本文選題：貨幣政策 + 契約動(dòng)機(jī)　； 參考：《華東交通大學(xué)》2017年碩士論文

【摘要】：應(yīng)計(jì)盈余管理和真實(shí)盈余管理都可以歸為盈余管理,但是研究應(yīng)計(jì)盈余管理的學(xué)者較多,應(yīng)計(jì)盈余管理主要是通過(guò)調(diào)節(jié)公司財(cái)務(wù)報(bào)表中的相關(guān)科目,真實(shí)盈余管理是對(duì)公司的正常經(jīng)營(yíng)活動(dòng)進(jìn)行控制,這樣做的目的就是想掩蓋真實(shí)經(jīng)濟(jì)業(yè)務(wù)來(lái)修飾報(bào)表,使公司的業(yè)績(jī)呈現(xiàn)出良好的發(fā)展前景。然而會(huì)計(jì)準(zhǔn)則卻使應(yīng)計(jì)盈余管理行為受到限制,越來(lái)越多的公司選擇通過(guò)真實(shí)盈余管理來(lái)調(diào)節(jié)利潤(rùn),因?yàn)檎鎸?shí)盈余管理主要是操縱實(shí)際的經(jīng)營(yíng)業(yè)務(wù),而實(shí)際的經(jīng)營(yíng)業(yè)務(wù)并不是很好判斷,而且存在特殊情況。貨幣政策是國(guó)家調(diào)控經(jīng)濟(jì)活動(dòng)的手段,貨幣政策可以通過(guò)很多途徑對(duì)經(jīng)濟(jì)活動(dòng)產(chǎn)生影響,比如利率、貨幣等。企業(yè)的盈余管理活動(dòng)是微觀經(jīng)濟(jì)行為,而貨幣政策則屬于宏觀經(jīng)濟(jì)活動(dòng),本文研究宏觀經(jīng)濟(jì)對(duì)微觀經(jīng)濟(jì)行為的影響既是對(duì)已往關(guān)于真實(shí)盈余管理和貨幣政策的研究的補(bǔ)充,也是對(duì)以后研究相關(guān)論題的一種參考。本文采用規(guī)范研究方法和實(shí)證研究方法兩者相結(jié)合,選取2010年到2015年度國(guó)泰安數(shù)據(jù)庫(kù)不同行業(yè)的上市公司作為研究對(duì)象,借鑒Roy Chowdhury的衡量方法,選取相應(yīng)的指標(biāo)并構(gòu)建模型。本文的實(shí)證結(jié)果發(fā)現(xiàn):在貨幣政策緊縮時(shí)期,上市公司會(huì)比較喜歡選擇減少研發(fā)、廣告等方便操控的費(fèi)用進(jìn)行調(diào)增調(diào)減,這樣就可以使得報(bào)表上的利潤(rùn)增加或減少,達(dá)到虛增利潤(rùn)傳遞經(jīng)營(yíng)業(yè)績(jī)良好的信息,或者通過(guò)減少利潤(rùn)達(dá)到避免納稅的目的;另一種情況就是通過(guò)提高生產(chǎn)量來(lái)降低生產(chǎn)成本,這種方法也可以使得利潤(rùn)增加。在貨幣政策寬松時(shí)期,由于經(jīng)濟(jì)環(huán)境利好,公司進(jìn)行融資投資活動(dòng)所需要的資金并不那么難獲得,因此,一般企業(yè)不會(huì)為了獲得資金而冒險(xiǎn)造假虛增利潤(rùn)。本文在理論部分論述了真實(shí)盈余管理的動(dòng)機(jī),經(jīng)過(guò)實(shí)證檢驗(yàn)了資本市場(chǎng)動(dòng)機(jī)和契約動(dòng)機(jī)存在于真實(shí)盈余管理當(dāng)中,并且說(shuō)明了在貨幣政策緊縮時(shí)期,上市公司融資遇到問(wèn)題的時(shí)候,這是兩個(gè)主要的動(dòng)機(jī),而在寬松階段的上市公司并沒(méi)有明顯的動(dòng)機(jī)進(jìn)行真實(shí)盈余管理行為。因此本文得出與假設(shè)符合的結(jié)論:1、貨幣政策寬松時(shí)期,上市公司沒(méi)有明顯動(dòng)機(jī)進(jìn)行盈余管理行為;2、上市公司在貨幣政策緊縮時(shí)期存在資本市場(chǎng)以及契約動(dòng)機(jī)進(jìn)行真實(shí)盈余管理行為。根據(jù)結(jié)論我們提出相關(guān)建議,外部資本市場(chǎng)的投資者,應(yīng)該著重對(duì)公司真實(shí)經(jīng)營(yíng)業(yè)績(jī)進(jìn)行考察,從而對(duì)該公司做出正確的價(jià)值評(píng)估,監(jiān)管部門(mén)應(yīng)該加強(qiáng)對(duì)企業(yè)進(jìn)行真實(shí)盈余的力度,建立一個(gè)信息傳遞更嚴(yán)格的、信息披露更有效的資本市場(chǎng),為投資者的利益提供應(yīng)有的保障,會(huì)計(jì)事務(wù)所在審計(jì)上市公司經(jīng)營(yíng)活動(dòng)時(shí)應(yīng)該更加關(guān)注其公司經(jīng)濟(jì)業(yè)務(wù)的準(zhǔn)確性、可靠性以及真實(shí)性。為外部的投資者提供投資向?qū)?當(dāng)然公司進(jìn)行真實(shí)盈余管理,主要是因?yàn)槭茇泿耪咚鶎?dǎo)致的融資約束的影響,所以當(dāng)政府在制定貨幣政策時(shí)也應(yīng)該考慮相關(guān)企業(yè)的利益,從而制定出和我國(guó)經(jīng)濟(jì)發(fā)展相適應(yīng)的貨幣政策。
[Abstract]:Both accrual earnings management and real earnings management can be classified as earnings management. However, there are many scholars in the study of earnings management. The accrued earnings management is mainly through adjusting the related subjects in the financial statements of the company. The real earnings management is the control of the normal operation of the company. The purpose of this is to cover up the real economy. But the accounting standards make the accrued earnings management behavior restricted, but more and more companies choose to adjust the profit through real earnings management, because real earnings management mainly manipulates the actual operation business, and the actual business business is not very good. Judging, and there is a special situation. Monetary policy is the means to regulate economic activities by the state. Monetary policy can affect economic activities in many ways, such as interest rate, currency, etc.. The