基于企业生命周期的盈余管理及其市场反应检验研究
发布时间：2018-07-21 21:56
【摘要】：由于盈余管理直接影响企业财务报告中会计盈余数字的准确性,进而对资本市场资源配置效率产生影响,自20世纪80年代以来盈余管理一直是实证会计研究的一个热点研究领域。对于盈余管理问题,国内外学术界进行了大量研究,并已取得丰富成果,但更多是围绕盈余管理的动机、手段、研究方法、企业生命周期与企业财务特征或企业财务特征与盈余管理等研究,较少直接研究企业生命周期与盈余管理关系。特别是将企业生命周期、应计盈余管理与真实盈余管理相结合起来,系统研究企业生命周期与盈余管理之间的相互关系,投资者能否识别上市公司普遍存在的盈余管理行为的实证研究却仍显匮乏。 现有研究认为：企业生命周期与企业财务特征存在十分密切的相关关系,企业不同的生命周期阶段,对应着不同的财务特征；企业财务特征与盈余管理也存在着稳定的相关关系,不同的财务特征下,盈余管理的方式和手段也各有差异。可见,企业生命周期和盈余管理均与企业的财务特征有密切的相关关系,而且随着企业生命周期阶段的不同,盈余管理的方式和手段也会发生变化。那么,我国上市公司不同生命周期阶段是否存在应计与真实盈余管理?应计与真实盈余管理程度及其方向之间是否存在差异?这是本文研究的第一个问题。 本文选取2007-2011年我国沪深A股所有上市公司的相关数据作为估计应计与真实盈余管理变量的基础,借鉴Dechow等(1995)提出的修正的Jones模型,Roychowdhury (2006)和Cohen等(2008)的方法,分别估计出应计与真实盈余管理相关变量后,再通过构建多元线性回归模型进行不同生命周期阶段的上市公司其应计与真实盈余管理的程度及其方向之间的差异实证检验。研究结果表明：(1)不同周期阶段的企业均会同时选用应计与真实盈余管理两种不同的盈余管理方式灵活调节盈余；(2)在其他条件相同的情况下,不同周期阶段的企业,其真实盈余管理程度均比其应计盈余管理程度高；(3)相对于成熟期企业而言,成长期和衰退期企业进行应计与真实盈余管理的程度均比较高；(4)相比较而言,成长期与衰退期企业主要利用应计与真实盈余管理方式向上调节盈余,而成熟期企业则主要利用应计与真实盈余管理方式向下调节盈余。 第一个问题研究证实,不同生命周期阶段的上市公司存在不同程度应计和真实盈余管理行为,并且存在方向差异。自1992年我国证监会成立以来,我国资本市场的法制化程度不断提高,资本市场的有效性也随之提高。一个倍受关注的问题是：我国上市公司的盈余管理行为是否会影响我国证券市场的有效性?是否会对证券市场的资源配置效率造成影响?广大投资者等会计信息使用者能否识别不同生命周期阶段的上市公司普遍存在的盈余管理行为?这是本文研究的第二个问题。 本文仍以2007-2011年我国沪深A股所有上市公司的相关数据为基础,采用能够反映上市公司盈余管理的应计与真实盈余管理指标,通过购买并持有非正常报酬率模型(buy-and-hold abnormal returns, BHAR模型)、日历非正常报酬率模型(calendar-time abnormal returns, CTAR模型)以及套利投资组合回归模型(hedge portfolio regression, HPR模型)等三种不同的市场反应检测模型,分别从应计盈余管理和真实盈余管理两种不同的盈余管理方式对投资者能否识别不同生命周期阶段的上市公司的盈余管理行为进行了检验。研究结果表明：(1)投资者并不能完全识别我国上市公司的盈余管理行为,包括应计盈余管理和真实盈余管理,但相比较而言,对真实盈余管理行为的识别能力较强；(2)购买并持有我国上市公司股票能获得一定的超额收益率；(3)相对于成熟期企业而言,购买并持有处于成长期的上市公司股票可以获得更高的累计12个月和24个月的超额报酬率。而相对于成长期和衰退期企业而言,购买并持有处于成熟期的上市公司股票将获得更高水平的累计6个月的超额报酬率。 上述研究结论可知：不同生命周期阶段的上市公司均会同时利用应计与真实盈余管理方式灵活调节盈余,而投资者并不能完全识别上市公司的这两种盈余管理管理方式,且对这两种不同的盈余管理方式识别能力也存在一定程度的差异。那么,影响投资者识别不同盈余管理方式的具体原因有哪些?这是本文研究的第三个问题。 本文以深A股所有上市公司为研究样本,选取其2007-2011年度的相关数据作为研究基础,通过构建相应的多元线性回归模型,采用多元混合截面回归分析的方法,从信息透明度、审计监管、公司治理等三个方面对影响投资者识别上市公司盈余管理方式的原因予以了实证检验,结果发现：(1)上市公司信息透明度对负向应计盈余管理存在显著的抑制作用,而对正向应计盈余管理和真实盈余管理影响并不显著；(2)我国的独立董事制度并未起到对公司盈余管理的制约作用,包括应计盈余管理和真实盈余管理；(3)未捕捉到审计意见类型与盈余管理具有强相互关系的信息,即投资者并不能根据注册会计师所出具的审计报告类型来识别上市公司的盈余管理,包括应计和真实盈余管理；(4)上市公司的财务报告是否经国际四大审计、其股票的流动性强弱以及股权集中度高低与其盈余管理之间并不存在一定的关系,即投资者亦不能通过公司治理方面的信息识别其是否存在通过盈余管理调节报表盈余的行为。 研究结论可以为投资者等会计信息使用者的决策提供理论指导,提高决策者的决策质量；可以为会计准则的制定提供依据,加速会计准则的完善和发展；可以为监管政策的制定提供依据,提高监管政策的针对性。同时本文的研究丰富盈余管理方式、手段和盈余管理反应方面的研究成果。
[Abstract]:Since earnings management has a direct impact on the accuracy of the accounting earnings numbers in the financial reports and has an impact on the efficiency of resource allocation in the capital market, earnings management has been a hot research field in the empirical accounting research since 1980s. A lot of research has been carried out on the issue of earnings management at home and abroad and has already been carried out. A lot of achievements have been achieved, but more about the motivation, means, research methods, enterprise life cycle and corporate financial characteristics or corporate financial characteristics and earnings management, and less direct research on the relationship between the enterprise life cycle and earnings management, especially the life cycle of the enterprise, the accrued earnings management and the real earnings management. Together, the relationship between the enterprise life cycle and the earnings management is systematically studied. The empirical study on whether the investors can identify the prevailing earnings management behavior of the listed companies is still scarce.
The existing research holds that there is a very close relationship between the enterprise life cycle and the financial characteristics of the enterprise. The different life cycle stages of the enterprise correspond to the different financial characteristics, and there is a stable correlation between the financial characteristics of the enterprise and the earnings management, and the ways and means of the earnings management are also different under different financial characteristics. It can be seen that both the enterprise life cycle and the earnings management are closely related to the financial characteristics of the enterprise, and with the different stages of the enterprise life cycle, the ways and means of earnings management will also change. Is there a discrepancy between the degree of management and its direction? This is the first issue in this paper.
