投资者法律保护与企业的盈余管理——基于应计项目操控和真实活动操控的研究
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摘要
投资者法律保护制度的加强是否抑制了企业盈余管理?本文以中国A股上市公司为样本,基于应计项目和真实活动两种盈余操控模式对这一问题进行了考察。但两种模式却得出了完全迥异的结论,即投资者保护法律制度在降低了应计项目盈余管理的同时,提高了真实活动盈余管理;进一步的研究发现这一结论仅存在于国有企业。本文的发现拓展了对资者法律保护与企业盈余管理的研究,也对投资者保护制度的进一步完善和国有企业的改革有一定的借鉴意义。
Will the strengthening of legal investor protection strengthen inhibit enterprises' earnings management? This paper investigates both the accrual and real-based earning management activities based on a sample of the listed firms in China. But the two models reach totally different conclusions,i.e. legal investor protection has a negative impact on accruals manipulation,but has a positive impact on real earnings management. Further study finds that it is mainly to promote the state-controlled firms' real earnings management,but has no significant impact on the non-state-controlled firms' real earnings management. This finding expands the research of legal investor protection and enterprises' earnings management,and also provides some reference for the improvement of legal investor protection and the reform of state-controlled firms.
Will the strengthening of legal investor protection strengthen inhibit enterprises' earnings management? This paper investigates both the accrual and real-based earning management activities based on a sample of the listed firms in China. But the two models reach totally different conclusions,i.e. legal investor protection has a negative impact on accruals manipulation,but has a positive impact on real earnings management. Further study finds that it is mainly to promote the state-controlled firms' real earnings management,but has no significant impact on the non-state-controlled firms' real earnings management. This finding expands the research of legal investor protection and enterprises' earnings management,and also provides some reference for the improvement of legal investor protection and the reform of state-controlled firms.
引文
[1]Leuz C.,Nanda D.,Wysocki P.D.Earnings Management and Investor Protection:An International Comparison[J].Journal of Financial Economics,2003,69(3):505-527
[2]Schipper K.Commentary on Earnings Management[J].Accounting Horizons,1989,3(4):91-102
[3]Daivd C.B.,Hail L.,Leuz C.The Importance of Reporting Incentives:Earnings Management in European Private and Public Firms[J].The Accounting Review,2006,81(5):983-1016
[4]Mark D.,Hung M.,Trezevant R.Investor Protection and the Information Content of Annual Earnings Accountings:International Evidence[J].Journal of Accounting and Economies,2007,43(1):37-67
[5]Graham J.R.,Harvey C.R.,Rajgopal S.The Economic Implications of Corporate Financial Reporting[J].Journal of Accounting and Economics,2005,40(1-3):3-73
[6]Sari R.C.,Warsono S.,Suryaningsum S.Does Investor Protection affect the Choice of Earnings Management Methods through Real Activity Manipulation and Accrual Manipulation?Asian Comparison[J].Journal of Modern Accounting and Auditing,2010,6(6):1-13
[7]Masahiro E.,Kimura F.,Yamaguchi T.Accrual-Based and Real Earnings Management:An International Comparison for Investor Protection[EB/OL].http://ssrn.com/abstract=2066797,2012
[8]Katherine A.G.What are the consequences of real earnings management[D].University of California Doctor Thesis,2005
