【作者】 李玉；

【导师】 李玉辉；

【作者基本信息】 郑州大学 ， 企业管理， 2019， 硕士

【摘要】 盈余管理事关传递公允的金融信号和保护投资者的合法权益,是发展健康金融市场的必要一环。目前,相关研究集中在企业内部控制、管理层特征以及财务数据与盈余管理的关系上,鲜有研究聚焦于企业经营战略对盈余管理的影响。同时我国上市企业近半数选择多元化经营战略,而多元化的价值研究一直未得到统一结论。因此,鉴于企业经营战略的差异势必会影响盈余信息的形成与质量,本文在多元化经营环境背景下,研究企业盈余管理水平与方式的具体表现,并考察管理层权力对多元化与盈余管理的关系是否具有调节作用。在回顾多元化经营、盈余管理与管理层权力相关文献的基础上,本文运用信息不对称理论、应计利润抵销假说、委托代理理论与管理层权力理论,提出关于多元化经营与盈余管理关系的假设,和管理层权力在此关系中的调节效应假设,之后将2013-2017年上市公司经营数据作为研究样本,构造多元回归模型并利用Stata12.0进行描述性统计、相关系数统计及多元线性回归,对假设进行检验并得到实证结果。结果表明:(1)企业选择的多元化经营战略与盈余管理总体呈负相关关系,随着企业多元化程度的提高,企业整体的盈余管理程度随之下降;(2)应计盈余管理与真实盈余管理对多元化的负敏感性不同,较之企业应计盈余管理水平,多元化经营对企业真实盈余的负相关程度更大;(3)管理层权力对多元化经营战略与真实盈余管理的关系具有显著的负向调节效应,在应计盈余管理模型中,管理层权力的调节作用并没有通过显著性检验。研究表明在多元化经营的战略背景下,企业的盈余管理水平与方式选择存在差异性;同时,管理层权力在多元化经营与真实盈余管理关系中具有调节作用。这一研究结论可为有效监管企业的盈余管理行为提供新的思路,同时也可为完善金融市场提供一定的政策启示。更多还原

【Abstract】 Earnings management is about the transmission of fair financial signals and the protection of the legitimate rights and interests of investors,and is a necessary part of the development of healthy financial markets.At present,relevant research focuses on the relationship between internal control,management characteristics,financial data and earnings management.Few studies focus on the impact of corporate strategy on earnings management.At the same time,nearly half of China’s listed companies choose a diversified business strategy,and diversified value research has not been unified.Therefore,Given the differences in corporate strategy,it will certainly affect the formation and quality of earnings information.In the context of diversified business environment,this paper studies the specific performance of the level and mode of corporate earnings management.and examines whether management power has a regulatory role in the relationship between diversification and earnings management.On the basis of reviewing the literature on diversification,earnings management and management power,this paper uses information asymmetry theory,accrued profit offset hypothesis,principal-agent theory and management power theory,Put forward assumptions about the relationship between diversified operations and earnings management,and the regulatory effect assumptions of management power in this relationship.Subsequently,the operating data of the listed companies in 2013-2017 is taken as a research sample,Construct multiple regression models and use stata12.0 for descriptive statistics,correlation coefficient statistics and multiple linear regression,test hypotheses.The empirical results show that:(1)The diversification strategy of enterprise selection is negatively correlated with earnings management.As the degree of diversification of enterprises increases,the overall degree of earnings management of enterprises decreases.(2)The negative sensitivity of accrued earnings management and real earnings management to diversification is different.Compared with the accrued earnings management level of enterprises,the diversification strategy has a greater negative correlation with the real surplus of enterprises;(3)The management power has a significant negative adjustment effect on the relationship between diversification strategy and real earnings management.In the accrued earnings management model,the regulatory effect of management power has not passed the significant test.The research results show that under the strategic background of diversification,there is a difference in the level of earnings management and choice of enterprises.At the same time,it confirms the regulatory effect of management power in the relationship between diversified operations and real earnings management.This research conclusion can provide new ideas for effectively supervising the earnings management behavior of enterprises,and also provide certain policy implications for improving the financial market.更多还原