This paper selects the relevant data of all listed companies in Shanghai and Shenzhen A shares for 2007-2011 years as the basis for estimating the accrued and real earnings management variables, using the modified Jones model of Dechow and so on (1995), Roychowdhury (2006) and Cohen (2008) to estimate the relative variables of the accrual and real earnings management, and then through the construction. Multiple linear regression model is used to test the difference between the accrual and the real earnings management of listed companies of different life cycle stages. The results show that (1) two different earnings management methods are used to adjust earnings flexibly at the same time. 2) in the case of the same other conditions, the real earnings management of enterprises in different periods is higher than that of their accrued earnings management; (3) the degree of accrued and real earnings management in the growth period and the decline period is higher than that of the mature enterprises; (4) in comparison, the business owners of the growth period and the recession period are compared. The surplus should be adjusted upward by accruals and real earnings management, while the mature firms will mainly adjust earnings by accruals and real earnings management.
The first study confirms that the listed companies in different life cycle stages have different degrees of accrual and real earnings management, and there are differences in direction. Since the founding of China Securities Regulatory Commission in 1992, the degree of legalization of China's capital market has been improved and the effectiveness of capital market has been improved. Will the earnings management behavior of the listed companies affect the effectiveness of the securities market in our country? Will it affect the efficiency of the resource allocation in the securities market? Can the users and other accounting information users identify the common earnings management behavior of the listed companies in different life cycle stages? This is the first study in this paper. The two question.
This paper is based on the related data of all listed companies in Shanghai and Shenzhen A shares for 2007-2011 years, using the accrual and real earnings management indicators that can reflect the earnings management of the listed companies, through the purchase and holding of the abnormal return rate model (buy-and-hold abnormal returns, BHAR model), the calendar abnormal return rate model (calendar-time ABN). Three different market response detection models, such as ormal returns, CTAR model) and the arbitrage portfolio regression model (hedge portfolio regression, HPR model), can identify the earnings of the listed companies in different life cycle stages from the accrued earnings management and the real earnings management of two different earnings management methods. The results show that: (1) investors can not fully identify the earnings management behavior of Listed Companies in China, including accrued earnings management and real earnings management, but in comparison, the ability to identify real earnings management behavior is stronger; (2) the purchase and holding of Listed Companies in China can obtain a certain amount. The excess rate of return; (3) the purchase and holding of the stock of the listed company in the growth period is higher for 12 months and 24 months of excess return compared to the mature period, and the stock of the listed company buying and holding in the mature period will gain a higher level of 6 than the growth period and the recession enterprise. The excess rate of pay for the month.
