企业盈余管理行为的同伴效应:“理性”抑或“盲从”?  

The Peer Effect of Enterprises′Earnings Management Behavior:“Rational”or“Blind”?

作　　者：易志高[1] 张烨 YI Zhi-gao;ZHANG Ye(Nanjing Normal University, Jiangsu Nanjing 210023, China)

机构地区：[1]南京师范大学商学院,南京210023

出　　处：《商业研究》2022年第2期123-132,共10页Commercial Research

基　　金：国家自然科学基金面上项目,项目编号:71472091;国家自然科学基金青年项目,项目编号:71102025;国家自然科学基金项目,项目编号:71972104。

摘　　要：企业盈余管理行为的研究主要关注企业内部因素对其的影响,本文以2008-2019年沪深A股上市公司作为样本,重点探究盈余管理同伴效应的存在性、情境因素及经济后果。研究表明:企业盈余管理水平受到行业同伴的显著影响,是管理者对同伴行为理性学习的结果;行业跟随者对具有信息优势的领导者盈余管理决策较敏感,且高竞争度行业中的企业模仿行为更明显;盈余管理同伴效应在短期内能提高企业价值,长期则可能损害企业价值;理性学习行为是同伴效应产生的内在机制,而媒体报道可影响管理者的理性学习,进而抑制盈余管理在同伴企业之间的“传染”。Most studies mainly focus on the influence of its internal factors on earnings management decisions,but consider the interaction between enterprises less.By taking all the A-share listed companies from 2008 to 2019 as the research samples,this article mainly explores the existence、situational factors and economic consequences of earnings management interaction among enterprises.Research shows that there exists an obvious“peer effect”in earnings management behavior,which is the result of managers′rational learning of peer behavior;Industry followers are more sensitive to the earnings management decisions of leaders with information advantages,and the imitation behavior of companies in highly competitive industries is more obvious;in addition,while the peer effect can promote the value of enterprises in the short term,it is also a damage to enterprises′value in the long run;It is further found that learning behavior is the internal mechanism of peer effect and media reports can affect or even block the“contagion”of earnings management among peer enterprises through this mechanism.

关 键 词：盈余管理 同伴效应 理性学习 公司价值 

分 类 号：F275.2[经济管理—企业管理]