论文部分内容阅读
本文以2007~2014年A股上市公司为样本,运用固定效应面板回归实证检验了管理层持股对企业盈余管理行为的影响,同时深入考察了宏观经济波动对管理层持股与盈余管理程度关系的调节效应。研究发现:管理层持股与盈余管理程度显著正相关;并且在经济繁荣期,管理层持股与盈余管理程度的正相关程度显著增强;进一步分析表明,宏观经济波动对管理层持股与盈余管理程度关系的调节效应主要存在于非国有企业和非主板企业。本文将宏观经济波动纳入管理层持股与盈余管理的研究,丰富了关于管理者激励经济后果的研究,提供了盈余管理影响因素的新证据,拓展了宏观经济波动与企业微观主体行为关系的研究视角,对监管部门、审计师和投资者等具有一定的参考价值。
This paper takes the A-share listed companies from 2007 to 2014 as a sample, uses the fixed-effect panel regression to test the influence of the management shareholding on the corporate earnings management behavior and examines the relationship between the macroeconomic volatility and the managerial ownership and earnings management The regulatory effect. The result shows that: the relationship between managerial ownership and earnings management is significantly and positively correlated; and during the economic boom, the positive correlation between managerial ownership and earnings management is significantly enhanced. Further analysis shows that macroeconomic fluctuations have a negative impact on management’s ownership and earnings Regulatory effects of the relationship between the regulatory effect mainly exists in non-state-owned enterprises and non-motherboard companies. In this paper, the macroeconomic volatility into the management of shareholdings and earnings management research, enriched the research on managers incentive economic consequences, provided evidence of earnings management impact of new evidence, expanding the macroeconomic volatility and the micro-main business behavior of the relationship study Perspective, the regulatory authorities, auditors and investors have a certain reference value.