民营与国有上市公司内部治理对盈余管理影响的比较研究
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摘要
随着民营上市公司的快速发展,民营上市公司也得到越来越多的关注,同时民营上市公司的盈余管理问题也逐渐凸现。很多学者研究了上市公司的盈余管理问题,发现上市公司盈余管理普遍存在。但很少有学者针对民营上市公司进行研究,或在盈余管理方面对民营上市公司和国有上市公司进行比较分析。于是本文以2004-2006年上市公司中制造业为样本,研究我国民营上市公司与国有上市公司在盈余管理上的差异。
本文首先介绍了民营上市公司的特点、对民营和国有上市公司治理结构进行介绍和对比分析,然后阐述了公司内部治理机制与盈余管理的关系。在实证研究设计中,首先介绍了不同的盈余管理测度的计量方法和几种具有代表性的盈余管理测度模型,结合本文建立新的盈余管理测度模型,计算出样本公司的盈余管理程度。然后根据公司治理结构选择适当的解释变量和控制变量,提出研究假设。
在实证研究阶段,首先对样本公司按类别做独立样本T检验,给出民营上市公司和国有上市公司内部治理结构的差异。然后针对国有上市与民营上市分别研究其内部治理机制与盈余管理之间的关系。然后在总体样本、国有上市公司与民营上市公司之间作对比分析,以发现我国民营上市公司与国有上市公司在盈余管理上的差异。实证结果表明部分年份民营上市公司和国有上市公司是有显著区别的,民营上市公司审计委会和独立董事比例与盈余管理程度负相关;而国有上市公司中却没有显著关系。民营上市公司中第一大股东持股比例与盈余管理显著正相关;而国有上市公司中第一大股东比例与盈余管理显著负相关。民营上市中高管薪酬、监事会比例、流通股比例与盈余管理负相关;而在国有上市公司中高管薪酬、监事会比例、流通股比例与盈余管理不存在显著关系。因此,要根据国有上市与民营上市公司特点来合理完善公司治理机制,防范盈余管理问题的发生。使我国资本市场朝着健康有序的方向发展。
Along with the private listed companies develop fastly, private listed companies alsoobtained more and more many attention, At same time, earning management of privatelisted companies question also become common. Many scholars hanv studied the earningsmanagement of listed companies and found earnings management of listed companies isvery prevalent.However, few scholars study the private listed companies and comparestate-owned listed companies to private listed companies about earnings management. Sothe paper take 2004-2006 year manufacturing industry of listed companies as sample andresearchs the differences of china's private listed companies and state-owned listedcompanies in earnings management.
This paper introduces the characteristics of private listed companies, and analyzes thedifferences of corporate governance structure about private and state-ownedenterprises.and says relations of company's internal governance mechanisms and earningsmanagement.The paper introduces different measurement methods of earningsmanagement and several representative models of measuring the earnings management.This paper establishs a new measure model,of earnings management to calculate thesample's degree of earnings management. And according to Corporate governancestructure, choose explanation variables and control variables of the sample and give theresearch hypothesis.
In the design of positive research,First of all sample the paper does the independentsamples T test by category and gives corporate governance structure differences of theprivate and state-owned listed companies. And then researchs relations of company'sinternal governance mechanisms and earnings management.The paper compare the stateownedlisted companies and private companies to overall sample in order to find thedifferences in earnings management between the state-owned listed companies and privatelisted companies.Empirical results show that the private listed companies is significantdifferent form the state-owned listed companies in some year. In private listed companies,Audit Committee and the proportion of independent directors is negatively related toearnings management.But,in the state-owned listed companies,that is positively related to earnings management. In private listed companies,the largest shareholder is positivelyrelated to earnings management.But,in the state-owned listed companies,that is negativelyrelated to earnings management. In private listed companies, Executive pay, the proportionof the board of supervisors and the ratio of the outstanding shares is negatively related toearnings management.But,in the state-owned listed companies,that is no related to earningsmanagement. Therefore,in accordance with characteristics of the state-owned and privatelisted companies,The peper should improve corporate governance to prevent earningsmanagement problems and have china's capital market keep a healthy and orderlydevelopment.
