摘要
本文以行业间投入产出解构经济运行、搭建生产网络,捕捉并考察分析师生产网络关联跟踪及其信息供给对公司盈余管理的影响。研究发现分析师的关联跟踪能够抑制公司盈余管理,且对任意方向的盈余管理均存抑制。降低行业层面未预期盈余、压缩盈余操纵空间是可能的作用机制。当公司业务更集中于所属行业时,分析师关联信息供给对盈余管理的负向边际作用越强。区分公司治理水平差异后发现,其他治理水平较差时分析师此种外部信息治理作用更明显。本文从核心的信息视角给出了分析师抑制盈余管理的可能路径,在“国内大循环”主导、行业关联日趋紧密的新形势下,对如何引导信息中介、共建资本市场良好生态具有重要启示意义。
This paper builds the production network by deconstructing the economy of the input-output relationship between industries,and exam-ines the impact of linkages of industries covered by analysts in the production network and the information they provide on the corporate earnings manage-ment.It is found that linkages of industries covered by analysts can inhibit the corporate earnings management,both upward and downward.It exerts this effect through reducing unexpected earnings at the industry level and compressing the space of earnings manipulation.In addition,we find that this effect is more significant when the company's business is more concentrated in its industry.What's more,after distinguishing the differences of corporate govern-ance levels,it is found that the analysts'external information governance effect is more prominent when other governance levels are poorer.This paper presents a possible path for analysts to suppress earnings management from the information perspective.It has important implications on how to guide infor-mation intermediaries to build good ecological environment of the capital market under the new situation in which domestic economic cycle plays a leading role and industries are increasingly closely connected.
出处
《会计研究》
北大核心
2025年第7期77-91,共15页
Accounting Research
基金
山东省自然科学基金青年项目(ZR2023QG031)
国家社会科学基金重大项目(21&ZD144)
中央高校基本科研业务费专项(842513004)的资助。
关键词
生产网络
分析师
盈余管理
投入产出表
国内大循环
Production Network
Analyst
Earnings Management
Input-Output Table
Domestic Economic Cycle
