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论文编号：	2444
作者编号：	2120082083
上传时间：	2010/6/10 18:49:46
中文题目：	非流通股减持中的盈余管理与公司治理
英文题目：	Earnings Management and Corporate Governance In The Reduction Of Non-tradable Shares
指导老师：	周宝源
中文关键字：	股权分置改革;非流通股减持;盈余管理;公司治理
英文关键字：	Stock Right Splitting Reform;The Reduction Of The Non-tradable Shares;Earnings Management;Corporate Governance
中文摘要：	Shleifer和Vishny（1997）提出，在投资者法律保护不完善的市场环境中，大股东与中小股东之间的利益冲突成为公司代理关系中的的主要矛盾。在中国证券市场，“一股独大”和投资者保护法律薄弱，控制权私利问题严重，大股东利用各种方式侵占中小股东利益的行为屡有发生。而随着股权分置改革的结束，非流通股解禁上市流通，我国股市大跌，公众明显对非流通股上市信心不足。加之媒体屡屡爆出上市公司违规减持的新闻，规范非流通股减持迫在眉睫。 具体来说，本文做了以下工作。首先，回顾了非流通股解禁减持与盈余管理的相关文献；其次，对我国非流通减持的制度背景进行回顾和描述性统计；第三，实证分析中，第一部分，对样本、模型和变量的选取进行介绍；第二部分，首先对全行业和制造业的减持比例进行描述性统计，并通过Jones模型得出了所选样本的盈余管理程度，再次，通过多元线性方程对盈余管理与减持比例进行回归分析，最后，添入公司治理变量，考察好的公司治理是否能够抑制非流通股减持中的盈余管理。 本研究的结论如下：首先，描述性统计表明样本公司的操纵性应计利润显著的大于零；其次，多元线性方程回归结果表明：（1）样本公司的盈余管理程度与其大非减持比例正相关；（2）第一大股东持股比例越高会加剧上市公司非流通股减持中的盈余管理程度；（3）第二至十大股东持股比例越高会抑制上市公司非流通股减持中的盈余管理程度；（4）股权集中度越高会加剧上市公司非流通股减持中的盈余管理程度；（5）董事会议年度次数越大会抑制上市公司非流通股减持中的盈余管理程度。基于（2）-（5）条结论，我们可以推定好的公司治理能够抑制非流通股减持中的盈余管理。论文最后提出了相关的政策建议。 本研究在研究视角和研究内容上均有一定的创新，将公司治理引入非流通股减持与盈余管理的研究中，为研究非流通股减持问题提出了新的方向，对解决现实问题有一定的指导意义。
英文摘要：	Shleifer and Vishny clearly pointed out that the conflict of Interest between large and small shareholders becomes the principal conflict in company's agent problem in market without perfect legal protection of investors. In Chinese securities market, “absolute ration share” and lack of full legal protection of investors are sever problems which make private benefits of control deserves more attention, also major shareholders expropriate the interest of minor shareholders have repeatedly occurred. With the end of the share-split reform process, the unlocking of the non-tradable shares flood the market, in which investors lack of confidence led to the plummeting of the stock market. Adding to media often reports listed companies reduce violating regulations, it’s extremely urgent to regulate the reduction of the non-tradable shares. To be more specific, this paper does the following work. First, it reviews researches on the reduction of the non-tradable shares and earnings management; secondly, it made a retrospect and descriptive statistic on the background of the reduction of the non-tradable shares; thirdly, in the first part of empirical analysis, it gives descriptions of sample firms、variables and models, in the second part of empirical analysis, it gives descriptive statistic about the non-tradable shares reduction on all industries and manufacturing and calculates earnings management with the Jones model. And then it discusses the effect between the reduction of the non-tradable shares and earnings management by the multi-regression equations with Eviews 5.0. At last, it introduces the corporate governance variables in the models to test its’ effects on the earnings management in the reduction of the non-tradable shares. The results are as follows. First, descriptive statistic shows the sample companies’ discretionary accruals are significantly higher than 0. Secondly, the multi-regression equations infer (1) the sample companies’ discretionary accruals are positively correlation with the reduction of large part of the non-tradable shares. (2) The first big shareholder’s holds will intensify earning management in the reduction of the non-tradable shares. (3) The rest of the tenth big shareholders’ holds will restrain earning management in the reduction of the non-tradable shares. (4) The higher ownership concentration will intensify earning management in the reduction of the non-tradable shares. (5) The number of annual the Board meeting will restrain earning management in the reduction of the non-tradable shares. Based on the No.2-No.5 results, we can figure out that good corporate governance would restrain the earnings management in the reduction of the non-tradable shares. The last part of this paper gives some appropriate policy proposal. There is innovation in research view and content in this paper. It introduces a new research field--corporate governance into the research of the reduction of the non-tradable shares’ earnings management, which has practical meanings for the securities supervising.
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