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论文编号：	3317
作者编号：	2120092406
上传时间：	2011/6/7 20:18:45
中文题目：	上市公司盈余管理与企业价值研究
英文题目：	Study on the Relationship between Earning Management and Enterprise Value of Chinese Listed Companies
指导老师：	陈国欣
中文关键字：	盈余管理，企业价值，盈余管理动机，盈余管理方式
英文关键字：	Earning Management,Corporate Values,Earning Management Motives,Earning Management Manners
中文摘要：	自20世纪80年代开始，盈余管理成为理论界的研究热点。随着我国证券市场的发展，上市公司盈余管理问题逐渐凸显。由于我国证券市场建立的背景不同于西方国家，许多公司在上市之前存在着严重的盈余管理行为。另外，在证券市场监管机制不完善、公司股权结构不合理的情况下，上市公司管理当局很有可能通过盈余管理谋取私利，从而影响会计信息的真实性和公允性，导致严重的经济后果。 国内外理论界主要集中在对盈余管理动机方式的研究上，将盈余管理同企业价值联系起来进行研究的为数不多。因此，本文力图将上市公司盈余管理行为同企业价值相联系进行研究，为利益相关者提供决策信息。另外在实证分析基础上提出的政策性建议，能够促进公司治理结构的完善并充分发挥市场资源配置作用。 首先，本文在回顾国内外文献的基础上界定盈余管理的涵义，并系统分析了盈余管理的理论基础、动因和计量模型。接着，采用盈余频率分步法对1996-2009年间我国沪深两市14758个上市公司样本的盈余管理程度进行分析。实证结果表明，上市公司具有追求短期利益最大化动机和政治性动机。然后分析了我国上市公司盈余管理的主要方式，为文章结尾政策建议的提出奠定基础。 其次，本文从宏观和微观层面分析了盈余管理对企业价值产生的利与弊，提出本文的研究假设并建立相应模型，运用多元线性回归的方法对2006-2009年间2076个上市公司样本进行实证分析。实证研究结果显示，上市公司盈余管理程度同企业价值之间呈显著负相关。这表明在我国证券市场条件不够完善的情况下，上市公司管理者过度使用盈余管理行为，以追求短期利益最大化为主要动机，不利于公司的长远可持续发展。同时，本文分析了盈余管理对企业价值产生负面影响的原因。 最后，本文从盈余管理对企业价值产生的影响出发，从资本市场、公司治理、规范关联交易和资产减值准备行为等方面提出政策性建议，以合理引导上市公司盈余管理行为。
英文摘要：	Earning management has been the hotspot of theoretical research since 1980s. With the development of our securities market, the earning management problems of listed companies become more and more obvious. Because the founding background of our national securities market is different from the western countries, there are severe earning management problems existing in many listed companies. Moreover, under the circumstance of imperfect supervise mechanism and irrational ownership structure, the substantial shareholders of listed companies may do earning management, which affects the authenticity and fairness of accounting information, and leads to bad economical results. The studies both home and domestic are mainly on the motives of earning management, while less on the relationships between earning management and corporate values. Therefore, this paper tries to contact earning management with corporate values, and provide related information to the investors. What’s more, based on the empirical analysis, this paper makes some suggestions to improve the corporate governance structures and bring the resource-allocating effects of securities market into full play. Firstly，the paper defines earning management after reviewing the literatures home and abroad, then systematically analyses the related theories and metric models. Besides, this paper analyses the degree of earning management of 14758 listed company samples with the method of frequency distribution. The results show that there are ‘non-profit’, ‘6%’, ‘10%’ phenomenon existing in our securities market, and the listed companies pursue optimal short-term benefits and hold the political motives. And then this paper analyses the main means of earning management, laying a foundation for the suggestion-making at last. Secondly, this paper analyses the advantages and disadvantages of earning management from micro and macro angles, and then makes the theoretical assumption, designs the models, does empirical analysis to 2076 listed company samples from 2006 to 2009 by the means of multiple linear regression. The outcomes show that earning management is significantly negatively related to corporate values. This shows that managers of listed companies are doing earning management excessively, holding the motives of pursuing optimal short-term benefits, which goes against the companies’ sustainable development. And this paper explains why earning management has bad influences on corporate values. Finally, this article makes some suggestions from different respects based on the empirical analysis, which is in order to correct the listed companies’ earning management behaviors.
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