管理层动机和盈余管理方式对投资者情绪的影响

发布时间：2018-07-12 13:00

本文选题：真实盈余管理 + 应计盈余管理　；参考：《哈尔滨商业大学》2014年硕士论文

【摘要】：在中国现行制度背景和资本市场环境下,管理层盈余管理动机和盈余管理方式以及投资者情绪已成为社会各界关注的热点。本文联系我国独特的制度背景,采用规范研究和实证研究相结合的方法对管理层盈余管理动机和盈余管理方式以及投资者情绪之间的内在关系进行深入的梳理和研究。本文首先是在对管理层盈余管理动机、盈余管理方式和投资者情绪相关文献梳理和分析的基础上,分别归纳了管理层动机与盈余管理方式研究现状以及盈余管理方式与投资者情绪研究现状,并基于契约理论及委托代理理论、信息不对称理论、信号传递理论、期望理论等理论基础,分别分析了管理层动机对盈余管理方式和盈余管理方式对投资者情绪影响,并通过中介效用检验验证了管理层盈余管理动机对投资者情绪的中介效应,理论分析三者的相互作用机理,提出实证研究假设；然后,在理论分析基础上以沪深两市A股上市公司2006-2011年间的9581公司年度为样本,将管理层动机、盈余管理方式及投资者情绪这三个指标进行具体的量化,纳入一个框架进行整体研究,分析了管理层动机对真实盈余管理及盈余管理方式的影响,以及真实盈余管理及盈余管理方式对投资者情绪的影响,实证结果显示,出于扭亏、避亏、再融资以及高管变更的动机,上市公司管理层采用了更为隐蔽的真实盈余管理方式操控报告盈余,此外,高管薪酬高和高管持股的上市公司不愿意采用真实盈余管理；然而,由于我国的资本市场还不够完善,通过真实盈余管理活动做大利润还不是普遍现象；当公司采用真实盈余管理活动做大利润时,投资者表现出乐观情绪；当公司采用更多的应计盈余管理活动时,投资者更容易识别,因而情绪悲观。
[Abstract]:In China's current institutional background and capital market environment, earnings management motivation, earnings management mode and investor sentiment have become the focus of attention. Considering the unique institutional background of our country, this paper combines normative research with empirical research to analyze and study the internal relationship among earnings management motivation, earnings management mode and investor sentiment. First of all, this paper reviews and analyzes the motivation of management earnings management, earnings management methods and investor sentiment. The paper summarizes the current situation of management motivation and earnings management, and the current situation of earnings management and investor sentiment, and based on contract theory and principal-agent theory, information asymmetry theory, signal transmission theory. On the basis of expectation theory, this paper analyzes the influence of management motivation on earnings management mode and earnings management mode on investor sentiment, and verifies the intermediary effect of management earnings management motivation on investor sentiment through intermediary utility test. Theoretical analysis of the interaction mechanism of the three, put forward empirical research hypothesis; then, based on the theoretical analysis of the Shanghai and Shenzhen A-share listed companies from 2006 to 2011 as a sample of 9581 companies, the management motivation, The three indexes of earnings management mode and investor sentiment are quantified and integrated into a framework to analyze the influence of management motivation on real earnings management and earnings management. As well as the real earnings management and the impact of earnings management on investor sentiment, the empirical results show that, out of the motivation of turning losses, avoiding losses, refinancing and the change of executives, The management of listed companies used more covert real earnings management to manipulate the reported earnings. In addition, listed companies with high executive pay and high executive ownership were unwilling to adopt real earnings management; however, Since the capital market of our country is not perfect enough, it is not a common phenomenon to make large profits through real earnings management activities, and investors show optimism when companies use real earnings management activities to make large profits. When companies adopt more accrual management activities, investors are easier to identify and thus pessimistic.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

【参考文献】