本文首先介绍了民营上市公司的特点、对民营和国有上市公司治理结构进行介绍和对比分析,然后阐述了公司内部治理机制与盈余管理的关系。在实证研究设计中,首先介绍了不同的盈余管理测度的计量方法和几种具有代表性的盈余管理测度模型,结合本文建立新的盈余管理测度模型,计算出样本公司的盈余管理程度。然后根据公司治理结构选择适当的解释变量和控制变量,提出研究假设。
在实证研究阶段,首先对样本公司按类别做独立样本T检验,给出民营上市公司和国有上市公司内部治理结构的差异。然后针对国有上市与民营上市分别研究其内部治理机制与盈余管理之间的关系。然后在总体样本、国有上市公司与民营上市公司之间作对比分析,以发现我国民营上市公司与国有上市公司在盈余管理上的差异。实证结果表明部分年份民营上市公司和国有上市公司是有显著区别的,民营上市公司审计委会和独立董事比例与盈余管理程度负相关;而国有上市公司中却没有显著关系。民营上市公司中第一大股东持股比例与盈余管理显著正相关;而国有上市公司中第一大股东比例与盈余管理显著负相关。民营上市中高管薪酬、监事会比例、流通股比例与盈余管理负相关;而在国有上市公司中高管薪酬、监事会比例、流通股比例与盈余管理不存在显著关系。因此,要根据国有上市与民营上市公司特点来合理完善公司治理机制,防范盈余管理问题的发生。使我国资本市场朝着健康有序的方向发展。
Along with the private listed companies develop fastly, private listed companies alsoobtained more and more many attention, At same time, earning management of privatelisted companies question also become common. Many scholars hanv studied the earningsmanagement of listed companies and found earnings management of listed companies isvery prevalent.However, few scholars study the private listed companies and comparestate-owned listed companies to private listed companies about earnings management. Sothe paper take 2004-2006 year manufacturing industry of listed companies as sample andresearchs the differences of china's private listed companies and state-owned listedcompanies in earnings management.
This paper introduces the characteristics of private listed companies, and analyzes thedifferences of corporate governance structure about private and state-ownedenterprises.and says relations of company's internal governance mechanisms and earningsmanagement.The paper introduces different measurement methods of earningsmanagement and several representative models of measuring the earnings management.This paper establishs a new measure model,of earnings management to calculate thesample's degree of earnings management. And according to Corporate governancestructure, choose explanation variables and control variables of the sample and give theresearch hypothesis.
In the design of positive research,First of all sample the paper does the independentsamples T test by category and gives corporate governance structure differences of theprivate and state-owned listed companies. And then researchs relations of company'sinternal governance mechanisms and earnings management.The paper compare the stateownedlisted companies and private companies to overall sample in order to find thedifferences in earnings management between the state-owned listed companies and privatelisted companies.Empirical results show that the private listed companies is significantdifferent form the state-owned listed companies in some year. In private listed companies,Audit Committee and the proportion of independent directors is negatively related toearnings management.But,in the state-owned listed companies,that is positively related to earnings management. In private listed companies,the largest shareholder is positivelyrelated to earnings management.But,in the state-owned listed companies,that is negativelyrelated to earnings management. In private listed companies, Executive pay, the proportionof the board of supervisors and the ratio of the outstanding shares is negatively related toearnings management.But,in the state-owned listed companies,that is no related to earningsmanagement. Therefore,in accordance with characteristics of the state-owned and privatelisted companies,The peper should improve corporate governance to prevent earningsmanagement problems and have china's capital market keep a healthy and orderlydevelopment.
