基于企業(yè)生命周期的盈余管理及其市場反應(yīng)檢驗研究
發(fā)布時間：2018-07-21 21:56
【摘要】：由于盈余管理直接影響企業(yè)財務(wù)報告中會計盈余數(shù)字的準確性,進而對資本市場資源配置效率產(chǎn)生影響,自20世紀80年代以來盈余管理一直是實證會計研究的一個熱點研究領(lǐng)域。對于盈余管理問題,國內(nèi)外學(xué)術(shù)界進行了大量研究,并已取得豐富成果,但更多是圍繞盈余管理的動機、手段、研究方法、企業(yè)生命周期與企業(yè)財務(wù)特征或企業(yè)財務(wù)特征與盈余管理等研究,較少直接研究企業(yè)生命周期與盈余管理關(guān)系。特別是將企業(yè)生命周期、應(yīng)計盈余管理與真實盈余管理相結(jié)合起來,系統(tǒng)研究企業(yè)生命周期與盈余管理之間的相互關(guān)系,投資者能否識別上市公司普遍存在的盈余管理行為的實證研究卻仍顯匱乏。 現(xiàn)有研究認為：企業(yè)生命周期與企業(yè)財務(wù)特征存在十分密切的相關(guān)關(guān)系,企業(yè)不同的生命周期階段,對應(yīng)著不同的財務(wù)特征；企業(yè)財務(wù)特征與盈余管理也存在著穩(wěn)定的相關(guān)關(guān)系,不同的財務(wù)特征下,盈余管理的方式和手段也各有差異�？梢�,企業(yè)生命周期和盈余管理均與企業(yè)的財務(wù)特征有密切的相關(guān)關(guān)系,而且隨著企業(yè)生命周期階段的不同,盈余管理的方式和手段也會發(fā)生變化。那么,我國上市公司不同生命周期階段是否存在應(yīng)計與真實盈余管理?應(yīng)計與真實盈余管理程度及其方向之間是否存在差異?這是本文研究的第一個問題。 本文選取2007-2011年我國滬深A(yù)股所有上市公司的相關(guān)數(shù)據(jù)作為估計應(yīng)計與真實盈余管理變量的基礎(chǔ),借鑒Dechow等(1995)提出的修正的Jones模型,Roychowdhury (2006)和Cohen等(2008)的方法,分別估計出應(yīng)計與真實盈余管理相關(guān)變量后,再通過構(gòu)建多元線性回歸模型進行不同生命周期階段的上市公司其應(yīng)計與真實盈余管理的程度及其方向之間的差異實證檢驗。研究結(jié)果表明：(1)不同周期階段的企業(yè)均會同時選用應(yīng)計與真實盈余管理兩種不同的盈余管理方式靈活調(diào)節(jié)盈余；(2)在其他條件相同的情況下,不同周期階段的企業(yè),其真實盈余管理程度均比其應(yīng)計盈余管理程度高；(3)相對于成熟期企業(yè)而言,成長期和衰退期企業(yè)進行應(yīng)計與真實盈余管理的程度均比較高；(4)相比較而言,成長期與衰退期企業(yè)主要利用應(yīng)計與真實盈余管理方式向上調(diào)節(jié)盈余,而成熟期企業(yè)則主要利用應(yīng)計與真實盈余管理方式向下調(diào)節(jié)盈余。 第一個問題研究證實,不同生命周期階段的上市公司存在不同程度應(yīng)計和真實盈余管理行為,并且存在方向差異。自1992年我國證監(jiān)會成立以來,我國資本市場的法制化程度不斷提高,資本市場的有效性也隨之提高。一個倍受關(guān)注的問題是：我國上市公司的盈余管理行為是否會影響我國證券市場的有效性?是否會對證券市場的資源配置效率造成影響?廣大投資者等會計信息使用者能否識別不同生命周期階段的上市公司普遍存在的盈余管理行為?這是本文研究的第二個問題。 本文仍以2007-2011年我國滬深A(yù)股所有上市公司的相關(guān)數(shù)據(jù)為基礎(chǔ),采用能夠反映上市公司盈余管理的應(yīng)計與真實盈余管理指標,通過購買并持有非正常報酬率模型(buy-and-hold abnormal returns, BHAR模型)、日歷非正常報酬率模型(calendar-time abnormal returns, CTAR模型)以及套利投資組合回歸模型(hedge portfolio regression, HPR模型)等三種不同的市場反應(yīng)檢測模型,分別從應(yīng)計盈余管理和真實盈余管理兩種不同的盈余管理方式對投資者能否識別不同生命周期階段的上市公司的盈余管理行為進行了檢驗。研究結(jié)果表明：(1)投資者并不能完全識別我國上市公司的盈余管理行為,包括應(yīng)計盈余管理和真實盈余管理,但相比較而言,對真實盈余管理行為的識別能力較強；(2)購買并持有我國上市公司股票能獲得一定的超額收益率；(3)相對于成熟期企業(yè)而言,購買并持有處于成長期的上市公司股票可以獲得更高的累計12個月和24個月的超額報酬率。而相對于成長期和衰退期企業(yè)而言,購買并持有處于成熟期的上市公司股票將獲得更高水平的累計6個月的超額報酬率。 上述研究結(jié)論可知：不同生命周期階段的上市公司均會同時利用應(yīng)計與真實盈余管理方式靈活調(diào)節(jié)盈余,而投資者并不能完全識別上市公司的這兩種盈余管理管理方式,且對這兩種不同的盈余管理方式識別能力也存在一定程度的差異。那么,影響投資者識別不同盈余管理方式的具體原因有哪些?這是本文研究的第三個問題。 本文以深A(yù)股所有上市公司為研究樣本,選取其2007-2011年度的相關(guān)數(shù)據(jù)作為研究基礎(chǔ),通過構(gòu)建相應(yīng)的多元線性回歸模型,采用多元混合截面回歸分析的方法,從信息透明度、審計監(jiān)管、公司治理等三個方面對影響投資者識別上市公司盈余管理方式的原因予以了實證檢驗,結(jié)果發(fā)現(xiàn)：(1)上市公司信息透明度對負向應(yīng)計盈余管理存在顯著的抑制作用,而對正向應(yīng)計盈余管理和真實盈余管理影響并不顯著；(2)我國的獨立董事制度并未起到對公司盈余管理的制約作用,包括應(yīng)計盈余管理和真實盈余管理；(3)未捕捉到審計意見類型與盈余管理具有強相互關(guān)系的信息,即投資者并不能根據(jù)注冊會計師所出具的審計報告類型來識別上市公司的盈余管理,包括應(yīng)計和真實盈余管理；(4)上市公司的財務(wù)報告是否經(jīng)國際四大審計、其股票的流動性強弱以及股權(quán)集中度高低與其盈余管理之間并不存在一定的關(guān)系,即投資者亦不能通過公司治理方面的信息識別其是否存在通過盈余管理調(diào)節(jié)報表盈余的行為。 研究結(jié)論可以為投資者等會計信息使用者的決策提供理論指導(dǎo),提高決策者的決策質(zhì)量；可以為會計準則的制定提供依據(jù),加速會計準則的完善和發(fā)展；可以為監(jiān)管政策的制定提供依據(jù),提高監(jiān)管政策的針對性。同時本文的研究豐富盈余管理方式、手段和盈余管理反應(yīng)方面的研究成果。
