混合所有制改革、股权结构与真实盈余管理  

Mixed Ownership Reform,Ownership Structure and Real Earnings Management

作　　者：符安平[1] 谭招晖 FU An-ping;TAN Zhao-hui(School of Business,Hunan University of Science and Technology,Xiangtan Hunan 411201)

机构地区：[1]湖南科技大学商学院,湖南湘潭411100

出　　处：《湖南财政经济学院学报》2022年第2期92-104,共13页Journal of Hunan University of Finance and Economics

基　　金：教育部人文社科青年基金项目“新型城镇化下农民工市民化的成本测算与分摊机制设计研究”(项目编号:16YJC790018);湖南省教育厅科学研究项目“我国交通基础设施对区域经济增长的影响研究”(项目编号:11C0564)。

摘　　要：以2013-2019年沪深A股市场的国有企业为样本,实证分析了混合所有制改革、股权结构与真实盈余管理的关系,研究结果表明:混合所有制改革对国企真实盈余管理行为具有显著的抑制作用;股权结构中股权集中度与企业真实盈余管理显著正相关,高管持股与真实盈余管理显著负相关;股权集中度在混合所有制改革与真实盈余管理的关系中起部分中介作用;异质性研究表明,混合所有制改革对于地方国企真实盈余管理的抑制作用较央企更为显著。Taking the state-owned enterprises in Shanghai and Shenzhen A-share market from 2013 to 2019 as a sample,this paper empirically analyzes the relationship between mixed ownership reform,ownership structure and real earnings management.The results show that:(1)the mixed ownership reform has a significant inhibitory effect on the real earnings management behavior of state-owned enterprises;the ownership concentration in the ownership structure is significantly positively correlated with the real earnings management,and the executive shareholding is significantly negatively correlated with the real earnings management.(2)the ownership concentration plays a partial intermediary role in the relationship between the mixed ownership reform and the real earnings management;(3)Heterogeneity research shows that the inhibitory effect of mixed ownership reform on real earnings management of local state-owned enterprises is more significant than that of central enterprises.

关 键 词：混合所有制改革 股权结构 真实盈余管理 

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