公司盈余压力与供应链真实盈余管理  

Corporate Earnings Pressure and Supply Chain Real Earnings Management

作　　者：彭牧泽 靳庆鲁[1] Peng Muze;Jin Qinglu

机构地区：[1]上海财经大学会计与财务研究院,上海200433

出　　处：《复印报刊资料（财务与会计导刊）（理论版）》2022年第1期16-28,共13页FINANCE & ACCOUNTING GUIDE

基　　金：国家杰出青年科学基金项目(71625002);高等学校学科创新引智计划资助项目(B18033);教育部人文社会科学重点研究基地重大项目(18JJD790010);国家自然科学基金重点项目(72032003)。

摘　　要：随着资本市场投资者与监管者对公司应计盈余管理识别与监管的增强,隐蔽性更高的真实盈余管理逐渐成为公司操纵盈余的主要手段,如何充分识别公司真实盈余管理行为成为实务界与学术界关注的重要问题。文章研究发现,盈余压力会使公司通过供应链(供应商和客户)方式进行真实盈余管理,公司的议价能力会强化而高管持股会弱化上述作用,而且供应链真实盈余管理与向上应计盈余管理在盈余压力下具有替代关系。进一步研究发现,公司供应链真实盈余管理不同于内部生产调整的盈余管理方式,实施供应链真实盈余管理可以提高公司达到分析师预测的可能性,但会在之后年度出现"反转"。文章检验了公司盈余压力下的供应链真实盈余管理行为及特征,有助于增进外部利益相关者对公司真实盈余管理的理解,提高资本市场的信息传递与资源配置效率。Listed companies face multiple earnings pressures from stakeholders in their operations.When normal operations cannot achieve earnings expectations or having opportunistic motivations,companies often choose to conduct earnings management under earnings pressure.With the enhancement of the recognition and supervision of accrual-based earnings management,real earnings management has gradually become the main earnings management tool for companies under earnings pressure.Due to the concealment of real earnings management and information asymmetry,it is difficult for the company's external stakeholders to detect real earnings management.Meanwhile,the high degree of supply chain concentration is one of the important characteristics that distinguish the Chinese market from the West.It is also a typical scenario for relational transactions in China.Transactions with customers and suppliers can directly affect the company's earnings,and long-term transactions provide the basis for forming relationship and conducting relational transactions.Therefore,whether the company will conduct earnings management based on the supply chain relationship is an important research question with Chinese characteristics.Our research on this problem can help to improve investors'understanding of the company's real earnings management,and improve the efficiency of capital market in information transmission and resource allocation.This paper uses A-share non-financial companies listed in Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the main research sample to examine the impact of earnings pressure on the company's supply chain real earnings management.The empirical results show that:Corporate earnings pressure has a positive effect on the company's supply chain real earnings management,and bargaining power and executive shareholding of the company separately strengths and weakens this impact.Moreover,there is an alternative relationship between supply chain real earnings management and upward accrual-based earnings management u

关 键 词：盈余压力 供应链关系 真实盈余管理 

分 类 号：F27[经济管理—企业管理]