现金分红、盈余管理方式选择与企业价值  

Cash Dividends, Earnings Management Choice and Corporate Value

作　　者：刘衡[1] 苏坤[2] 李彬[3] 

机构地区：[1]中山大学岭南学院 [2]西北工业大学管理学院 [3]西安交通大学经济与金融学院

出　　处：《中国会计评论》2013年第3期277-300,共24页China Accounting Review

基　　金：国家自然科学基金项目(71102095,71202093);陕西省社会科学基金(13D211);中国博士后科学基金(2013T60825)的资助

摘　　要：上市公司现金分红和盈余管理是资本市场关注的热点问题。本文以199820lO年我国A股市场上市公司为研究样本，考察了现金分红、盈余管理方式选择与企业价值的关系。研究发现，现金分红行为对上市公司盈余管理方式的选择具有显著影响，即现金分红降低了实际活动盈余管理的程度，增加了应计项目盈余管理的程度，存在着实际活动盈余管理方式与应计项目盈余管理方式的“共谋”现象。进一步的研究表明，现金分红有助于企业价值的提升，盈余管理方式在现金分红与企业价值之间的关系中起到了显著的中介作用。本研究为理解现金分红对企业价值的影响和揭示实际活动盈余管理与应计项目盈余管理的关系提供了深层坎的思考和启示。In recent years, there is increasing public concern about the phenomena of em- phasizing on financing and ignoring investors＇ return of China＇s listed companies. The China Securities Regulatory Commission has issued a series of announcements designed to strength- en cash dividends of listed companies and strengthen the awareness of the investor＇s returns. Cash dividends and earnings management are hot issues of capital market, but accrual-based earnings management is the main content of the traditional earnings management research, re- al earnings management has been neglected. In theory, the behavior of cash dividend reduces the level of corporate cash flow, the change of earnings management can improve the level cash flow and the corporate performance, which eventually leads to fhe change of corporate value. Using China＇s A-share market listed companies panel data from 1998 to 2010, this paper studies the relationships between cash dividends, earnings management and corporate value. We find that the extent of real earnings management of cash dividend companies is significant- ly lower than the corresponding extent of non-cash dividends companies, and the extent of ac- crual-based earnings management of cash dividend companies is greatly higher than the corre- sponding extent of non-cash dividends companies, which means that cash dividend behavior has a significant impact on the choice of the listed company earnings management, and there is the phenomenon of collusion between real earnings management and accrual-based earnings management. The cash dividend company has a higher corporate value than the non-cash divi- dend company, which indicates that the listed company＇s cash dividend behavior helps to en- hance the corporate value. Further research suggests real earnings management and accrual- based earnings management have significant intermediary roles in the relationship between cash dividends and corporate value. These conclusions provide helpful insight for revealing the relationships among the

关 键 词：现金分红 实际活动盈余管理 应计项目盈余管理 企业价值 

分 类 号：F832.51[经济管理—金融学] F275F224