[9]Gunny K.The Relation Between Earnings Management Using Real Activities Manipulation and Future Performance:Evidence fromMeeting Earnings Benchmarks[J].Contemporary Accounting Research,2005,27(3):855-888
[10]Zang A.Y.Evidence on the Trade off between Real Manipulation and Accrual Manipulation[EB/OL].http://ssrn.com/abstract=961293,2007
[11]Cohen D.A.,Zarowin P.Accrual-Based and Real Earnings Management Activities around Seasoned Equity Offerings[J].Journal of Accounting and Economics,2010,50(1):2-19
[12]Chapman C.J.,Steenburgh T.J.An Investigation of Earnings Management through Marketing Actions[J].Management Science,2011,57(1):72-92
[13]Xu X.,Wang Y.Ownership Structure and Corporate Governance in Chinese Stock Companies[J].China Economic Review,1999,10(1):75-98
[14]Haw I.M.,Hu B.,Hwang L.S.,Wu W.Ultimate Ownership,Income Management,and Legal and Extra-legal Institutions[J].Journal of Accounting Research,2004,42(2):423-462
[15]Gourevitch P.A.,Shinn J.J.Political Power and Corporate Control:The New Global Politics of Corporate Governance[M].Princeton:Princeton University Press,2005
[16]Fan J.P.H.,Wong T.J.Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia[J].Journal of Accounting and Economics,2002,33(3):401-425
[17]Patel A.,Pranil P.,Dharmendra N.A Comparison of Earnings Management Patterns between Private Listed Companies and State Owned Enterprises:Evidence from An Emerging Market[J].The ICFAI University Journal of Audit Practice,2009,6(2):27-34
[18]陈胜蓝,魏明海.投资者保护与财务会计信息质量[J].会计研究,2006,(10):43-53
[19]罗党论,唐清泉.市场环境与控股股东“掏空”行为研究[J].会计研究,2007,(4):69-96
[20]吴永明,袁春生.法律治理,投资者保护与财务舞弊:基于上市公司的经验证据[J].中国工业经济,2007,(3):104-111
[21]雷光勇,刘慧龙.大股东控制,融资规模与盈余操纵程度[J].管理世界,2006,(1):129-172
[22]Yuan D.,Zhang H.,Zhang J.Private vs State Ownership and Earnings Management:Evidence from Chinese Listed Companies[J].Corporate Governance:An International Review,2007,15(2):223-238
[23]张玲,刘启亮.治理环境,控制人性质与债务契约假说[J].金融研究,2009,(2):69-74
[24]薄仙慧,吴联生.国有控股与机构投资者的治理效应:盈余管理视角[J].经济研究,2009,(2):81-91
[25]Roychowdhury S.Earnings Management through Real Activities Manipulation[J].Journal of Accounting and Economics,2006,42(3):335-370
[26]Cohen D.,Dey A.,Lys T.Real and Accrual Based Earnings Management in the Pre and Post Sarbanes Oxley Periods[J].The Accounting Review,2008,83(5):757-787
[27]Nelson M.W.,Elliott J.A.,Tarp Iey R.L.Evidence from auditors about Managers‘and auditors’Earnings Management Decisions[J].The Accounting Review,2002,77(5):75-202
[28]Nting R.T.Sarbanes-Oxley Act,Insider Trading and Earnings Management[EB/OL].http://eleanor.lib.gla.ac.uk/record=2696491,2009
[29]Yu W.Accounting-Based Earnings Management and Real Activities Manipulation[M].Georgia:Georgia Institute of Technology Press,2008
[30]Visvanathan G.Corporate Governance and Real Earnings Management[J].Academy of Accounting and Financial Studies Journal,2008,12(1):9-21
[31]Garven S.A.The Effect of Board and Audit Committee Characteristics on Real Earnings Management:Do Boards and Audit Committees Play a Role in its Constraint?[R].University of Alabama,Working Paper,2009
[32]李彬,张俊瑞,郭慧婷.会计弹性与真实活动操控的盈余管理关系研究[J].管理评论,2009,21(6):99-107
[33]李增福,董志强,连玉君.应计项目盈余管理还是真实活动盈余管理?——基于我国2007年所得税改革的研究[J].管理世界,2011,(1):121-134
[34]李增福,郑友环,连玉君.股权再融资,盈余管理与上市公司业绩滑坡——基于应计项目操控与真实活动操控方式下的研究[J].中国管理科学,2011,19(2):49-56
[35]Burkart M.,Panunzi F.,Shleifer A.Family Firms[J].The Journal of Finance,2003,58(5):2167-2202
