市场化进程、真实活动盈余管理与公司未来业绩  

Marketization Process,Real Earnings Management and Corporate Future Performance

作　　者：王亮亮[1] 王跃堂[1] 王娜[1] 

机构地区：[1]南京大学管理学院,江苏南京210093

出　　处：《经济管理》2013年第9期101-112,共12页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"企业所得税改革;公司行为及其经济后果:理论分析与实证检验"(71072042);国家自然科学基金项目"政府监管;现金股利承诺与公司行为"(71272100);教育部人文社会科学研究青年基金项目"产权性质;股权激励与公司行为经济后果:理论分析与实证检验"(11YJC630176)

摘　　要：基于真实活动操控视角,本文研究市场化进程如何影响公司真实活动盈余管理,并进一步探究其对真实活动盈余管理与公司未来业绩间关系的调节作用。研究发现,市场化进程能够抑制公司销售、生产和酌量性费用操控;公司进行三类操控活动会使得未来业绩下滑。不过,市场化进程能够削弱真实活动操控与未来业绩间的负向关系。本文研究结论不仅丰富了真实活动盈余管理领域的学术文献,而且为市场化改革作用于公司的微观机制提供经验证据。There is substantial evidence that managers engage in earnings management. Firms can manage earnings through alternative means, including accruals earnings management and real earnings management （Schipper, 1989）. Since Schipper（ 1989 ） ,foreign scholars began to notice the importance of earnings manipulation through real transaction, but most of researches examine earnings management through real activities concentrated on investment activities,especially reductions in expenditures on research and development. Until Roychowdhury （2006） developed empirical methods to detect real activities methods, scholars began to do research on whether and how firms engage in real activities, such as Cohen and Zarowin （2010）, Gunny （2010） and so on. Due to data limitations, there is still no evidence on whether and how institutional environment do effect on real earnings management. Since reform and opening up, China＇s marketization process has made remarkable achievements,which provides unique setting for the study on the relationship between institutional environment and corporate behavior： On one hand, unlike Russia and other countries, China＇s reform use ＂Gradualism way＂ rather than ＂Shock therapy＂ or ＂Big Bang＂. By this way, region＇s marketization degree increased gradually and there are time-series differences on marketization degree of the same region. On the other hand, in the process of reform and opening up, Chinese government allowed some provinces implement special policies and flexible provisions to attract foreign investment. Due to this, there are cross-sectional differences on marketization degree among different regions in the same year. These two kinds of differences on marketization degree provide an excellent natural experiment data to study the relationship between institutional environment and real earnings management. Base on this, we firstly propose a hypothesis on whether and how marketization process affects real earnings management. Because different aspects

关 键 词：市场化进程 真实活动盈余管理 未来业绩 

分 类 号：F272[经济管理—企业管理]