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论文编号：	3278
作者编号：	2120092312
上传时间：	2011/6/7 8:52:15
中文题目：	关联交易盈余管理的影响因素及方式的研究——基于中国上市公司的实证分析
英文题目：	The impact factors and ways of earning management by related party transactions: empirical research based on Chinese listed companies
指导老师：	黄菊珊
中文关键字：	关联交易;盈余管理;上市公司
英文关键字：	Related party transactions; Earnings management; Listed companies
中文摘要：	伴随着我国资本市场的发展，盈余管理成为学术界和实务界关注的热点问题。管理层出于各种动机，采用各种各样的方法对公司盈余加以操纵。我国的资本市场情况较为特殊，目前国内的上市公司中很大一部分是由国有企业改制而来。同时，由于我国目前资本市场监管体系尚不完善，公司治理结构也还存在很多缺陷。与传统的应计利润盈余管理不同，鉴于上述特点，我国上市公司普遍采用关联交易进行盈余管理。而这种方式的盈余管理相比应计利润的方式而言更具有隐蔽性，不易被投资者和监管者所识别。从而，容易误导资本市场上的投资者，难以做出正确的投资决策，以至于影响资本市场正常的运行秩序，不利于资本市场健康发展。近年来这一问题也越来越受到相关学者的关注。我国学者在该领域的研究还大多以规范分析为主，本文试图使用实证和规范相结合的方法，对我国上市公司利用关联交易进行盈余管理的行为的影响因素和方式进行研究。 本文首先对相关的理论加以阐释，并且在回顾以前国内外相关学者的研究的基础之上提出本文的研究思路。然后针对我国上市公司利用关联交易进行盈余管理的动机、影响因素和方式的具体情况进行分析。接下来在规范分析的基础上提出本文假设，并进行实证分析。本文选取我国A股一般上市公司2008年和2009年两年的财务数据作为研究样本，使用异常关联交易度作为上市公司利用关联交易进行盈余管理程度的替代变量，采用描述性统计和单变量及多元线性回归的统计方法进行实证研究，验证本文假设。实证结果表明：我国上市公司普遍存在利益关联交易进行盈余管理的现象；上市公司由集团控股，国有控股，大股东控股比例集中的，更倾向于采用关联交易的方式进行盈余管理；在不同的关联交易方式中，上市公司更倾向于采用关联购销的方式进行盈余管理；在配股动机下，上市公司利用关联购销进行盈余管理的程度更高。并且在本文得出的结论基础之上，分别从监管者、投资者和其他利益相关者的角度提出相应的政策建议。
英文摘要：	With the development of capital markets, earnings management has became a hot issue in both academics and practice. For a variety of motives, the management use a variety of methods to manipulate earnings. China’s capital market is unique that a large part of current domestic listed companies come from the SOEs. Meanwhile, since China’s capital market regulation system is not perfect currently, the corporate governance still has some shortcomings. Different from traditional accruals earnings management, because of the above characteristics, China’s listed companies widely use related party transactions to manage earnings. This method of management earnings is more subtle than accruals earnings, and difficult to be recognized by investors and regulators. Thus, it is likely to misleading the investors of capital market and make it difficult to make the right investment decisions that affect the normal operation of the capital market and is not conducive to the healthy development of capital markets. In recent years, this problem has got more and more attention by related scholars. Chinese scholars study in this field mostly based on normative analysis, and this paper attempt to use a combination of empirical and normative methods to study Chinese listed companies earnings management using related party transactions impact factors and methods. This article firstly elaborates on the related theory, and proposed ideas by this paper based on the review of previous research by scholars at home and abroad. Then this paper analysis the motivation, impact factors and methods of listed companies’ earnings management by related party transactions. Then based on the normative analysis it proposed the hypothesis and make empirical analysis. This paper selected general listed companies in China A shares two years of 2008 and 2009 financial data as the study sample, use unusual related transactions degree as the related party transactions of listed companies earnings management variables, and use descriptive statistics and univariate and multivariate Linear regression to make empirical study to verify this hypothesis. The empirical result shows that: it widely exit the phenomenon that use related party transactions to manage earnings in China’s listed companies; the listed companies that Group holdings, the state-owned holdings, controlling shareholders concentration ratio, like to use related party transaction to manage earnings more; the listed companies likely to choose associated buying and selling to manage earnings among different methods; by the allotment motivation, the listed companies have higher degree of using associate buying and selling to manage earnings. And based on the result, this paper makes policy recommendations from regulators, investors and other stakeholders angles.
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