[36]Sun Q.,Tong W.H.S.China Share Issue Privatization:The Extent of Its Success[J].Journal of Financial Economics,2003,70(2):183-22
[37]Chen G.,Firth M.,Xu L.Does the Type of Ownership Control Matter?Evidence from China’s Listed Companies[J].Journal of Banking and Finance,2009,33(1):171-181
[38]姜英兵,王清莹.上市公司股权结构与真实活动盈余管理[J].财经问题研究,2011,(5):73-80
[39]陈工孟.现代企业代理问题和国有企业改革[J].经济研究,1997,(10):29-35
[40]Weichu X.,Zeng Y.,Zhang J.Tax Enforcement as a Corporate Governance Mechanism:Empirical Evidence from China[J].Corporate Governance:An International Review,2011,19(1):25-40
[41]Kothari S.P.,Leone A.J.,Wasley C.E.Performance Matched Discretionary Accrual Measures[J].Journal of Accounting and Economics,2005,39(1):163-197
[42]樊纲,王小鲁.中国市场化进程——各地区市场化相对进程2011年报告[M].北京:经济科学出版社,2011
[43]Newman D.P.,Patterson E.R.,Smith J.R.The Role of Auditing in Investor Protection[J].The Accounting Review,2005,80(1):289-313
[44]Wang Q.,Wong T.J.,Xia L.State Ownership,the Institutional Environment,and Auditor Choice:Evidence from China[J].Journal of Accounting and Economics,2008,46(1):112-34
[45]Wu S.,Xu N.,Yuan Q.State Control,Legal Investor Protection,and Ownership Concentration:Evidence from China[J].Corporate Governance:An International Review,2009,17(2):176-192
[46]Dechow P.M.,Kothari S.P.,Watts R.L.The Correlation Structure of Earnings Cash Flows and Accruals[EB/OL].http://ssrn.com/abstract=55496,Working Paper,1995
[47]Rajan R.G.,Zingales L.What Do We Know about Capital Structure?——Some Evidence from International Data[J].The Journal of Finance,1995,50(5):1421-1460
[48]Chen Q.,Hemmer T.,Zhang Y.On the Relation between Conservatism in Accounting Standards and Incentives for Earnings Management[J].Journal of Accounting Research,2007,45(3):541-565
[49]Koh P.S.Institutional Investor Type,Earnings Management and Benchmark Beaters[J].Journal of Accounting and Public Policy,2007,26(3):267-299
[50]Teoh S.H.,Welch I.,Wong T.J.Earnings Management and the Long-Run Market Performance of Initial Public Offerings[J].The Journal of Finance,1998,53(6):1935-1974
[51]Bartov E.,Gul F.,Tsui J.Discretionary-Accruals Models and Audit Qualifications[J].Journal of Accounting and Economics,2000,30(3):421-452
[52]Becker C.L.,De Fond M.L.,Jiambalvo J.,Subramanyam K.R.The Effect of Audit Quality on Earnings Management[J].Contemporary Accounting Research,1998,15(1):1-24
[53]La Porta R.,Lopez-de-Silanes F.,Shleifer A.,Vishny R.W.Law and Finance[J].Journal of Political Economy,1998,106(18):1133-1155
[54]Wang S.,Souza J.D.Earnings Management:The Effect of Accounting Flexibility on R&D investment Choices[EB/OL].https://ssrn.com/abstract=878345 or http://dx.doi.org/10.2139/ssrn.878345",Working Paper,2006
[55]汪平,孙士霞.自由现金流量,股权结构与我国上市公司过度投资问题研究[J].当代财经,2009,(4):123-128
[2]Schipper K.Commentary on Earnings Management[J].Accounting Horizons,1989,3(4):91-102
[3]Daivd C.B.,Hail L.,Leuz C.The Importance of Reporting Incentives:Earnings Management in European Private and Public Firms[J].The Accounting Review,2006,81(5):983-1016
[4]Mark D.,Hung M.,Trezevant R.Investor Protection and the Information Content of Annual Earnings Accountings:International Evidence[J].Journal of Accounting and Economies,2007,43(1):37-67
[5]Graham J.R.,Harvey C.R.,Rajgopal S.The Economic Implications of Corporate Financial Reporting[J].Journal of Accounting and Economics,2005,40(1-3):3-73
