制度约束还是制度诱导?——中国上市公司盈余管理策略演变的经验证据

摘要/Abstract

摘要：

本文以沪深两市700家上市公司2001-2012年的动态面板数据为研究样本,采用系统广义矩估计检验了制度环境对上市公司应计盈余管理和真实盈余管理的影响,探讨了制度环境在上市公司盈余管理策略转变中发挥的作用。研究结果表明:完善的制度环境有助于抑制上市公司的应计盈余管理行为,但却会诱使企业增加真实盈余管理;随着市场化进程不断推进和制度环境不断改善,为了逃避监管上市公司的盈余管理策略逐渐由应计盈余管理向真实盈余管理转变。本文有助于理解上市公司盈余管理策略转变的制度根源,为监管部门制定盈余管理治理政策提供启示。

关键词: 制度环境, 应计盈余管理, 真实盈余管理, 盈余管理策略, 系统广义矩估计

Abstract:

This paper uses 12 years of dynamic panel data of 700 listed firms in Shanghai and Shenzhen stock markets in the period 2001-2011 as the study sample, and applies the system GMM method to test the effect of institutional environment on accrual earnings management and real earnings management in listed companies. The study also explores the role of institutional environment during firm's earnings management strategy transition. The results show: improved institutional environment helps to curb Accruals-based earnings management by listed companies, but will induce the companies to increase real earnings management. The continuous improvement of the institutional environment and a constant promotion of marketization are designed to prevent listed companies' earnings management strategies from gradually changing from accrual-based to real earnings management. This study helps in understanding the institutional root-cause of enterprise's earnings management strategy change, as well as providing inspiration to regulatory authorities to formulate related policies to control earnings management.

Key words: institutional environment, accrual-based earnings management, real earnings management, earnings management strategic, system GMM estimation

陈克兢, 李延喜, 孙文章, 杨莉. 制度约束还是制度诱导?——中国上市公司盈余管理策略演变的经验证据[J]. , 2016, 28(5): 122-136.

Chen Kejing, Li Yanxi, Sun Wenzhang, Yang Li. Institutional Constraints or Institutional Induction?——Empirical Evidence from the Earnings Management Strategy Evolution in Chinese Listed Companies[J]. , 2016, 28(5): 122-136.

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