连锁股东的协同效应——基于应计盈余管理和真实盈余管理的视角  

Synergy Effect of Chain Shareholders--Based on Accrual Earnings Management and Real Earnings Management

作　　者：赵康乐 梁日新 栾甫贵[1] ZHAO Kangle;LIANG Rixin;LUAN Fugui(Capital University of Economics and Business,Beijing 100070;Chinese Accounting Society,Beijing 100045)

机构地区：[1]首都经济贸易大学会计学院,北京100070 [2]中国会计学会,北京100045

出　　处：《首都经济贸易大学学报》2024年第1期97-112,共16页Journal of Capital University of Economics and Business

基　　金：国家社会科学基金一般项目“重大突发公共事件对企业持续经营能力冲击的评价与应对研究”(21BGL089)。

摘　　要：随着连锁股东在中国资本市场越来越常见,分析连锁股东对企业的影响具有理论价值及现实意义。通过手工整理季度层面十大股东信息,以2007—2020年沪深A股上市公司为样本,从连锁股东的治理协同效应和利益协同效应视角分析其对企业盈余管理的影响。研究结果表明:连锁股东与企业盈余管理的回归系数显著为负,降低了企业应计盈余管理和真实盈余管理的程度。进一步的分析结果表明:连锁股东主要是减少了企业的正向应计盈余管理、异常的酌量性费用和经营活动现金流量;控股股东的身份有助于连锁股东发挥自身的协同效应;连锁股东对受分析师关注较多的企业盈余管理的抑制作用更强。影响机制分析表明,连锁股东通过提高企业治理水平及产品市场势力,降低对管理层的股权激励,进而降低企业盈余管理。This paper studies the influence of chain shareholders on corporate earnings management by manually sorting out the information of top ten shareholders at the quarterly level and taking Shanghai-Shenzhen A-share listed enterprises from 2007 to 2020 as samples.It is found that chain shareholders have a significant negative impact on earnings management,which reduces the degree of accrual earnings management and real earnings management.Further research shows that chain shareholders reduce the level of corporate accrual management mainly by reducing the positive accrual management;Reduce abnormal discretionary expenses and operating cash flow to reduce the level of real earnings management;The identity of controlling shareholder helps chain shareholders to exert their own synergistic effect;Compared with the enterprises that receive less attention from analysts,chain shareholders have a more significant inhibitory effect on earnings management of the enterprises that receive more attention from analysts.The analysis of influence mechanism shows that chain shareholders reduce the equity incentive to management by improving corporate governance level and product market power,and then reduce corporate earnings management.This study contributes to the literature in the following ways.First,based on the current situation of complex and diverse investor identities in Chinas capital market,the research perspective of the impact of common equity on corporate earnings management is expanded to all chain shareholders,providing new research evidence for a complete insight into the synergistic effect of chain equity.Second,it expands the research on the earnings quality of enterprises.The research of this paper starts from the correlation brought by chain shareholders holding the equity of several enterprises in the same industry,and tries to explore the influence of information and resource advantages of chain shareholders on the earnings management activities of the management in the business activities of enterprises.Third,

关 键 词：连锁股东 盈余管理 治理协同 利益协同 分析师关注 

分 类 号：F275[经济管理—企业管理]