创业板上市公司治理结构对盈余管理的影响研究

发布时间：2018-01-12 04:10

本文关键词：创业板上市公司治理结构对盈余管理的影响研究　出处：《长安大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来，盈余管理问题在我国资本市场一直存在，诸如万福生科、神州泰岳与掌趣科技等盈余管理事件层出不穷。由于经过操纵后的会计信息无法真实地反映企业的经营情况，导致监管部门和投资者无法做出准确的决策，造成社会资源得不到有效配置。在现代公司制下，导致盈余管理直接的原因是公司治理结构的缺陷。因此，，本文从实证的角度研究了我国创业板上市公司治理结构和盈余管理之间的关系，以期能够为完善我国创业板上市公司治理结构，抑制盈余管理行为提出相关的政策性建议。本文对基本Jones模型、修正的Jones模型和陆建桥模型进行检验，试图找出适合创业板上市公司的盈余管理测度模型。但经检验后发现，以上三种总体应计利润法计量模型拟合度都不高。笔者对修正的Jones模型中的固定资产变量用主营业务成本变量进行替换后检验效果有了很大的提高。从股权结构、董事会、监事会、管理层四个方面的特征挑选了治理结构的相关指标。另外，还选取了对因变量有影响的两个控制变量——公司规模和资产负债率。同时以2009年上市的56家数据齐全的创业板上市公司为研究样本，采用描述性统计分析和多元回归分析，研究了创业板上市公司治理结构对盈余管理的影响程度。研究表明：在股权结构特征方面，第一大股东持股比例、股权制衡度和机构投资者与盈余管理呈不显著相关关系，只有法人股比例与盈余管理正相关；在董事会特征方面，董事会规模、独立董事比例、董事长与总经理二职合一与盈余管理呈不显著相关关系，只有董事会会议次数与盈余管理正相关；在监事会特征方面，监事会规模与盈余管理不相关；在管理层特征方面，高管持股比例与盈余管理不相关。因此，完善公司内部治理机制，有助于从根本上解决我国创业板上市公司盈余管理问题，使我国资本市场能够更加健康稳定地发展。
[Abstract]:In recent years, the problem of earnings management has been in the capital market of China, such as hail health branch events, earnings management Ultrapower and palm interested in science and technology. As a result of the manipulation of emerge in an endless stream of accounting information can not reflect the real situation of enterprises, leading regulators and investors to make accurate decisions, resulting in social resources is not a valid configuration. In the modern corporate system, the cause of earnings management is the defect of corporate governance structure. Therefore, this paper studies the relationship between China's GEM listed companies governance structure and earnings management from the perspective of empirical research, in order to improve China's GEM listed company governance structure, put forward relevant policy recommendations restrain earnings management behaviors.
In this paper, the basic Jones model, Jones model and modified model to test the continental bridge, trying to find out a suitable model to measure the earnings management of listed companies. But after testing found that more than three total accruals to measure the model fitting degree is not high. The modified Jones model of fixed assets with the variable the main business cost variables are replaced after the test results has been greatly improved. From the ownership structure, the board of directors, board of supervisors, the management of four aspects of feature selection related indicators of governance structure. In addition, also selected the dependent variables of the two control variables, company size and asset liability ratio. 56 complete data at the same time in 2009 listed on the GEM listed companies as the research sample, using descriptive statistical analysis and multiple regression analysis to study the GEM listed company governance structure on Earnings Management The degree of influence. The study shows that in terms of ownership structure, the proportion of the first largest shareholder, equity balance degree and institutional investors and earnings management is not only a significant correlation between the proportion of corporate shares and earnings management is positively related; in terms of the board of directors, board size, proportion of independent directors, chairman and general manager of two jobone and earnings management is not only a significant correlation between the number of meetings of the board and earnings management is positively related; in the characteristics of the board of supervisors, the board of supervisors is not related to size and earnings management; management characteristics, high management shareholding ratio and earnings management is not relevant. Therefore, improve the internal governance mechanism, help to solve the problem of earnings management of Chinese listed companies on GEM fundamentally, China's capital market will be more healthy and stable development.

【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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