最终控制人性质对上市公司盈余管理影响的实证研究
首发时间:2010-11-03
摘要:本文以2006-2008年A股制造业上市公司为样本,从最终控制人的身份性质、控制程度以及所有权和控制权的分离程度三个角度,研究国有和非国有最终控制人对盈余管理的影响。结果发现不同性质的最终控制人对盈余管理的影响显著不同;虽然非国有最终控制人的两权分离程度和盈余管理程度更高,但国有最终控制人的控制能力对盈余管理会产生更大的影响;当最终控制人的所有权比例超过50%时,所有权与控制权的分离程度与盈余管理之间的正相关关系更为显著,表现出 "利益协同效应",说明此时两权分离程度加剧了最终控制人的侵占行为,也在一定程度上解释了非国有最终控制人盈余管理程度较高这一现象。
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An Empirical Study on the Influence of the Nature of Ultimate Owners to Earnings Management
Abstract:This article chooses the listed manufacturing companies in 2006-2008 as the study sample, to find the influence of state and non state-owners to earnings management from the angles of owners' nature, the degree of control and the separation between ownership and control. The results showed that different nature of the ultimate owners have a significantly different impact on earnings management; While the non-state ultimate owner has a higher degree of the earnings management and a larger separation of ownership and control, the ability to control of the state ultimate owners will leads to a greater effect on the earnings management; when the ratio of the ownership is more than 50%, the separation of ownership and control will has a significant positive correlation with the earnings management, which shows that the "effect interests of the synergistic", and indicate that the separation of ownership and control will increase the earnings management and encroachment.
Keywords: Ultimate Owners earnings management state ultimate owner non-state ultimate owner
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