创业板上市公司股权结构对盈余质量的影响研究
发布时间：2018-08-17 14:45
【摘要】：会计盈余信息为企业会计信息的重要组成部分,是企业各方利益相关者进行决策的重要依据,然而近年来企业的盈余管理行为时有发生,这不免影响企业会计盈余信息的真实可靠水平,因而企业的盈余质量问题日趋受到关注。而盈余质量的一大影响因素便是公司治理,而我国目前的资本市场处于一个并非有效的状态,外部治理无法有效地发挥其作用,所以股东会倾向通过内部治理作用于盈余信息,进而股权结构对盈余质量产生影响,所以本文以此为研究主题,加之目前研究大多停留在上市A股市场,专门对创业板板块进行研究的较为有限,故本文选择我国的创业板上市公司为研究对象。首先,文章指出研究主题的背景与意义,明确本文的研究内容与研究框架,指出本文的创新点所在;其次,本文重点分类归纳整理了现有有关股权结构与盈余质量的相关研究,总结目前研究中存在的不足,指明本文的研究方向;再次,本文对股权结构的定义、盈余管理的定义、盈余管理的分类、盈余管理的动因、盈余质量的定义、盈余质量与盈余管理间的关系等相关理论进行了阐述和归纳;进而,本文将创业板上市公司的股权结构分为股权集中度、股权制衡度、股权性质(包括机构投资者持股、管理层持股)及股权流通性这四个维度,分别考察分析其对盈余质量的影响关系,提出相关假设;在此基础上,本文以2011至2015年我国创业板上市公司经过筛选后的数据为样本,实证分析了创业板上市公司股权结构对盈余质量的影响关系,研究发现:(1)股权集中度与应计活动和真实活动盈余质量均呈显著正U型关系,(2)股权制衡度对应计活动和真实活动盈余质量并无显著影响,(3)机构投资者持股比例与真实活动盈余质量显著负相关,但对应计活动盈余质量并无显著影响,(4)管理层持股比例与应计活动盈余质量显著负相关,但与真实活动盈余质量并无显著影响关系,(5)股权流通性与应计活动盈余质量显著正相关,但对真实活动盈余质量并无显著影响;最后,针对本文的研究结论,为如何提高我国创业板上市公司盈余质量提出相关合理化建议。
[Abstract]:Accounting earnings information is an important part of enterprise accounting information, which is an important basis for all stakeholders to make decisions. However, in recent years, earnings management behavior of enterprises has occurred from time to time. This inevitably affects the true and reliable level of accounting earnings information, so the problem of earnings quality is paid more and more attention. Corporate governance is one of the major influencing factors of earnings quality. However, the current capital market in China is in a state that is not effective, and external governance cannot play its role effectively, so shareholders tend to play a role in earnings information through internal governance. Then the ownership structure has an impact on earnings quality, so this paper takes this as the research topic, in addition, most of the current research stay in the listed A-share market, the research on the gem plate is relatively limited. Therefore, this paper chooses the gem listed companies as the research object. First of all, the paper points out the background and significance of the research topic, clarifies the research content and research framework of this paper, points out the innovation of this paper; secondly, this paper summarizes and summarizes the existing relevant research on equity structure and earnings quality. In this paper, the definition of ownership structure, the classification of earnings management, the motivation of earnings management, the definition of earnings quality, and the definition of earnings quality are summarized. The relationship between earnings quality and earnings management and other related theories are expounded and summarized. Furthermore, the equity structure of gem listed companies is divided into ownership concentration, equity checks and balances, equity nature (including institutional investors holding shares). Based on the four dimensions of managerial ownership) and equity liquidity, the relationship between them and earnings quality is analyzed, and the relevant assumptions are put forward. On this basis, this paper takes the selected data of Chinese gem listed companies from 2011 to 2015 as a sample. This paper empirically analyzes the influence of equity structure on earnings quality of gem listed companies. The results show that: (1) there is a significant positive U-type relationship between equity concentration and accrual activity and real activity earnings quality; (2) equity balance degree has no significant effect on accounting activity and real activity earnings quality; (3) institutional investor's shareholding ratio is similar to that of institutional investor. The quality of real activity earnings is negatively correlated, However, there is no significant effect on the quality of accrual earnings. (4) the proportion of managerial shareholding is negatively correlated with the quality of accrual earnings. However, there is no significant influence on the quality of real earnings. (5) there is a significant positive correlation between equity liquidity and the quality of accrual earnings, but no significant effect on the quality of real earnings. In order to improve the gem earnings quality of listed companies to put forward some reasonable suggestions.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275
[Abstract]:Accounting earnings information is an important part of enterprise accounting information, which is an important basis for all stakeholders to make decisions. However, in recent years, earnings management behavior of enterprises has occurred from time to time. This inevitably affects the true and reliable level of accounting earnings information, so the problem of earnings quality is paid more and more attention. Corporate governance is one of the major influencing factors of earnings quality. However, the current capital market in China is in a state that is not effective, and external governance cannot play its role effectively, so shareholders tend to play a role in earnings information through internal governance. Then the ownership structure has an impact on earnings quality, so this paper takes this as the research topic, in addition, most of the current research stay in the listed A-share market, the research on the gem plate is relatively limited. Therefore, this paper chooses the gem listed companies as the research object. First of all, the paper points out the background and significance of the research topic, clarifies the research content and research framework of this paper, points out the innovation of this paper; secondly, this paper summarizes and summarizes the existing relevant research on equity structure and earnings quality. In this paper, the definition of ownership structure, the classification of earnings management, the motivation of earnings management, the definition of earnings quality, and the definition of earnings quality are summarized. The relationship between earnings quality and earnings management and other related theories are expounded and summarized. Furthermore, the equity structure of gem listed companies is divided into ownership concentration, equity checks and balances, equity nature (including institutional investors holding shares). Based on the four dimensions of managerial ownership) and equity liquidity, the relationship between them and earnings quality is analyzed, and the relevant assumptions are put forward. On this basis, this paper takes the selected data of Chinese gem listed companies from 2011 to 2015 as a sample. This paper empirically analyzes the influence of equity structure on earnings quality of gem listed companies. The results show that: (1) there is a significant positive U-type relationship between equity concentration and accrual activity and real activity earnings quality; (2) equity balance degree has no significant effect on accounting activity and real activity earnings quality; (3) institutional investor's shareholding ratio is similar to that of institutional investor. The quality of real activity earnings is negatively correlated, However, there is no significant effect on the quality of accrual earnings. (4) the proportion of managerial shareholding is negatively correlated with the quality of accrual earnings. However, there is no significant influence on the quality of real earnings. (5) there is a significant positive correlation between equity liquidity and the quality of accrual earnings, but no significant effect on the quality of real earnings. In order to improve the gem earnings quality of listed companies to put forward some reasonable suggestions.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275
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