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论文编号：	8997
作者编号：	1120120768
上传时间：	2016/12/15 23:08:08
中文题目：	企业生命周期与盈余管理的相关性研究
英文题目：	Correlation Research between Corporate Life Cycle and Earnings Management
指导老师：	周晓苏
中文关键字：	企业生命周期；应计盈余管理；真实盈余管理；融资需求；行业竞争
英文关键字：	Corporate life cycle; Accrual earnings management; Real earnings management; Financing demand; Industry competition
中文摘要：	自上世纪80年代，应计盈余管理受到国内外学者的重视。真实盈余管理的研究起步较晚，2006年后学者对真实盈余管理的关注增加，对真实盈余管理进行了大量研究。企业的发展是动态的过程，会经历成长、成熟和衰亡等过程，但这一过程又是可逆的非单向变动的。不同生命周期企业的财务及非财务特征存在较大的差异，投资机会、公司规模、销售收入、融资约束、融资需求、资本市场份额、市场势力、外部竞争压力、财务风险和资本结构等不同。这些公司特征共同影响管理层的财务报告行为，影响其盈余管理的动机及实施。本文主要解答如下三个问题：第一，不同生命周期企业应计盈余管理及真实盈余管理程度是否相同？第二，高融资需求压力下的不同生命周期企业两种盈余管理的程度是否相同？第三，高行业竞争压力下不同生命周期企业两种盈余管理程度是否相同？本文选取2003—2014年沪、深A股为研究对象，参考Kothari et al.（2005）的方法计算应计盈余管理，参考Roychowdhury（2006）及Cohen et al.（2008）的方法计算真实盈余管理，参考Dickinson（2011）计算企业生命周期，构建多元线性回归模型，采用软件Stata 11.0和Excel进行数据整理和分析，检验前文的三个问题。实证结果表明：第一，成长期企业应计盈余管理及真实盈余管理程度显著低于成熟期企业；衰退期企业应计盈余管理及真实盈余管理程度显著高于成熟期企业。第二，高融资需求压力给不同生命周期企业应计盈余管理及真实盈余管理的影响不同；第三，高行业竞争压力给不同生命周期企业应计盈余管理及真实盈余管理的影响不同。本文可能的贡献在于：第一，控制了应计盈余管理及真实盈余管理的关系，分析了不同生命周期企业应计盈余管理及真实盈余管理程度的差异，丰富了盈余管理影响因素的相关经验研究，丰富了企业生命周期与财务报告的相关研究；结果表明，应计盈余管理和真实盈余管理存在互补关系。第二，将融资需求纳入分析框架，对资本市场参与者甄别高融资压力下不同生命周期企业盈余管理程度提供了参考，对完善我国资本市场融资环境具有一定的启示。第三，将企业微观行为和外部竞争压力结合，纳入到分析框架中，发现行业竞争对不同生命周期企业盈余管理具有“双向效应”。
英文摘要：	Since the 80s, many researches at home and abroad pay more attention to accrual earnings management. The investigation of real earnings management is relatively later, and researches increase their focus of real earnings management after 2006. They make a lot of analysis and discusses about real earnings management. The development of the enterprise is a dynamic process, and would through process of growth stage, maturity stage and decline stage, however, this process is also reversible and non-unidirectional. Corporate of different life cycle has different financial and non-financial characteristics, such as investment opportunities, corporate size, sales revenue, financing constrains, financial demand, capital market shares, market power, outside competition pressure, financial risk and capital structure.These corporate characteristics joint influence managers’ financial reports activities, and influence their motivation and extent of earnings management. This paper mainly investigate three problems: first, whether the extent of accrual earnings management and real earnings management in different corporate life cycle is the same. Second, whether the extent of accrual earnings management and real earnings management in different corporate life cycle is the same when facing high financing demand. Third, whether the extent of accrual earnings management and real earnings management in different corporate life cycle is the same when facing high industry competition pressure. Using A-share listed companies from Shenzhen and Shanghai Stock Exchanges from year 2003 to 2014, and measurement of accrual earnings management follows Kothari et al.(2005), and measurement of real earnings management follows Roychowdhury (2006) and Cohen et al.(2008), measurement of corporate life cycle follows Dickinson(2011). By constructing multiple linear regression model, using statistical software of Stata 11.0 and Excel make data analysis to investigate three previous research questions. The empirical results show as follows: first, compared with mature stage corporate, growth stage corporate has much lower extent of accrual earnings management and real earnings management, but recession stage corporate has much higher accrual earnings management and real earnings management. Second, the influence of high financing demand on accrual earnings management and real earnings management of different corporate life cycle is different. Third, the influence of high industry competition pressure on accrual earnings management and real earnings management of different corporate life cycle is different. Our paper has possible contributions as follows: first, this paper control the relationship between accrual earnings management and real earnings management, and empirically investigate the influence of corporate life cycle and accrual earnings management as well as real earnings management, this paper enriches relative empirical researches of earnings management and relative researches of corporate life cycle and financial reports. Results show that there is a complementary relationship between accrual earnings management and real earnings management. Second, bring financing demand into analysis framework, and this would have some consults for capital market participants screen earnings managements extent of different corporate life cycle facing high financing demand,also, this paper would have some confers to enhancing our capital market’s financing context. Third, this paper combine corporate micro behavior with macro competition environment and bring it into our analysis framework. This paper find there is a “bidirectional effect” of industry competition pressure on accrual earnings management and real earnings management of different corporate life cycle.
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