earnings management activities of enterprises are micro economic behavior, and monetary policy is a macro economic activity. This article studies macro economy to microeconomy. The influence of behavior is not only a supplement to the previous research on real earnings management and monetary policy, but also a reference to the related topics in the future. This paper, combining the normative research method and the empirical research method, selects the listed companies from the different industries in Tai'an database from 2010 to 2015 as the research object. The results of this paper are as follows: in the period of tight monetary policy, the listed companies prefer to reduce the cost of convenient manipulation, such as reducing R & D, advertising and other convenient manipulation, so that the profits on the table can be increased or reduced to achieve the virtual increase of profit. Good performance information, or a reduction in profit to avoid tax purposes; the other is to reduce production costs by increasing production. This method can also increase profits. In the period of loose monetary policy, because of the good economic environment, the funds needed by the company to finance investment activities are not so good. It is difficult to obtain, therefore, the general enterprise will not risk the false increase of profit in order to obtain funds. In this paper, the motivation of real earnings management is discussed in the theoretical part. The motivation of the capital market and the contractual motivation exist in the real earnings management, and the financing of the listed companies in the period of tight monetary policy shows that the financing of listed companies is encountered. At the time of the problem, this is the two main motivation, and the listed companies in the loose stage have no obvious motivation to manage real earnings. Therefore, this paper draws a conclusion that is in line with the hypothesis: 1, when the monetary policy is loose, the listed companies do not have obvious motivation to conduct earnings management behavior; 2, the listed companies exist in the period of monetary tightening. According to the conclusion, we put forward some suggestions. The investors in the external capital market should focus on the inspection of the real business performance of the company, so as to make the correct value evaluation to the company. The supervision department should strengthen the strength of the real surplus to the enterprise and establish the firm. A more stringent information transmission, more effective information disclosure of the capital market, for the interests of investors to provide due guarantee, accounting firms should pay more attention to the accuracy, reliability and authenticity of the business of the company in the audit of the business of the listed companies. Real earnings management is mainly due to the influence of financial constraints caused by monetary policy, so when the government is making monetary policy, it should also consider the interests of the related enterprises, so as to formulate a monetary policy that is compatible with the economic development of our country.
【學(xué)位授予單位】：華東交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F275;F822.0;F832.51

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本文編號(hào)：2068395