[Abstract]:Since earnings management has a direct impact on the accuracy of the accounting earnings numbers in the financial reports and has an impact on the efficiency of resource allocation in the capital market, earnings management has been a hot research field in the empirical accounting research since 1980s. A lot of research has been carried out on the issue of earnings management at home and abroad and has already been carried out. A lot of achievements have been achieved, but more about the motivation, means, research methods, enterprise life cycle and corporate financial characteristics or corporate financial characteristics and earnings management, and less direct research on the relationship between the enterprise life cycle and earnings management, especially the life cycle of the enterprise, the accrued earnings management and the real earnings management. Together, the relationship between the enterprise life cycle and the earnings management is systematically studied. The empirical study on whether the investors can identify the prevailing earnings management behavior of the listed companies is still scarce.
The existing research holds that there is a very close relationship between the enterprise life cycle and the financial characteristics of the enterprise. The different life cycle stages of the enterprise correspond to the different financial characteristics, and there is a stable correlation between the financial characteristics of the enterprise and the earnings management, and the ways and means of the earnings management are also different under different financial characteristics. It can be seen that both the enterprise life cycle and the earnings management are closely related to the financial characteristics of the enterprise, and with the different stages of the enterprise life cycle, the ways and means of earnings management will also change. Is there a discrepancy between the degree of management and its direction? This is the first issue in this paper.
This paper selects the relevant data of all listed companies in Shanghai and Shenzhen A shares for 2007-2011 years as the basis for estimating the accrued and real earnings management variables, using the modified Jones model of Dechow and so on (1995), Roychowdhury (2006) and Cohen (2008) to estimate the relative variables of the accrual and real earnings management, and then through the construction. Multiple linear regression model is used to test the difference between the accrual and the real earnings management of listed companies of different life cycle stages. The results show that (1) two different earnings management methods are used to adjust earnings flexibly at the same time. 2) in the case of the same other conditions, the real earnings management of enterprises in different periods is higher than that of their accrued earnings management; (3) the degree of accrued and real earnings management in the growth period and the decline period is higher than that of the mature enterprises; (4) in comparison, the business owners of the growth period and the recession period are compared. The surplus should be adjusted upward by accruals and real earnings management, while the mature firms will mainly adjust earnings by accruals and real earnings management.
