股权质押与盈余管理的关系研究——基于创业板上市公司的实证检验  

Controlling Shareholder's Share Pledge and Real-activity Earnings Management——Empirical Test Based on the Listed Companies on the Growth Enterprise Market

作　　者：陈德萍[1] 陆星廷[1] 

机构地区：[1]广东外语外贸大学会计学院

出　　处：《会计研究》2017年第5期47-52,共6页Accounting Research

摘　　要：自我国创业板市场开启以来，中小企业的融资问题得到了有效缓解。本文以2010年至2015年间创业板上市公司为研究样本，检验了控股股东股权质押对公司真实活动盈余管理行为的影响。研究结果表明，相较于控股股东未进行股权质押的创业板上市公司而言．存在控股股东股权质押的创业板上市公司选择向上操纵盈余的盈余管理动机更强；且发现引入的股权制衡度能显著抑制了公司进行真实活动盈余管理的动机。With the launch of the Growth Enterprise Market( GEM),the financing problems of small and medium enterprises( SME) have been effectively alleviated. Based on a sample of the Growth Enterprises during 2010 and 2015,this paper examines whether controlling shareholders' share pledge will affect the firms' real-activity earnings management. The result indicates that the growth enterprises with controlling shareholder'shares being pledge are more likely to choose upward earnings management method through real activities. Furthermore,the introduction of the check-and-balance ownership as external supervisors can suppress the real-activity earnings management motive significantly.

关 键 词：创业板 股权质押 真实活动盈余管理 股权制衡度 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]