上市公司盈余管理与公司治理的关系

EarningsManagementandCorporateGovernanceofListedCompaniesMBA2001920025F830.911018320003405412249991313171919212227272911ModelRRSquareAdjustedRSquareFSig.1.338.114.0976.646.000Table1-1UnstandardizedCoefficientsStandardizedCoefficientsModelBStd.ErrorBetatSig.(Constant)VAR00002VAR00003VAR00004VAR00005VAR00006VAR00007VAR00008-6.685E-02-6.812E-021.896E-02.117.173.163.145.161.038.015.009.040.042.039.039.039-.225-.101-.384-.454-.560-.531-.587-1.773-4.436-2.038-2.947-4.163-4.138-3.715-4.113.077.000.042.003.000.000.000.000a.Predictors:(Constant),VAR00002,VAR00003,VAR00004,VAR00005,VAR00006,VAR00007,VAR00008b.DependentVariable:VAR00001c.VAR00001=TAVAR00002=PPEVAR00003=(REV-REC)VAR00004=WLVAR00005=LJVAR00006=YBVAR00007=PGVAR00008=JYATˆATˆUnstandardizedCoefficientsStandardizedCoefficientsModelBStd.ErrorBetatSig.(Constant)VAR000018.531E-031.853E-02.055.029.036.154.632.877.528VAR00002VAR00003VAR00004VAR00005VAR00006VAR00007VAR000081.695E-02-12.1537.326E-0332.0204.247E-032.940E-023.381.0126.112.05012.877.002.0283.681-.080-.120.008.159-.127.057.053-1.419-1.988.1462.486-2.3631.057.919.157.048.884.013.019.291.359Table2-1a.Predictors:(Constant),VAR00001,VAR00002,VAR00003,VAR00004,VAR00005,VAR00006,VAR00007b.DependentVariable:VAR00000c.VAR00000=DAVAR00001=JSCHGVAR00002=CEOCHVAR00003=ODIRHVAR00004=JSHDLVAR00005=INDIRVAR00006=BOASIVAR00007=DEBETVAR00008=MANCH-1.9882.486-2.3632001-21999.4ATˆABSTRACTManagingearningsisprocessoftakingdeliberatestepswithintheconstrainsofgenerallyacceptedaccountingprinciplestobringaboutadesiredlevelofreportedearningstoobtainsomeprivategains.Itsubstantiallydisobeystheneutralprinciples,misleadsthedecisionsoftherelatedpersons.Inaddition,becauseoftheweaknessofhumannatureandthecertainflexibilityoftheGAAP,thelegalearningsmanagementisveryeasybeyondthereasonabledegree,andbecometheillegalbehavior,soitisnecessarytocontroltheearningsmanagement.Theresearchaboutthisfiledinthewesternbeganfromthe1980s.Someresearchesconcentrateonexaminingifandwhenearningsmanagementoccurs,whichchoosethecompaniesthathavemightmotivationasthesamplesandexaminecomprehensiveitemssuchastotalaccruals;otherresearchesinvestigatetoembody,examinetheparticularaccountingitemssuchasbankloan,line-bottomitemetc.TheresearchaboutearningsmanagementinChinaisalongwiththelistedfirmsemergence.AlltheresearchesexpressthemostlistedcompaniesinChinaexistthebehaviorofmanagingearnings.Butitisenoughtoonlyknowthewidespreadexistenceofthebehavior,weshouldinvestigatethewaytoresolvetheproblem.BecausetheenterpriseauthorityusuallymakeuseoftheflexibilityoftheGAAPonaccountingchoice,soonewaytocontrolearningsmanagementistheestablishmentofperfectaccountingstandards.Butanyway,theaccountingprinciplesareelastic,andiftherelatedmechanismisnotsound,onlydependingontheaccountingstandardscan,tcontrolefficientlytheearningsmanagement.Corporategovernanceasakindofsupervisemechanismcangovernorthebehaviorofthemanagers.Thereforethecharacteristicsoftheboardsofdirectors,auditcommittee,ownershipofsharemustinfluenceonearningsmanagement.Theboardofdirectorsisthevitalpointofcorporategovernance.Theboardindependenceaffectsitsfunction.ThelistedfirmsinChinahavetheproblemof“internalpersonscontrol”whichnecessarilybreaktheboardindependence.Sothistextsupposethatthedegreeof“internalpersonscontrol”asproxiedbythepercentageofdirectorswhomeantimetakeonotherroleinthesamecompanyispositivelyrelatedtothelevelofearningsmanagement.WealsosupposeiftheChairmanisalsoCEO,thelevelofearningsmanagementishigher.TAit/Ait-1=i(1/Ait-1)+1i[(REVit-RECit)/Ait-1]]+2i(PPEit/Ait-1)+it+WL+LJ+YB+PG+JYIf0ROE6%WLtake1,otherwisetake0;If6%ROE7%LJtake1,otherwisetake0;When7%ROE10%,theYBtake1,otherwisetake0;When10%ROE11%,thePGtake1,otherwisetake0;WhenROE11%theJYtake1,otherwisetake0.INDIR=degreeofinternalpersoncontrol(internalboarddirector'spropotion)CEOCH=iftheChairmanisalsoCEO,take1,otherwisetake0BOASI=boardofdirectorsscale,thememberoftheboarddirectorsODIRH=thepercentageoftheexteriorboarddirectorholdingsharesJSHDL=supervisormeetingindependent(completeindependencethentakeworth1,otherwisetakeworth0)JSCHG=thesupervisorholdingsharesproportionMANAG=thetalllayergovernorholdingsharesproportionDEBET=liabilitiesrateWesetupthesquare:DA=+1JSCHG+2CEOCH+3ODIRH+4JSHDL+5INDIR+6BOASI+7DEBET+8MANCHAnticipatethe1,3,4,8fornegative,2,5,7forpositive.Theempiricalresearchexpressthatinternalboarddirector'sproportionispositivelyrelatedtothelevelofearningsmanagement.Sowemustadoptmeasuretoresolvetheproblem:Lowertheproportionofstate-ownedcapital;Reducetheinternalboarddirectorandincreasetheexteriorboarddirector.Promotingandreformingindependentboarddirectorsystemisboundto.Becausetheourcountrylistedcompanythepercentageofholdingsharesoftheboarddirectorsandthesupervisoristoolowinthelistedfirms,itisdifficulttoproduceencouragingfunction,thereforeweshouldfurtherincreasetheirholdingshares.Becauseofthesupervisormeetinginmostlistedfirmsinourcountryisasuperficialindependence,thereforetheempiricaldidnotverifythecompleteindependenceofsupervisormeetingcancontroltheearningsmanagement