我国上市公司股权结构与盈余管理相关性研究

【作者】 胡文翠；

【导师】 李曦辉；

【作者基本信息】 中央民族大学 ， 企业管理， 2010， 硕士

【摘要】 盈余管理不仅仅是会计行为,也是一种管理行为。国内对于盈余管理的研究多集中于盈余管理是否存在和何时存在上,而对盈余管理的影响因素研究较少。针对这种现状,本文的研究目的从广义上来说就是为了从股权结构角度探索盈余管理的制约因素。论文从股权集中度、股权构成两方面分析了我国上市公司的股权结构现状对盈余管理的影响：我国上市公司股权结构的现状是“一股独大”,加之激励不足以及缺乏有效的控制权市场,使得我国上市公司“内部人控制”问题更加突出,从而引起盈余管理的发生。由此可见,上市公司的股权结构合理性对盈余管理有着重大的影响。本文采用规范和实证的研究方法。首先通过对国内外盈余管理和股权结构相关文献的规范性分析得到：总体上我国上市公司盈余管理与股权集中度呈正相关关系；股权构成方面,盈余管理与国有股持股比例正相关,与法人股持股比例负相关,与社会公众股持股比例负相关,与管理层持股比例不相关。然后,进行研究设计,提出研究假设,并且构建相对应的计量模型。本文选取2006-2008年中国沪深两市的A股股票为样本,通过描述性分析和回归分析,研究中国上市公司股权结构与盈余管理的关系后得出研究结论：我国上市公司股权集中度与盈余管理呈正相关关系；股权构成方面,国有股持股比例与盈余管理呈正相关关系,而法人股和社会公众股都能够抑制盈余管理的产生,管理层持股与盈余管理没有关系。在此基础上,提出了若干有针对性的建议。更多还原

【Abstract】 Earnings management is not only accounting behavior, but also management behavior. Studies in domestic are all focus on earnings management whether exist and when exist, while study less on the impact of factors of earnings management. In view of this situation, the purpose of this study is to explore ownership structure of earnings management constraints.This paper analyzes that the ownership structure affect earnings management in two aspects, ownership concentration degree and ownership structure. The most ownership structure of Chinese listed companies is dominant shareholder, combined with the lack of motivation and the lack of effective control over the market. All these making "internal control" problem to be more prominent in our listed companies, which caused the earnings management. Thus, the rationality of the ownership structure of listed companies has a significant impact on earnings management.The paper adopts academic and experimental ways。Firstly, the paper has a review about the related literature and got some inference:the association between earnings management and ownership concentration degree follows positive relation; a positive relation is founded between earnings management and State-owned shares of ownership; the relation between corporate shares ownership and earnings management is negative, which is the same as the relation between public stock ownership and earnings management. No evidence show the ownership of manager can affect earnings management.This paper adopts A-share of Chinese stocks market including Shanghai and Shenzhen market during 2006-2008 as a research sample. After combination the theory analysis and experienced test on the topic that the relation between earnings management and ownership structure, the thesis draws some conclusion:the association between earnings management and ownership concentration degree follows positive relation; a positive relation is founded between earnings management and State-owned shares of ownership; the corporate shares ownership and public stock ownership can restrain the production of earnings management; No evidence show the ownership of manager can affect earnings management. In the end, the paper proposed some targeted recommendations更多还原