公司内部治理、审计师监督与定向增发公司的盈余管理——来自我国A股市场的经验数据  

Internal Corporate Governance,Auditor Supervision and Earnings Management in Private Equity Placement: Empirical Data from A Stock Market in China

作　　者：罗国民 章卫东[1,2] 王珏玮[1,2] LUO GuoMin;ZHANG WeiDong;WANG JueWei(Jiangxi University of Finance and Economics,Nanchang 330013)

机构地区：[1]江西财经大学会计发展研究中心,江西南昌330013 [2]江西财经大学会计学院,江西南昌330013

出　　处：《财贸研究》2018年第11期99-110,共12页Finance and Trade Research

基　　金：国家自然科学基金项目"定向增发新股;中介监督与盈余管理研究"(71772081);江西省科技厅重大招标项目"注册制下资本市场与江西产业结构调整:理论基础;微观实践与公共政策"(20161ACA10008);江西省社科规划课题"认购定向增发投资者类别对公司治理和绩效的影响"(17YJ15)

摘　　要：基于2006—2015年我国A股市场实施定向增发新股公司的数据,实证分析公司内部治理和外部审计师监督对定向增发新股公司盈余管理的抑制作用。结果表明:(1)当定向增发新股公司向本公司关联股东发行新股时,公司定向增发新股前会进行负向的盈余管理;当定向增发新股公司仅向非关联股东定向增发新股时,公司定向增发新股前会进行正向的盈余管理。(2)高水平的公司内部治理和高质量的外部审计均能抑制公司定向增发新股前的盈余管理程度。(3)进一步,公司内部治理与外部审计师监督对公司定向增发新股前盈余管理的抑制具有互补关系。上述结论拓展和深化了内部治理与外部审计师监督对公司盈余管理的研究,同时为我国上市公司进一步完善内部治理机制和强化审计监督提供了经验证据。Based on the data of listed companies from 2006 to 2015 in A stock market of China,this paper analyzes the inhibitory effect of internal corporate governance and external auditor supervision on earnings management of listed companies w hich perform private equity placement. The results show that:( 1)Listed companies w ill have negative earnings management if related shareholders attend private placement and w ill have positive earnings management if only non-related shareholders attend private placement.( 2)A high level of internal governance or a high quality of external auditor supervision can restrain the degree of earnings management of listed companies before the issuance of private placement.( 3) The combined effect betw een internal governance and external audit show s complementary relationship. The conclusion expands the research of the effect of internal corporate governance and external audit supervision on earnings management,and provides empirical evidence to improve internal governance mechanism and strength external audit supervision for listed companies.

关 键 词：内部治理 外部审计师监督 盈余管理 定向增发新股 

分 类 号：F275[经济管理—企业管理]