The first study confirms that the listed companies in different life cycle stages have different degrees of accrual and real earnings management, and there are differences in direction. Since the founding of China Securities Regulatory Commission in 1992, the degree of legalization of China's capital market has been improved and the effectiveness of capital market has been improved. Will the earnings management behavior of the listed companies affect the effectiveness of the securities market in our country? Will it affect the efficiency of the resource allocation in the securities market? Can the users and other accounting information users identify the common earnings management behavior of the listed companies in different life cycle stages? This is the first study in this paper. The two question.
This paper is based on the related data of all listed companies in Shanghai and Shenzhen A shares for 2007-2011 years, using the accrual and real earnings management indicators that can reflect the earnings management of the listed companies, through the purchase and holding of the abnormal return rate model (buy-and-hold abnormal returns, BHAR model), the calendar abnormal return rate model (calendar-time ABN). Three different market response detection models, such as ormal returns, CTAR model) and the arbitrage portfolio regression model (hedge portfolio regression, HPR model), can identify the earnings of the listed companies in different life cycle stages from the accrued earnings management and the real earnings management of two different earnings management methods. The results show that: (1) investors can not fully identify the earnings management behavior of Listed Companies in China, including accrued earnings management and real earnings management, but in comparison, the ability to identify real earnings management behavior is stronger; (2) the purchase and holding of Listed Companies in China can obtain a certain amount. The excess rate of return; (3) the purchase and holding of the stock of the listed company in the growth period is higher for 12 months and 24 months of excess return compared to the mature period, and the stock of the listed company buying and holding in the mature period will gain a higher level of 6 than the growth period and the recession enterprise. The excess rate of pay for the month.
The conclusion of the above study shows that the listed companies in different life cycle stages can use the accrual and real earnings management methods to adjust the earnings flexibly at the same time, but the investors can not fully identify the two kinds of earnings management management methods of the listed companies, and there are some differences in the ability to identify the two different earnings management methods. So, what are the specific reasons that affect investors' identification of different earnings management modes? This is the third issue of this paper.
This paper takes all listed companies of deep A shares as research samples and selects the relevant data of its 2007-2011 year as the research basis. Through the construction of the corresponding multiple linear regression model and multiple mixed cross section regression analysis method, it can affect the investor to identify the earnings of listed companies from three aspects: information transparency, audit supervision and corporate governance. The results of the management methods are tested, and the results are as follows: (1) the information transparency of the listed companies has a significant inhibitory effect on the negative accrual earnings management, while the influence on the positive accrual earnings management and the real earnings management is not significant; (2) the independent director system of our country has not played a restrictive role to the management of the earnings of the company. Including accrued earnings management and real earnings management; (3) there is no information about the strong interrelationship between the audit opinion type and the earnings management, that is, investors can not identify the earnings management of the listed companies, including the accrual and real earnings management, and (4) the financial statements of the listed companies. According to the four major international audits, there is no relationship between the liquidity strength of the stock and the ownership concentration degree and the earnings management, that is, the investor can not identify whether there is a earnings management through earnings management through the information of the corporate governance.
The conclusions can provide theoretical guidance for investors and other accounting information users, improve the decision-making quality of decision-makers, provide basis for the formulation of accounting standards, accelerate the improvement and development of accounting standards, provide a basis for the formulation of regulatory policies, and improve the pertinence of the supervision policy. At the same time, this paper is rich in research. Earnings management mode, means and earnings management response research results.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275
本文編號：2136979
[Abstract]:Since earnings management has a direct impact on the accuracy of the accounting earnings numbers in the financial reports and has an impact on the efficiency of resource allocation in the capital market, earnings management has been a hot research field in the empirical accounting research since 1980s. A lot of research has been carried out on the issue of earnings management at home and abroad and has already been carried out. A lot of achievements have been achieved, but more about the motivation, means, research methods, enterprise life cycle and corporate financial characteristics or corporate financial characteristics and earnings management, and less direct research on the relationship between the enterprise life cycle and earnings management, especially the life cycle of the enterprise, the accrued earnings management and the real earnings management. Together, the relationship between the enterprise life cycle and the earnings management is systematically studied. The empirical study on whether the investors can identify the prevailing earnings management behavior of the listed companies is still scarce.