[6]Sari R.C.,Warsono S.,Suryaningsum S.Does Investor Protection affect the Choice of Earnings Management Methods through Real Activity Manipulation and Accrual Manipulation?Asian Comparison[J].Journal of Modern Accounting and Auditing,2010,6(6):1-13
[7]Masahiro E.,Kimura F.,Yamaguchi T.Accrual-Based and Real Earnings Management:An International Comparison for Investor Protection[EB/OL].http://ssrn.com/abstract=2066797,2012
[8]Katherine A.G.What are the consequences of real earnings management[D].University of California Doctor Thesis,2005
[9]Gunny K.The Relation Between Earnings Management Using Real Activities Manipulation and Future Performance:Evidence fromMeeting Earnings Benchmarks[J].Contemporary Accounting Research,2005,27(3):855-888
[10]Zang A.Y.Evidence on the Trade off between Real Manipulation and Accrual Manipulation[EB/OL].http://ssrn.com/abstract=961293,2007
[11]Cohen D.A.,Zarowin P.Accrual-Based and Real Earnings Management Activities around Seasoned Equity Offerings[J].Journal of Accounting and Economics,2010,50(1):2-19
[12]Chapman C.J.,Steenburgh T.J.An Investigation of Earnings Management through Marketing Actions[J].Management Science,2011,57(1):72-92
[13]Xu X.,Wang Y.Ownership Structure and Corporate Governance in Chinese Stock Companies[J].China Economic Review,1999,10(1):75-98
[14]Haw I.M.,Hu B.,Hwang L.S.,Wu W.Ultimate Ownership,Income Management,and Legal and Extra-legal Institutions[J].Journal of Accounting Research,2004,42(2):423-462
[15]Gourevitch P.A.,Shinn J.J.Political Power and Corporate Control:The New Global Politics of Corporate Governance[M].Princeton:Princeton University Press,2005
[16]Fan J.P.H.,Wong T.J.Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia[J].Journal of Accounting and Economics,2002,33(3):401-425
[17]Patel A.,Pranil P.,Dharmendra N.A Comparison of Earnings Management Patterns between Private Listed Companies and State Owned Enterprises:Evidence from An Emerging Market[J].The ICFAI University Journal of Audit Practice,2009,6(2):27-34
[18]陈胜蓝,魏明海.投资者保护与财务会计信息质量[J].会计研究,2006,(10):43-53
[19]罗党论,唐清泉.市场环境与控股股东“掏空”行为研究[J].会计研究,2007,(4):69-96
[20]吴永明,袁春生.法律治理,投资者保护与财务舞弊:基于上市公司的经验证据[J].中国工业经济,2007,(3):104-111
[21]雷光勇,刘慧龙.大股东控制,融资规模与盈余操纵程度[J].管理世界,2006,(1):129-172
[22]Yuan D.,Zhang H.,Zhang J.Private vs State Ownership and Earnings Management:Evidence from Chinese Listed Companies[J].Corporate Governance:An International Review,2007,15(2):223-238
[23]张玲,刘启亮.治理环境,控制人性质与债务契约假说[J].金融研究,2009,(2):69-74
[24]薄仙慧,吴联生.国有控股与机构投资者的治理效应:盈余管理视角[J].经济研究,2009,(2):81-91
[25]Roychowdhury S.Earnings Management through Real Activities Manipulation[J].Journal of Accounting and Economics,2006,42(3):335-370
[26]Cohen D.,Dey A.,Lys T.Real and Accrual Based Earnings Management in the Pre and Post Sarbanes Oxley Periods[J].The Accounting Review,2008,83(5):757-787
[27]Nelson M.W.,Elliott J.A.,Tarp Iey R.L.Evidence from auditors about Managers‘and auditors’Earnings Management Decisions[J].The Accounting Review,2002,77(5):75-202
[28]Nting R.T.Sarbanes-Oxley Act,Insider Trading and Earnings Management[EB/OL].http://eleanor.lib.gla.ac.uk/record=2696491,2009
[29]Yu W.Accounting-Based Earnings Management and Real Activities Manipulation[M].Georgia:Georgia Institute of Technology Press,2008
[30]Visvanathan G.Corporate Governance and Real Earnings Management[J].Academy of Accounting and Financial Studies Journal,2008,12(1):9-21