引文
[1]杨婷彦,刘月维.民营上市公司盈余管理问题研究.黑龙江对贸,2008(7):131-132
[2] Dechow P M,Skinner D J. Earnings management reconci-ling the views ofaccounting academics practitioners and reg-ulators.Accounting Horizons,2000(14):235-250
[3] Flora Guidry, Andrew Leone, Steve Rock. Earnings-based bonus plans and earningsmanagement by business unitmanagers. Journal of Accounting andEconomics,1998(26):165-194
[4] Healy Paul, Krishna G P. Effectiveness of accounting-based dividend covenants.Journal of Accounting and Economics,1990(12):97-124
[5] DeAngelo L E, Skinner D. Accounting choices of troubled companies. Journal ofAccounting and Economics,1994(17):113-143
[6] Sweeney A P. Debt-covenant violations and managers accounting responses. Journalof Accounting and Economics,1994(5):281-308
[7] Moyer S. Cap ital adequacy ratio regulations and accounting choices in commercialbanks. Journal of Accounting and Economics,1990(12):123-154
[8] ScholesM, Wilson G P, WolfsonM. Tax planning, regulatory capital planning andfinancial reporting strategy for commercial banks. Review of Financial Studies,1990(3):625-650
[9] Beatty A, Chamberlain S, Magliolo J. Managing financial reports of commercialbanks: the influence of taxes, regulatory cap ital and earnings. Journal of AccountingResearch,1995 (33):231-261
[10] Collins J, Shackelford D, Wahlen J. Bank difference in thecoordination of regulatorycapital, earnings and taxes.Journal of Accounting Research,1995 (33):263-291
[11] Watts,Zimmerman.Towards a positive theory of the determination of accountingstandards.The Accounting Review,1978(53):112–134
[12] Teoh S H, Welch I, Wong T J. Earnings management and the long run marketperformance of initial public offerings. Journal of Finance,1998:219-243
[13] Hayn C. The information content of losses. Journal of Accounting and Economics,1995 (20):125-153
[14] Burgstahler D, Dichive I. Earnings management to avoid earnings decreases andlosses. Journal of Accounting and Economics,1997 (24):99-126
[15] Beasly Mark S. An empirical analysis of the relation betweenboard of directorcomposition and financial fraud. The Accounting Review,1996(10):443-465
[16]张菊香.基于动机视角的盈余管理文献综述.审计与经济研究,2007 (11):59-65
[17]林舒,魏明海.中国A股发行公司首次公开募股过程中的盈利管理.中国会计与财务研究,2000(l2): 87-107
[18]蒋义宏.上市公司利润操纵实证研究—EPS和ROE临界点分析.上市公司研究论丛(工作论文集),上海:上海财经大学出版社,1998:197-211
[19]陆宇建.从ROE与ROA的分布看我国上市公司的盈余管理行为.经济问题探索,2002(3):63-69
[20]陆建桥.中国亏损上市公司盈余管理实证研究.会计研究,1999(9):25-35
[21]赵茜,郭研,连军.盈余管理中外研究评述.财会通讯,2008(10):26-27
[22]约瑟夫.斯蒂格利茨.社会主义向何处去—经济体制转型的理论与证据.中译本,吉林人民出版社:1998
