创业板上市公司股权结构对盈余管理的影响研究

发布时间：2018-08-30 19:08

【摘要】：关于股权结构对盈余管理的影响，前期的文献对该问题的研究主要局限于对应计盈余管理的考察。本文在前期文献研究的基础上，将视角拓展到近年来国际学术界研究较多的真实活动盈余管理，并基于中国创业板上市公司实证研究股权结构对盈余管理的影响。本文采用的是规范研究与实证研究相结合的方法，，理论研究为实证检验作铺垫，实证检验为理论研究作印证。在理论研究部分，本文在总结国内外学者关于股权结构对盈余管理的影响的文献上，分别阐述了盈余管理基础理论和股权结构基础理论。盈余管理的理论基础主要包括盈余管理的界定、影响和分类，盈余管理的动机理论包括委托—代理理论、契约理论和信息不对称理论。股权结构的理论基础主要包括股权结构的界定、主要类型，同时分析了我国创业板上市公司股权结构的特点。在理论研究的基础上，从股权性质、股权集中度、股权制衡度三个方面对盈余管理程度的影响分别进行了详细阐述，并提出研究假设。由于计算应计盈余管理和真实盈余管理水平都需要连续三年的数据，而我国创业板2009年才上市，所以实证部分是以2011—2012年中国创业板市场所有上市公司为研究样本，筛选后共得到246个样本。首先对样本进行描述性统计，然后对所有变量进行相关性检验。实证检验主要分为两个步骤，一是分别计算应计盈余管理程度和真实盈余管理程度，二是回归分析股权结构对盈余管理程度的影响。在比较盈余管理计量方法的基础上，选择了陆建桥修正Jones模型来衡量应计盈余管理水平，以销售操纵导致的异常经营现金流量、生产操纵导致的异常生产成本和酌量性费用操纵导致的异常酌量性费用水平3个个体指标来衡量企业真实盈余管理的程度。本文通过研究得出结论：创业板公司中，国有性质的控股股东降低了盈余管理的程度；股权集中度与应计盈余管理和真实盈余管理之间都存在U型关系；股权制衡度与真实盈余管理显著负相关，与应计盈余管理负相关但不显著。
[Abstract]:As to the influence of equity structure on earnings management, the previous literatures mainly focus on the study of accrual earnings management. Based on the previous literature, this paper extends the perspective to the real earnings management in the international academia in recent years, and studies the impact of equity structure on earnings management based on the empirical study of listed companies in China's gem. This paper adopts the method of combining normative research with empirical research. The theoretical research paves the way for the empirical test, and the empirical test serves as the confirmation of the theoretical research. In the part of theoretical research, this paper summarizes the domestic and foreign scholars' literature on the influence of equity structure on earnings management, and expounds the basic theory of earnings management and the basic theory of equity structure respectively. The theoretical basis of earnings management mainly includes the definition, influence and classification of earnings management. The motivation theory of earnings management includes principal-agent theory, contract theory and information asymmetry theory. The theoretical basis of equity structure mainly includes the definition of ownership structure and the main types. At the same time, the characteristics of equity structure of listed companies in gem are analyzed. On the basis of theoretical research, the influence of ownership nature, ownership concentration and equity balance on earnings management degree is elaborated in detail, and the research hypothesis is put forward. Since the calculation of accrual earnings management and real earnings management level require three consecutive years of data, but the gem of China only listed in 2009, so the empirical part is based on 2011-2012 all listed companies in the gem market as a research sample. A total of 246 samples were obtained after screening. First, the sample is analyzed by descriptive statistics, and then all variables are tested by correlation test. The empirical test is mainly divided into two steps. One is to calculate the degree of accrual earnings management and the other is to analyze the effect of equity structure on earnings management. On the basis of comparing the measurement methods of earnings management, this paper chooses the modified Jones model of Lu Jianqiao to measure the level of accrual earnings management, and uses the abnormal operating cash flow caused by sales manipulation to measure the level of accrual earnings management. The abnormal production cost caused by production manipulation and the abnormal discretionary cost level caused by discretionary cost manipulation are three individual indicators to measure the degree of real earnings management. This paper draws a conclusion through the research: in the gem company, the state-owned controlling shareholder reduces the earnings management degree, the equity concentration degree and the accrual earnings management and the real earnings management have the U-type relation; Equity balance is negatively correlated with real earnings management, but not with accrual earnings management.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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