股价下跌背景下控股股东股权质押比例对真实盈余管理的影响  

A Research on the Impact of Controlling Shareholder Equity Pledge Ratio on Real Earnings Management under the Background of Stock Price Decline

作　　者：许子贤 周作涛[1] XU Zixian;ZHOU Zuotao(School of Economics,Management and Law,Shaanxi University of Technology,Hanzhong 723000,Shaanxi)

机构地区：[1]陕西理工大学经济管理与法学学院,陕西汉中723000

出　　处：《陕西理工大学学报（社会科学版）》2024年第4期20-30,63,共12页Journal of Shaanxi University of Technology(Social Science)

摘　　要：在落实2024年政府工作报告中对鼓励企业投资、股权投资、投资者有效投资等重要指示精神,实现企业长远发展的实践中发现,控股股东股权质押比例对真实盈余管理的影响研究具有重要的理论意义与指导价值。而在控股股东股权质押比例与真实盈余管理呈正相关基础上,加入股价下跌这一调节变量后,二者的关系并不明确。通过对A股上市公司中进行股权质押的公司数据进行实证分析发现,在股价下跌时,控股股东股权质押比例增加会促进上市公司真实盈余管理。由于企业真实盈余管理会影响企业会计信息披露的真实性,因此,为促进企业长远发展,实现投资者有效投资,首先企业要加强会计信息披露的管理,其次投资者个人应加强投资知识的理论学习,增强投资风险意识并对企业所披露的会计信息的真实性具有一定的识别能力。In the implementation of important instructions on encouraging enterprise investment,equity investment,and effective investment by investors in the 2024 annual government work report,and in the practice of achieving long-term development of enterprises,the study of the impact of controlling shareholder equity pledge on real earnings management has important theoretical significance and guiding value.On the basis of the existing conclusion that the proportion of equity pledge by controlling shareholders is positively correlated with real earnings management and the consensus reached in this study,the moderating variable of stock price decline is added.Empirical analysis is conducted on the data of A-share listed companies with equity pledge,and it is found that when the stock price drops,an increase in the proportion of equity pledge by controlling shareholders will promote real earnings management of listed companies.Due to the fact that the true earnings management of enterprises can affect the authenticity of accounting information disclosure.Therefore,in promoting the long-term development of enterprises and achieving effective investment by investors,first of all,enterprises should strengthen the management of accounting information disclosure systems.Secondly,individual investors should also strengthen their theoretical learning of investment knowledge,improve their awareness of investment risks,and have the ability to identify the authenticity of accounting information disclosure.

关 键 词：控股股东 股权质押 股价下跌 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]