摘要
本文利用2007-2010年间沪深A股532家上市公司的2191个减持事件样本,实证检验了盈余管理、非年报效应与大股东减持间的关系。研究发现,上市公司盈余管理程度越高,则大股东减持力度越高;而且大股东减持行为具有明显的非年报效应,选择在中期报告或季度报告期间减持的大股东的减持力度更大;而考虑盈余管理对非年报效应的依赖性后,盈余管理与大股东减持之间同样存在显著地正相关关系,而且盈余管理的影响程度被明显放大了。而进一步研究后发现,大股东减持存在明显的"三季报效应",大股东会主动通过第三季度的盈余管理行为达到减持目的。
Using the 2192 reduction events sample of 532 Shanghai and Shenzhen A- share listed companies between 2007 and 2010, this paper empirically analyzes the relationship between earnings management, non - annual report effect and reduction of large non - tradable share. The results indicate that- the higher degree the earnings management of listed companies have, the greater intensity of large non - tradable share reduce; reduction of large non - tradable share has significant non - annual report effect, which means the large non - tradable share reduce more than usual during the interim report or quarterly report; after considering the dependence of earnings management on non - annual report effect, the higher degree the earnings management of listed companies have, the greater intensity of large non - tradable share reduce, and the impact of earnings management is significantly magnified. Moreover, the further study finds out that： reduction of large non - tradable share has significant third quarter effect and it can achieve the reduction goal through the third quarter of earnings management.
出处
《南方经济》
CSSCI
2012年第12期18-35,共18页
South China Journal of Economics
基金
中央高校自主研究项目"盈余管理与大股东减持"(CDJXS12020008)
中央高校重大自主项目"基于期权博弈视觉的大小非减持研究"(CDJSK1001)的资助
关键词
大股东减持
盈余管理
非年报效应
三季报效应
Reduction of Large Non -tradable Share
Earnings Management
Non -annual Report Effect
3rd Quarter Effect