[23]苏启林.代理问题、公司治理与企业价值—以民营上市公司为例.中国工业经济,2004(4)
[24]张兆国,何威风,梁志钢.资本结构与公司绩效—来自中国国有控股上市公司与民营上市公司的经验证据.中国软科学,2007(12):141-151
[25]余立智,翁春光.我国民营企业的治理特征与成长路径.东西南北,2002(7):36-38
[26]周秀云,冯俊文.我国民营上市公司的治理模式研究.现代经济探讨,2003(12):46-47
[27]李姝.公司治理结构对会计信息决策有用性的影响—基于国有上市公司与民营上市公司的比较.财务与会计,2007(9):112-117
[28]何米娜.民营企业财务行为中的盈余管理问题探析.财会探析,2007:351-352
[29]袁涌波.中国民营上市公司治理结构研究.博士学位论文,复旦大学,2005
[30]怀心强.民营企业公司治理结构特征的实证分析.山东财政学院学报,2007(2):83-90
[31]高玉梅.基于我国上市公司治理结构的盈余管理分析.财经论坛,2007(1):6-7
[32]曹婷.公司治理视角下的上市公司盈余管理.现代企业,2007(7):18-19
[33]谢继蕴.我国上市公司盈余管理的影响因素分析.商场现代化,2007(5):200-201
[34]李丰敏.盈余管理与公司治理.山西财经大学学报,2007(10):19-20
[35]陈欢.公司内部治理机制与盈余管理关系研究.硕士论文,浙江大学,2006
[36]梁倩瑜,严金国.民营上市公司非民营上市公司盈余管理比较研究.经济纵横,2006(9):41-46
[37]刘佳.我国上市公司盈余管理与公司治理结构关系的实证研究.硕士论文,哈尔滨工业大学,2007
[38]黄梅.盈余管理的总体应计利润计量法综述.会计之友,2008(8):61-62
[39]袁春云.上市公司高管更换与盈余管理关系的实证研究.硕士论文,厦门大学,2007
[40]黄梅.总体应计利润模型计量偏差分析.财会通讯,2008(11):91-95
[41]黄新建,张宗益.中国上市公司配股中的盈余管理实证研究.商业研究,2004(16):4-7
[42]顾振伟,秦默,欧阳令南.改进后扩展琼斯模型与其他盈余管理计量模型的比较研究.财经论丛,2008(3):78-83
[43]杨清香,张翼,张亮.董事会特征与盈余管理的实证研究—来自中国上市公司的经验证据.中国软科学,2008(11):133-140
[44]包岩.中国民营企业公司治理研究.北方经济,2007(3):138-139
[45]张兆国,刘晓霞,邢道勇.公司治理结构与盈余管理—来自中国上市公司的经验证据.中国软科学,2009(1):122-133
[46]肖丽莉.民营上市公司治理与会计盈余质量关系分析.硕士论文,西南财经大学,2007
[47]戚拥军.债务结构对企业市场竞争力的影响—基于国有控股和民营上市公司的实证分析.财会通讯,2007(10):96-99
[2] Dechow P M,Skinner D J. Earnings management reconci-ling the views ofaccounting academics practitioners and reg-ulators.Accounting Horizons,2000(14):235-250
[3] Flora Guidry, Andrew Leone, Steve Rock. Earnings-based bonus plans and earningsmanagement by business unitmanagers. Journal of Accounting andEconomics,1998(26):165-194
[4] Healy Paul, Krishna G P. Effectiveness of accounting-based dividend covenants.Journal of Accounting and Economics,1990(12):97-124
[5] DeAngelo L E, Skinner D. Accounting choices of troubled companies. Journal ofAccounting and Economics,1994(17):113-143
[6] Sweeney A P. Debt-covenant violations and managers accounting responses. Journalof Accounting and Economics,1994(5):281-308
[7] Moyer S. Cap ital adequacy ratio regulations and accounting choices in commercialbanks. Journal of Accounting and Economics,1990(12):123-154
[8] ScholesM, Wilson G P, WolfsonM. Tax planning, regulatory capital planning andfinancial reporting strategy for commercial banks. Review of Financial Studies,1990(3):625-650
[9] Beatty A, Chamberlain S, Magliolo J. Managing financial reports of commercialbanks: the influence of taxes, regulatory cap ital and earnings. Journal of AccountingResearch,1995 (33):231-261
