法规制定者关注的主题。目前,盈余管理广泛存在于中国上市公司中,然而,该行为会导致会计信息失真,损害到投资者利益。因此,明确盈余管理动机以及如何有效抑制该行为是值得关注的问题。现实生活中,企业充足的自由现金流为经理人的在职消费、过度投资等行为创造了条件,经理人为了拥有更多的自由现金支配权,较有可能进行有损公司价值的行为。理论上,自由现金流代理成本会引发经理人的盈余管理行为,并且,成长趋势缓慢却拥有高自由现金流的公司存在更为严重的自由现金流代理成本,但这种过剩自由现金流即低成长企业拥有的高自由现金流是否更易引发盈余管理行为仍然有待确定,而且外部独立审计作为一种监督措施,可能会对自由现金流引发的盈余管理程度产生一定的影响。本文首先对关于过剩自由现金流、审计质量和盈余管理的相关理论和国内外相关文献进行了梳理,分析了过剩自由现金流与盈余管理的相关性、审计质量对盈余管理的作用以及审计质量的高低对另两者之间相关性的影响。其次,通过对过剩自由现金流、审计质量和盈余管理等概念和计量方法的界定,研究对象选择了2011—2014年我国A股上市公司,研究了拥有高自由现金流的低成长企业较其他企业而言,盈余管理程度的差异以及审计质量的调节作用,以期为有效抑制我国上市公司的盈余管理行为、完善公司治理、提高公司价值提供证据。本文得出的主要结论如下:(1)拥有高自由现金流但成长性低的企业更倾向于进行盈余管理。(2)高的审计质量,例如利用“十大”进行审计可以抑制盈余管理。(3)高的审计质量对过剩自由现金流引发的盈余管理程度起到一定的削弱作用。最后,本文根据理论与实证探究,从加强股东对管理层的监督、加强对中介机构的外部监督以及优化事务所组织结构等方面提出了建议。
[Abstract]:Since the middle of 1980s, earnings management has gradually become one of the most active research hotspots in the field of corporate finance. Earnings management widely exists in Chinese listed companies, however, this behavior will lead to the distortion of accounting information and damage to the interests of investors. Clear earnings management motivation and how to effectively suppress this behavior is a matter of concern. In real life, sufficient free cash flow creates conditions for managers to consume on the job, overinvest and so on. In order to have more free cash control, managers are more likely to harm the value of the company. In theory, free cash flow agency costs will lead to managers' earnings management behavior, and. Companies with slow growth but high free cash flow have more serious free cash flow agency costs. However, whether this excess free cash flow, that is, the high free cash flow owned by low growth enterprises, is more likely to lead to earnings management behavior remains to be determined, and external independent audit is regarded as a kind of supervision measure. May have a certain impact on the degree of earnings management caused by free cash flow. Firstly, this paper reviews the theory of excess free cash flow, audit quality and earnings management, as well as relevant literature at home and abroad. This paper analyzes the correlation between excess free cash flow and earnings management, the effect of audit quality on earnings management and the influence of audit quality on the other two. Secondly, through the analysis of excess free cash flow. Audit quality and earnings management and other concepts and measurement methods defined, the study object of the 2011-2014 A-share listed companies in China. This paper studies the differences of earnings management degree and the regulatory role of audit quality in low growth enterprises with high free cash flow compared with other enterprises in order to effectively restrain earnings management behavior of listed companies in China. The main conclusions of this paper are as follows: 1) Enterprises with high free cash flow but low growth tend to carry out earnings management. For example, "Ten" audit can restrain earnings management.) the high audit quality can weaken the surplus management caused by excess free cash flow. Finally. Based on the theoretical and empirical research, this paper puts forward some suggestions on strengthening shareholder supervision over management, strengthening external supervision on intermediary institutions and optimizing the organizational structure of the firm.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F239.4

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