股权集中度对企业盈余管理行为的影响研究——基于混合所有制改革背景下的分析  

Research on the influence of equity concentration on corporate earnings management behavior——Analysis based on the background of mixed ownership reform

作　　者：宿晓[1] 卢慧 

机构地区：[1]河海大学商学院

出　　处：《价格理论与实践》2020年第5期94-97,共4页Price:Theory & Practice

基　　金：中央高校基本科研业务费专项资金资助,项目编号为2018B24014。

摘　　要：本文基于2003-2019年我国A股上市公司财务数据,实证检验了混合所有制改革背景下,股权集中度下降对上市公司盈余管理的影响。研究发现:(1)上市公司股权集中度和盈余管理水平正相关;(2)通过中介效应检验发现,混合所有制改革是通过降低上市公司的股权集中度,进而抑制了盈余管理行为;(3)进一步分析发现,无论是对于混合所有制改革前还是混合所有制改革后的上市公司,股权集中度和盈余管理都显著正相关,并且不受环境不确定性程度高低的影响。本文的结论对上市公司进一步深化混合所有制改革提供了一定的借鉴和启示。Based on the 2003-2019 financial data of China’s A-share listed companies,this article empirically tests the impact of the decline in equity concentration on the earnings management of listed companies under the background of mixed ownership reform.The study found that:(1)The equity concentration of listed companies is positively correlated with the level of earnings management;(2)Through the intermediary effect test,it is found that the mixed ownership reform reduces the equity concentration of state-owned listed companies,thereby inhibiting earnings management;(3)Further analysis found that whether for listed companies before or after the mixed ownership reform,equity concentration and earnings management are significantly positively correlated,and are not affected by the level of environmental uncertainty.The conclusions of this article provide some reference and enlightenment for the listed companies to further deepen the mixed ownership reform.

关 键 词：混合所有制改革 股权集中度 盈余管理 中介效应 

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