The existing research holds that there is a very close relationship between the enterprise life cycle and the financial characteristics of the enterprise. The different life cycle stages of the enterprise correspond to the different financial characteristics, and there is a stable correlation between the financial characteristics of the enterprise and the earnings management, and the ways and means of the earnings management are also different under different financial characteristics. It can be seen that both the enterprise life cycle and the earnings management are closely related to the financial characteristics of the enterprise, and with the different stages of the enterprise life cycle, the ways and means of earnings management will also change. Is there a discrepancy between the degree of management and its direction? This is the first issue in this paper.
This paper selects the relevant data of all listed companies in Shanghai and Shenzhen A shares for 2007-2011 years as the basis for estimating the accrued and real earnings management variables, using the modified Jones model of Dechow and so on (1995), Roychowdhury (2006) and Cohen (2008) to estimate the relative variables of the accrual and real earnings management, and then through the construction. Multiple linear regression model is used to test the difference between the accrual and the real earnings management of listed companies of different life cycle stages. The results show that (1) two different earnings management methods are used to adjust earnings flexibly at the same time. 2) in the case of the same other conditions, the real earnings management of enterprises in different periods is higher than that of their accrued earnings management; (3) the degree of accrued and real earnings management in the growth period and the decline period is higher than that of the mature enterprises; (4) in comparison, the business owners of the growth period and the recession period are compared. The surplus should be adjusted upward by accruals and real earnings management, while the mature firms will mainly adjust earnings by accruals and real earnings management.
The first study confirms that the listed companies in different life cycle stages have different degrees of accrual and real earnings management, and there are differences in direction. Since the founding of China Securities Regulatory Commission in 1992, the degree of legalization of China's capital market has been improved and the effectiveness of capital market has been improved. Will the earnings management behavior of the listed companies affect the effectiveness of the securities market in our country? Will it affect the efficiency of the resource allocation in the securities market? Can the users and other accounting information users identify the common earnings management behavior of the listed companies in different life cycle stages? This is the first study in this paper. The two question.
This paper is based on the related data of all listed companies in Shanghai and Shenzhen A shares for 2007-2011 years, using the accrual and real earnings management indicators that can reflect the earnings management of the listed companies, through the purchase and holding of the abnormal return rate model (buy-and-hold abnormal returns, BHAR model), the calendar abnormal return rate model (calendar-time ABN). Three different market response detection models, such as ormal returns, CTAR model) and the arbitrage portfolio regression model (hedge portfolio regression, HPR model), can identify the earnings of the listed companies in different life cycle stages from the accrued earnings management and the real earnings management of two different earnings management methods. The results show that: (1) investors can not fully identify the earnings management behavior of Listed Companies in China, including accrued earnings management and real earnings management, but in comparison, the ability to identify real earnings management behavior is stronger; (2) the purchase and holding of Listed Companies in China can obtain a certain amount. The excess rate of return; (3) the purchase and holding of the stock of the listed company in the growth period is higher for 12 months and 24 months of excess return compared to the mature period, and the stock of the listed company buying and holding in the mature period will gain a higher level of 6 than the growth period and the recession enterprise. The excess rate of pay for the month.
The conclusion of the above study shows that the listed companies in different life cycle stages can use the accrual and real earnings management methods to adjust the earnings flexibly at the same time, but the investors can not fully identify the two kinds of earnings management management methods of the listed companies, and there are some differences in the ability to identify the two different earnings management methods. So, what are the specific reasons that affect investors' identification of different earnings management modes? This is the third issue of this paper.
This paper takes all listed companies of deep A shares as research samples and selects the relevant data of its 2007-2011 year as the research basis. Through the construction of the corresponding multiple linear regression model and multiple mixed cross section regression analysis method, it can affect the investor to identify the earnings of listed companies from three aspects: information transparency, audit supervision and corporate governance. The results of the management methods are tested, and the results are as follows: (1) the information transparency of the listed companies has a significant inhibitory effect on the negative accrual earnings management, while the influence on the positive accrual earnings management and the real earnings management is not significant; (2) the independent director system of our country has not played a restrictive role to the management of the earnings of the company. Including accrued earnings management and real earnings management; (3) there is no information about the strong interrelationship between the audit opinion type and the earnings management, that is, investors can not identify the earnings management of the listed companies, including the accrual and real earnings management, and (4) the financial statements of the listed companies. According to the four major international audits, there is no relationship between the liquidity strength of the stock and the ownership concentration degree and the earnings management, that is, the investor can not identify whether there is a earnings management through earnings management through the information of the corporate governance.
The conclusions can provide theoretical guidance for investors and other accounting information users, improve the decision-making quality of decision-makers, provide basis for the formulation of accounting standards, accelerate the improvement and development of accounting standards, provide a basis for the formulation of regulatory policies, and improve the pertinence of the supervision policy. At the same time, this paper is rich in research. Earnings management mode, means and earnings management response research results.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275
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