客户集中度、股东网络与应计盈余管理  

Customer Concentration,Shareholder Network and Accrued Earnings Management

作　　者：罗栋梁 王基臣 史先让 LUO Dongliang;WANG Jichen;SHI Xianrang(School of Business,Jiangsu Normal University,Xuzhou 221116,China)

机构地区：[1]江苏师范大学商学院,江苏徐州221116

出　　处：《经济与管理评论》2022年第3期116-134,共19页Review of Economy and Management

基　　金：教育部人文社会科学研究规划基金项目“企业过度负债背景下机构投资者替代负债监督的机制与路径研究”(15YJA630043);江苏师范大学研究生创新计划项目“文化环境与上市公司盈余管理问题研究”(2020XKT438)。

摘　　要：以2010-2019年上市公司为样本,研究企业客户集中度对应计盈余管理的影响,并探究股东网络在其中的调节作用。实证研究发现,客户集中度与应计盈余管理存在正相关关系;股东网络在其中起到负调节作用,会抑制客户集中度对应计盈余管理的正向影响;多种稳健性检验结果显示,结果均成立。进一步分析发现,这些关系在不同的盈余管理特征下、不同的企业特征下、不同的市场环境下都不同,如在向上盈余管理时成立,在下盈余管理时不成立;在非国有企业中成立,在国有企业中不成立;在现金流操控高时成立,在现金流操控低时不成立;在市场竞争地位低时成立,在市场竞争地位高时不成立;在市场化程度低时成立,在市场化程度高时不成立。文章丰富了盈余管理影响因素的研究,拓展了公司治理研究的视野。This article uses listed companies from 2010 to 2019 as a sample to study the impact of corporate customer concentration on earnings management and explore the moderating role of shareholder networks in it.Empirical research finds:there is a positive correlation between customer concentration and accrued earnings management;shareholder network plays a negative role in it,which inhibits the positive impact of customer concentration on accrued earnings management;the results remain the same under various robustness tests.Further analysis reveals that these relationships are different under different earnings management characteristics,different enterprise characteristics and different market environments.For example,they are established in the upward earnings management,but not in the lower earnings management;established in non-state-owned enterprises,but not in state-owned enterprises;established with high cash flow manipulation,but not with low cash flow manipulation;established with low market competition status,but not with high market competition status;established with low marketization,but not with high marketization.The article enriches the research on the influence factors of earnings management and expands the horizon of corporate governance research.

关 键 词：客户集中度 股东网络 应计盈余管理 现金流操控 竞争地位 

分 类 号：F230[经济管理—会计学]