商业研究

商业研究

• 产业经济 • 上一篇    下一篇

真实盈余管理的协同共治 ——基于地区差异视角的研究

唐建荣，许文婷，张鑫和   

  1. （江南大学 商学院，江苏 无锡 214122）
  • 收稿日期:2017-09-08 出版日期:2018-02-22
  • 作者简介:唐建荣(1964-)，男，江苏无锡人，江南大学商学院教授，理学博士，研究方向：中小企业管理、生态经济；许文婷(1992-)，女，黑龙江齐齐哈尔人，江南大学商学院研究生，研究方向：财务管理；张鑫和(1993-），男，安徽天长人，江南大学商学院研究生，研究方向：物流产业规划与设计。
  • 基金资助:
    国家自然科学基金项目，项目编号：71301061；中央高校基本科研业务费专项资金项目，项目编号：2015JDZD11；苏南资本市场研究中心共同资助。

Cooperative Governance of Real Earnings Management：A Study from the Perspective of Regional Difference

TANG Jian-rong, XU Wen-ting，ZHANG Xin-he   

  1. (School of Business, Jiangnan University, Wuxi 214122, China)
  • Received:2017-09-08 Online:2018-02-22

摘要： 真实盈余管理的自由发展已经成为资本市场难以根治的顽疾。基于BMA方法研究2008-2015年A股上市公司真实盈余管理的表现和治理状况，探索宏微观制度因素差异对真实盈余管理的作用影响。结果显示：（1）近年来上市公司更倾向于经营操控来平滑利润、粉饰报表，真实盈余管理水平分布呈中东部地区高、西部地区相对较低的特征；（2）共23项5个角度的可能影响真实盈余管理的指标中，偿债能力、高管薪酬、会计弹性、盈利能力、第一大股东持股比例、托宾Q、审计事务所类型、股权相对集中度、资金占用和法治水平等指标充分地解释了真实活动操控的作用表现；而5个方面因素作用表现为，股利结构中的持股安排对真实盈余管理作用明显，公司特征是影响真实盈余管理的关键因素，治理结构安排对真实盈余管理的直接作用需要有效激活，外部审计和监督对真实盈余管理的抑制作用效果明显，法制水平的差异对内部治理因素效用的发挥有重大影响（调节作用）。内部因素是真实盈余管理从无到有的根本原因，外部因素是其从小到大的成长环境，因此，需要从内外部因素的各角度构建严密的治理网络。

关键词: 真实盈余管理, 内外部治理, 贝叶斯模型平均, 法治水平, 地区差异

Abstract: The development of real earnings management has become a stubborn disease in the capital market. Based on the BMA method, this paper studies the performance and governance of the real earnings management of the listed companies in 2008-2015, and explores the influence of macro and micro institutional factors on real earnings management. The results show that (1) in recent years, listed companies are more inclined to manage manipulation to smooth profits and whitewash statements, and the distribution of real earnings management is relatively low in the western regions and high in the Middle and East regions;(2)the solvency, executive compensation, accounting flexibility, profitability, the proportion of the largest shareholder, Tobin Q, the type of audit firm, the relative concentration of equity, capital occupation and the rule of law fully explain the real activities Manipulation of the role of performance; in the structure of ownership arrangements, the dividend has a significant effect on real earnings management, firm characteristics are key factors to affect the real earnings management, direct effect of governance structure on real earnings management needs to be effectively activated, external audit and supervision has a significant inhibitory effect on real earnings management, the differences of legal level play a significant impact (regulation) on internal governance factors utility. Internal factors are the fundamental reasons for the real earnings management from scratch, and external factors are their growth environment from small to large. Therefore, we need to build strict governance networks from all aspects of internal and external factors.

Key words: real earnings management, internal and external governance, Bayesian model average, rule of law level, regional differences