[10] Collins J, Shackelford D, Wahlen J. Bank difference in thecoordination of regulatorycapital, earnings and taxes.Journal of Accounting Research,1995 (33):263-291
[11] Watts,Zimmerman.Towards a positive theory of the determination of accountingstandards.The Accounting Review,1978(53):112–134
[12] Teoh S H, Welch I, Wong T J. Earnings management and the long run marketperformance of initial public offerings. Journal of Finance,1998:219-243
[13] Hayn C. The information content of losses. Journal of Accounting and Economics,1995 (20):125-153
[14] Burgstahler D, Dichive I. Earnings management to avoid earnings decreases andlosses. Journal of Accounting and Economics,1997 (24):99-126
[15] Beasly Mark S. An empirical analysis of the relation betweenboard of directorcomposition and financial fraud. The Accounting Review,1996(10):443-465
[16]张菊香.基于动机视角的盈余管理文献综述.审计与经济研究,2007 (11):59-65
[17]林舒,魏明海.中国A股发行公司首次公开募股过程中的盈利管理.中国会计与财务研究,2000(l2): 87-107
[18]蒋义宏.上市公司利润操纵实证研究—EPS和ROE临界点分析.上市公司研究论丛(工作论文集),上海:上海财经大学出版社,1998:197-211
[19]陆宇建.从ROE与ROA的分布看我国上市公司的盈余管理行为.经济问题探索,2002(3):63-69
[20]陆建桥.中国亏损上市公司盈余管理实证研究.会计研究,1999(9):25-35
[21]赵茜,郭研,连军.盈余管理中外研究评述.财会通讯,2008(10):26-27
[22]约瑟夫.斯蒂格利茨.社会主义向何处去—经济体制转型的理论与证据.中译本,吉林人民出版社:1998
[23]苏启林.代理问题、公司治理与企业价值—以民营上市公司为例.中国工业经济,2004(4)
[24]张兆国,何威风,梁志钢.资本结构与公司绩效—来自中国国有控股上市公司与民营上市公司的经验证据.中国软科学,2007(12):141-151
[25]余立智,翁春光.我国民营企业的治理特征与成长路径.东西南北,2002(7):36-38
[26]周秀云,冯俊文.我国民营上市公司的治理模式研究.现代经济探讨,2003(12):46-47
[27]李姝.公司治理结构对会计信息决策有用性的影响—基于国有上市公司与民营上市公司的比较.财务与会计,2007(9):112-117
[28]何米娜.民营企业财务行为中的盈余管理问题探析.财会探析,2007:351-352
[29]袁涌波.中国民营上市公司治理结构研究.博士学位论文,复旦大学,2005
[30]怀心强.民营企业公司治理结构特征的实证分析.山东财政学院学报,2007(2):83-90
[31]高玉梅.基于我国上市公司治理结构的盈余管理分析.财经论坛,2007(1):6-7
[32]曹婷.公司治理视角下的上市公司盈余管理.现代企业,2007(7):18-19
[33]谢继蕴.我国上市公司盈余管理的影响因素分析.商场现代化,2007(5):200-201
[34]李丰敏.盈余管理与公司治理.山西财经大学学报,2007(10):19-20
[35]陈欢.公司内部治理机制与盈余管理关系研究.硕士论文,浙江大学,2006
[36]梁倩瑜,严金国.民营上市公司非民营上市公司盈余管理比较研究.经济纵横,2006(9):41-46
[37]刘佳.我国上市公司盈余管理与公司治理结构关系的实证研究.硕士论文,哈尔滨工业大学,2007
[38]黄梅.盈余管理的总体应计利润计量法综述.会计之友,2008(8):61-62
[39]袁春云.上市公司高管更换与盈余管理关系的实证研究.硕士论文,厦门大学,2007
[40]黄梅.总体应计利润模型计量偏差分析.财会通讯,2008(11):91-95
[41]黄新建,张宗益.中国上市公司配股中的盈余管理实证研究.商业研究,2004(16):4-7
[42]顾振伟,秦默,欧阳令南.改进后扩展琼斯模型与其他盈余管理计量模型的比较研究.财经论丛,2008(3):78-83
[43]杨清香,张翼,张亮.董事会特征与盈余管理的实证研究—来自中国上市公司的经验证据.中国软科学,2008(11):133-140
[44]包岩.中国民营企业公司治理研究.北方经济,2007(3):138-139
[45]张兆国,刘晓霞,邢道勇.公司治理结构与盈余管理—来自中国上市公司的经验证据.中国软科学,2009(1):122-133
[46]肖丽莉.民营上市公司治理与会计盈余质量关系分析.硕士论文,西南财经大学,2007
[47]戚拥军.债务结构对企业市场竞争力的影响—基于国有控股和民营上市公司的实证分析.财会通讯,2007(10):96-99