摘要
本文采用2003—2005年来自我国证券市场的数据进行考察,利用调整的截面Jones现金流模型计量操控性应计利润,分析了民营上市公司与国有上市公司之间盈余管理程度的差别及其决定性因素。研究发现,民营上市公司的盈余管理程度显著高于国有上市公司。进一步地,经验证据还表明,盈余管理程度差异的决定性因素来自经营绩效的激励作用,而非公司治理的制约作用。更深入的考察还发现,在所有表征经营绩效的指标中,主营业务回报率对公司盈余管理的程度有着最重要的影响。
Abstract This paper, using the data of the listed firms during 2003--2005 in the Chinese Securities Market, and measuring the discretionary accruals by the adjusted Cross-sectional Jones Cash Model, analyzes the difference of the degree of earning management between the private corporate and the state-owned corporate and the determinate factors of it. We find that, the degree of earning management of the private corporate is obviously higher than the state-owned corporate. Further analysis indicates that, it＇s the performance determines the degree of earning management difference, not the corporate governance. Among all the indexes expressing performance, the return of the main operation has the most important effect on the degree of earning management.
出处
《中国会计评论》
CSSCI
2008年第1期79-92,共14页
China Accounting Review
关键词
盈余管理程度差异
公司治理
经营绩效
Degree of Earning Management Difference, Corporate Governance, Performance
