【摘要】 以2003—2009年制造业企业为研究对象,对制度环境、关系专用性投资和盈余管理之间的关系进行了实证检验。研究发现,关系专用性投资增加了企业的盈余管理程度,但相对于制度环境发达地区,落后地区的企业更倾向于进行关系专用性投资,这既抑制了正向盈余管理程度,也降低了负向盈余管理程度,使应计盈余总体趋于平滑。研究结果表明在制度环境落后的地区,企业更倾向于降低盈余管理程度向投资者传递有用的私有信息,以维护专用性资产的价值。这有助于理解新兴市场经济国家中的宏观制度环境因素影响企业的特殊交易行为和会计政策选择的微观路径。更多还原

【Abstract】 This paper takes Chinese manufacturing listed firms between 2003 and 2009 as samples to make an empirical test on the relationship of institutional environment,relationship-specific investment and earnings management. The research shows that relationship-specific investment increases the magnitude of earnings management,and compared with the areas in well-developed institutional environment,the firms are prone to the relationship-specific investment in less developed institutional environment,which not only restrains the magnitude of positive earnings management but also reduces the magnitude of negative earnings management,with the accrued earnings generally smooth. The research result suggests the firms in the areas with less-developed institutional environment are likely to reduce the magnitude of earnings management in order to send the useful private information to investors,which maintains the value of the assets specificity. This may help to understand the micro path how macro institutional environment in the newly emerging countries influences the firms’ special trading modes and accounting policy choice.更多还原