公司战略与盈余管理路径选择——兼论审计治理效应

摘要/Abstract

摘要： 基于审计治理视角，采用我国上市公司数据考察公司战略如何影响盈余管理路径选择。研究表明：（1）公司战略越激进，越偏好应计项目盈余管理；公司战略越保守，越偏好真实活动盈余管理；进一步划分公司战略为进攻型、分析型和防御型三类，结论一致。（2）审计具有外部治理效应，主要表现为审计专家能够显著抑制战略激进公司的应计盈余管理行为，但对战略保守公司的真实盈余管理行为的抑制效应较弱；因此，战略激进公司更不倾向于选聘审计专家。（3）审计专家治理效应的发挥受到审计任期及公司产权性质等因素不同程度的约束。故此，投资者及监管者应重视公司战略定位对财务行为及后果的影响，充分发挥外部审计参与公司治理的重要职能。

关键词: 公司战略, 盈余管理路径选择, 审计专家, 治理效应

Abstract: Based on the perspective of audit governance, using the data of listed companies in China to investigate how corporate strategy affects the choice of earnings management path, this paper reaches the following conclusions. (1) Companies that adopt aggressive corporate strategy tend to choose accruals earnings management, and companies that adopt conservative strategy tend to choose real earnings management. This conclusion remains the same after corporate strategies are further divided into offensive, defensive and analysis types. (2) Audit experts have external governance effect, who can restrain a company with aggressive strategy from choosing accruals earnings management. However, audit experts have a weak inhibitory effect on companies with conservative strategy of real earnings management. Therefore, companies with aggressive strategy are unwilling to employ audit experts. (3) The governance effect of audit experts is restricted by different factors, such as audit tenure and the nature of corporate property rights. Consequently, investors and regulators should pay attention to the impact of company strategic position on financial behavior and its consequences, and make full use of the important function of external audit to participate in corporate governance.

Key words: corporate strategy, earnings management choice, audit expert, governance effect

闫焕民, 魏珊珊, 张亮. 公司战略与盈余管理路径选择——兼论审计治理效应[J]. 管理评论, 2020, 32(6): 292-306.

Yan Huanmin, Wei Shanshan, Zhang Liang. Corporate Strategy and Earnings Management Choice——Concurrent Discussion on the Governance Effect of Audit[J]. Management Review, 2020, 32(6): 292-306.

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