上市公司治理结构对信息性盈余管理的影响研究

为了有效监督公司内部利害关系各方的行为,有效降低基于各种委托代理关系的代理成本,在阐述国内外盈余管理文献的基础上,假设拥有健全公司治理结构的上市公司管理者更愿意进行信息性盈余管理,通过构建合理的并可度量的信息性盈余管理衡量方法,使用沪、深两市全部A股上市公司2014—2016年公司季度财务数据,实证研究了信息性盈余管理视角下公司治理对盈余管理的影响。结果表明,市场监管者和投资者需要关注两种不同的盈余管理行为,投机性盈余管理更倾向于误导投资者,信息性盈余管理则是通过盈余管理的手段向投资者传递有用的内部信息。股权制衡对上市公司的信息性盈余管理行为具有明显促进作用,促使管理层进行信息性盈余管理,就要优化股权结构,形成产权多样化的股东制衡机制,实现股权结构的合理优化。拥有健全公司治理结构的上市公司管理者更愿意进行信息性盈余管理,公司治理结构对管理者进行信息性盈余管理具有积极的影响,健全的公司治理结构能够提高财务报告透明度和盈余信息含量。因此,保障财务报告的真实性和可靠性,以信息性盈余管理为动机探究公司治理对盈余管理的影响具有现实意义。

Study on the influence of corporate governance in Chinese listed companies on informative earnings management

In order to effectively monitor the behavior of stakeholders within the company and reduce the agency cost based on various principal-agent relations, on the basis of the literature of earnings management at home and abroad and assuming that managers of listed companies who have sound corporate governance are more willing to manage information earnings, the influence of corporate governance in Chinese listed companies on information earnings management is empirically studied by constructing a reasonable and measurable information measure of earnings management and using company quarterly financial data of Shanghai and Shenzhen all A share listed companies from 2014 to 2016. The results show that market supervisors and investors need to pay attention to two different earnings management behaviors: opportunistic earnings management tends to mislead investors, while informative earnings management transfers useful internal information to investors through earnings management. Equity checks and balance play a significant role in promoting earnings management behavior of listed companies because it is necessary to optimize the ownership structure for the management to carry out informative earnings management, form a shareholder balance mechanism with diversified property rights, and achieve a reasonable optimization of the equity structure. The managers of listed companies with sound corporate governance are more willing to manage information earnings. Corporate governance structure has a positive impact on managers'' informative earnings management. A sound corporate governance structure can improve the transparency and surplus information content of financial statements. It is meaningful to guarantee the authenticity and reliability of the financial report and explore the impact of corporate governance on earnings management based on informative earning management.