[31]Garven S.A.The Effect of Board and Audit Committee Characteristics on Real Earnings Management:Do Boards and Audit Committees Play a Role in its Constraint?[R].University of Alabama,Working Paper,2009
[32]李彬,张俊瑞,郭慧婷.会计弹性与真实活动操控的盈余管理关系研究[J].管理评论,2009,21(6):99-107
[33]李增福,董志强,连玉君.应计项目盈余管理还是真实活动盈余管理?——基于我国2007年所得税改革的研究[J].管理世界,2011,(1):121-134
[34]李增福,郑友环,连玉君.股权再融资,盈余管理与上市公司业绩滑坡——基于应计项目操控与真实活动操控方式下的研究[J].中国管理科学,2011,19(2):49-56
[35]Burkart M.,Panunzi F.,Shleifer A.Family Firms[J].The Journal of Finance,2003,58(5):2167-2202
[36]Sun Q.,Tong W.H.S.China Share Issue Privatization:The Extent of Its Success[J].Journal of Financial Economics,2003,70(2):183-22
[37]Chen G.,Firth M.,Xu L.Does the Type of Ownership Control Matter?Evidence from China’s Listed Companies[J].Journal of Banking and Finance,2009,33(1):171-181
[38]姜英兵,王清莹.上市公司股权结构与真实活动盈余管理[J].财经问题研究,2011,(5):73-80
[39]陈工孟.现代企业代理问题和国有企业改革[J].经济研究,1997,(10):29-35
[40]Weichu X.,Zeng Y.,Zhang J.Tax Enforcement as a Corporate Governance Mechanism:Empirical Evidence from China[J].Corporate Governance:An International Review,2011,19(1):25-40
[41]Kothari S.P.,Leone A.J.,Wasley C.E.Performance Matched Discretionary Accrual Measures[J].Journal of Accounting and Economics,2005,39(1):163-197
[42]樊纲,王小鲁.中国市场化进程——各地区市场化相对进程2011年报告[M].北京:经济科学出版社,2011
[43]Newman D.P.,Patterson E.R.,Smith J.R.The Role of Auditing in Investor Protection[J].The Accounting Review,2005,80(1):289-313
[44]Wang Q.,Wong T.J.,Xia L.State Ownership,the Institutional Environment,and Auditor Choice:Evidence from China[J].Journal of Accounting and Economics,2008,46(1):112-34
[45]Wu S.,Xu N.,Yuan Q.State Control,Legal Investor Protection,and Ownership Concentration:Evidence from China[J].Corporate Governance:An International Review,2009,17(2):176-192
[46]Dechow P.M.,Kothari S.P.,Watts R.L.The Correlation Structure of Earnings Cash Flows and Accruals[EB/OL].http://ssrn.com/abstract=55496,Working Paper,1995
[47]Rajan R.G.,Zingales L.What Do We Know about Capital Structure?——Some Evidence from International Data[J].The Journal of Finance,1995,50(5):1421-1460
[48]Chen Q.,Hemmer T.,Zhang Y.On the Relation between Conservatism in Accounting Standards and Incentives for Earnings Management[J].Journal of Accounting Research,2007,45(3):541-565
[49]Koh P.S.Institutional Investor Type,Earnings Management and Benchmark Beaters[J].Journal of Accounting and Public Policy,2007,26(3):267-299
[50]Teoh S.H.,Welch I.,Wong T.J.Earnings Management and the Long-Run Market Performance of Initial Public Offerings[J].The Journal of Finance,1998,53(6):1935-1974
[51]Bartov E.,Gul F.,Tsui J.Discretionary-Accruals Models and Audit Qualifications[J].Journal of Accounting and Economics,2000,30(3):421-452
[52]Becker C.L.,De Fond M.L.,Jiambalvo J.,Subramanyam K.R.The Effect of Audit Quality on Earnings Management[J].Contemporary Accounting Research,1998,15(1):1-24
[53]La Porta R.,Lopez-de-Silanes F.,Shleifer A.,Vishny R.W.Law and Finance[J].Journal of Political Economy,1998,106(18):1133-1155
[54]Wang S.,Souza J.D.Earnings Management:The Effect of Accounting Flexibility on R&D investment Choices[EB/OL].https://ssrn.com/abstract=878345 or http://dx.doi.org/10.2139/ssrn.878345",Working Paper,2006
[55]汪平,孙士霞.自由现金流量,股权结构与我国上市公司过度投资问题研究[J].当代财经,2009,(4):123-128