The conclusion of the above study shows that the listed companies in different life cycle stages can use the accrual and real earnings management methods to adjust the earnings flexibly at the same time, but the investors can not fully identify the two kinds of earnings management management methods of the listed companies, and there are some differences in the ability to identify the two different earnings management methods. So, what are the specific reasons that affect investors' identification of different earnings management modes? This is the third issue of this paper.
This paper takes all listed companies of deep A shares as research samples and selects the relevant data of its 2007-2011 year as the research basis. Through the construction of the corresponding multiple linear regression model and multiple mixed cross section regression analysis method, it can affect the investor to identify the earnings of listed companies from three aspects: information transparency, audit supervision and corporate governance. The results of the management methods are tested, and the results are as follows: (1) the information transparency of the listed companies has a significant inhibitory effect on the negative accrual earnings management, while the influence on the positive accrual earnings management and the real earnings management is not significant; (2) the independent director system of our country has not played a restrictive role to the management of the earnings of the company. Including accrued earnings management and real earnings management; (3) there is no information about the strong interrelationship between the audit opinion type and the earnings management, that is, investors can not identify the earnings management of the listed companies, including the accrual and real earnings management, and (4) the financial statements of the listed companies. According to the four major international audits, there is no relationship between the liquidity strength of the stock and the ownership concentration degree and the earnings management, that is, the investor can not identify whether there is a earnings management through earnings management through the information of the corporate governance.
The conclusions can provide theoretical guidance for investors and other accounting information users, improve the decision-making quality of decision-makers, provide basis for the formulation of accounting standards, accelerate the improvement and development of accounting standards, provide a basis for the formulation of regulatory policies, and improve the pertinence of the supervision policy. At the same time, this paper is rich in research. Earnings management mode, means and earnings management response research results.
【学位授予单位】：中南大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.51;F275
本文编号：2136979
[Abstract]:Since earnings management has a direct impact on the accuracy of the accounting earnings numbers in the financial reports and has an impact on the efficiency of resource allocation in the capital market, earnings management has been a hot research field in the empirical accounting research since 1980s. A lot of research has been carried out on the issue of earnings management at home and abroad and has already been carried out. A lot of achievements have been achieved, but more about the motivation, means, research methods, enterprise life cycle and corporate financial characteristics or corporate financial characteristics and earnings management, and less direct research on the relationship between the enterprise life cycle and earnings management, especially the life cycle of the enterprise, the accrued earnings management and the real earnings management. Together, the relationship between the enterprise life cycle and the earnings management is systematically studied. The empirical study on whether the investors can identify the prevailing earnings management behavior of the listed companies is still scarce.
The existing research holds that there is a very close relationship between the enterprise life cycle and the financial characteristics of the enterprise. The different life cycle stages of the enterprise correspond to the different financial characteristics, and there is a stable correlation between the financial characteristics of the enterprise and the earnings management, and the ways and means of the earnings management are also different under different financial characteristics. It can be seen that both the enterprise life cycle and the earnings management are closely related to the financial characteristics of the enterprise, and with the different stages of the enterprise life cycle, the ways and means of earnings management will also change. Is there a discrepancy between the degree of management and its direction? This is the first issue in this paper.
This paper selects the relevant data of all listed companies in Shanghai and Shenzhen A shares for 2007-2011 years as the basis for estimating the accrued and real earnings management variables, using the modified Jones model of Dechow and so on (1995), Roychowdhury (2006) and Cohen (2008) to estimate the relative variables of the accrual and real earnings management, and then through the construction. Multiple linear regression model is used to test the difference between the accrual and the real earnings management of listed companies of different life cycle stages. The results show that (1) two different earnings management methods are used to adjust earnings flexibly at the same time. 2) in the case of the same other conditions, the real earnings management of enterprises in different periods is higher than that of their accrued earnings management; (3) the degree of accrued and real earnings management in the growth period and the decline period is higher than that of the mature enterprises; (4) in comparison, the business owners of the growth period and the recession period are compared. The surplus should be adjusted upward by accruals and real earnings management, while the mature firms will mainly adjust earnings by accruals and real earnings management.
