媒体关注下上市公司盈余管理行为的差异研究——一种治理盈余管理的新途径

摘要/Abstract

摘要： 本文采用2007-2014年中国沪深两市A股上市公司为研究样本，选取国内八份具有原创性的权威报纸报道次数作为媒体关注的代理变量，从应计和真实两种盈余管理角度出发，研究媒体的监督治理效应，并考察媒体在国有和非国有公司中监督治理效应的差异，研究表明在转型经济体中媒体已成为治理盈余管理的一种新途径。研究结果显示：大量的媒体关注使得上市公司管理层在一定程度上采取应计盈余管理，但与此同时，媒体关注度的提升能够有效抑制上市公司的真实盈余管理行为，体现出一定的监督治理职能，在控制内生性影响后该结论不变。研究发现非国有公司相对于国有公司更多的采用应计项目盈余管理，上市公司的国有性质会削弱媒体对真实盈余管理的监督治理作用。此外，媒体治理作用的发挥受到地区媒介环境发育程度的影响。本文的研究对媒体关注在公司治理中的作用机理进行了补充，对于完善媒体监督治理机制，约束和防范上市公司盈余管理行为具有重要意义。

关键词: 媒体关注, 产权性质, 应计盈余管理, 真实盈余管理, 公司治理

Abstract: Using a sample of A Share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2014 in China, we select the number of media coverage from eight original authoritative newspapers as proxy variable and empirically test the corporate governance effect of the media from a perspective of accrual-based and real earnings management activities. We believe that media has become a new way to govern earnings management in transition country. We also investigate the differences of the media governance effect between state-owned enterprises and non-state-owned enterprises. Our results indicate that media coverage makes managers tend to accruals manipula-tion to a certain extent. However, media coverage can effectively inhibit the real earnings management activities in listed firms. The study reveals that compared with state-owned firms, private firms are more inclined to choose accruals manipulation while the state-owned com-panies will restrict the governance role of media on real earnings management. It's worth noting that the media's role of corporate govern-ance is influenced by the development degree of media environment. The findings of our study contribute to the existing study on the cor-porate governance role of media. Our paper finds and builds the watchdog role of the media, which would be significant for effective gov-ernance of the earnings manipulation.

Key words: media coverage, ownership property, accruals earnings management, real earnings management, corporate governance

张婷婷, 李延喜, 曾伟强. 媒体关注下上市公司盈余管理行为的差异研究——一种治理盈余管理的新途径[J]. , 2018, 30(2): 25-41.

Zhang Tingting, Li Yanxi, Zeng Weiqiang. A Media Coverage Perspective Study of the Difference in Earnings Management Activities of Listed Companies——A New Way to Govern Earnings Management[J]. , 2018, 30(2): 25-41.

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