The first study confirms that the listed companies in different life cycle stages have different degrees of accrual and real earnings management, and there are differences in direction. Since the founding of China Securities Regulatory Commission in 1992, the degree of legalization of China's capital market has been improved and the effectiveness of capital market has been improved. Will the earnings management behavior of the listed companies affect the effectiveness of the securities market in our country? Will it affect the efficiency of the resource allocation in the securities market? Can the users and other accounting information users identify the common earnings management behavior of the listed companies in different life cycle stages? This is the first study in this paper. The two question.
This paper is based on the related data of all listed companies in Shanghai and Shenzhen A shares for 2007-2011 years, using the accrual and real earnings management indicators that can reflect the earnings management of the listed companies, through the purchase and holding of the abnormal return rate model (buy-and-hold abnormal returns, BHAR model), the calendar abnormal return rate model (calendar-time ABN). Three different market response detection models, such as ormal returns, CTAR model) and the arbitrage portfolio regression model (hedge portfolio regression, HPR model), can identify the earnings of the listed companies in different life cycle stages from the accrued earnings management and the real earnings management of two different earnings management methods. The results show that: (1) investors can not fully identify the earnings management behavior of Listed Companies in China, including accrued earnings management and real earnings management, but in comparison, the ability to identify real earnings management behavior is stronger; (2) the purchase and holding of Listed Companies in China can obtain a certain amount. The excess rate of return; (3) the purchase and holding of the stock of the listed company in the growth period is higher for 12 months and 24 months of excess return compared to the mature period, and the stock of the listed company buying and holding in the mature period will gain a higher level of 6 than the growth period and the recession enterprise. The excess rate of pay for the month.
The conclusion of the above study shows that the listed companies in different life cycle stages can use the accrual and real earnings management methods to adjust the earnings flexibly at the same time, but the investors can not fully identify the two kinds of earnings management management methods of the listed companies, and there are some differences in the ability to identify the two different earnings management methods. So, what are the specific reasons that affect investors' identification of different earnings management modes? This is the third issue of this paper.
This paper takes all listed companies of deep A shares as research samples and selects the relevant data of its 2007-2011 year as the research basis. Through the construction of the corresponding multiple linear regression model and multiple mixed cross section regression analysis method, it can affect the investor to identify the earnings of listed companies from three aspects: information transparency, audit supervision and corporate governance. The results of the management methods are tested, and the results are as follows: (1) the information transparency of the listed companies has a significant inhibitory effect on the negative accrual earnings management, while the influence on the positive accrual earnings management and the real earnings management is not significant; (2) the independent director system of our country has not played a restrictive role to the management of the earnings of the company. Including accrued earnings management and real earnings management; (3) there is no information about the strong interrelationship between the audit opinion type and the earnings management, that is, investors can not identify the earnings management of the listed companies, including the accrual and real earnings management, and (4) the financial statements of the listed companies. According to the four major international audits, there is no relationship between the liquidity strength of the stock and the ownership concentration degree and the earnings management, that is, the investor can not identify whether there is a earnings management through earnings management through the information of the corporate governance.
The conclusions can provide theoretical guidance for investors and other accounting information users, improve the decision-making quality of decision-makers, provide basis for the formulation of accounting standards, accelerate the improvement and development of accounting standards, provide a basis for the formulation of regulatory policies, and improve the pertinence of the supervision policy. At the same time, this paper is rich in research. Earnings management mode, means and earnings management response research results.
【学位授予单位】：中南大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.51;F275
【参考文献】
相关期刊论文 前10条
1 姜英兵;王清莹;;上市公司股权结构与真实活动盈余管理[J];财经问题研究;2011年05期
2 陈建岐;刍谈盈余管理[J];财会月刊;2000年18期
3 夏立军,鹿小楠;上市公司盈余管理与信息披露质量相关性研究[J];当代经济管理;2005年05期
4 陈共荣;李琳;;IPO前盈余管理与抑价现象的实证研究[J];系统工程;2006年09期
5 陈小悦,肖星,过晓艳;配股权与上市公司利润操纵[J];经济研究;2000年01期
6 陆建桥;中国亏损上市公司盈余管理实证研究[J];会计研究;1999年09期
7 魏明海;盈余管理基本理论及其研究述评[J];会计研究;2000年09期
8 葛家澍;国际会计准则委员会核心准则的未来——美国SEC和FASB的反应[J];会计研究;2001年08期
9 徐浩萍;会计盈余管理与独立审计质量[J];会计研究;2004年01期
10 宁亚平;盈余管理的定义及其意义研究[J];会计研究;2004年09期
相关博士学位论文 前1条
1 俞春江;公司透明度与盈余管理关系经验检验[D];厦门大学;2008年
，本文编号：2136979
本文链接：https://www.wllwen.com/jingjilunwen/touziyanjiulunwen/2136979.html
