品牌的力量:名牌产品与盈余管理

The Power of Brands:Top Brand Products and Earnings Management

品牌声誉不仅是品牌在时光长河中沉淀的精神印记,而且会深刻影响企业的战略决策与财务行为。本文选择2001-2018年制造业上市公司作为研究样本,以“名牌产品”为声誉载体考察获得名牌产品企业的会计行为。研究发现:相比于不具有名牌产品的企业,具有名牌产品的企业盈余管理程度显著更低;名牌产品的授予时效越长、等级越高、数量越多,对真实盈余管理行为的抑制效应更显著;声誉约束与资源获取是影响企业盈余管理行为的主要机制。异质性因素考察还发现,产权属性、分析师关注度和内部控制质量在名牌产品与盈余管理的负向关系中发挥了显著的调节效应。本文基于品牌载体视角研究企业的盈余管理行为,从理论上扩展了“声誉治理”的研究范式,也为经济新常态下国家品牌战略的推进提供了实践启示。

Using manufacturing listing companies in China from 2001 to 2018 as the research sample,this paper examines the accounting behavior of companies with top brand products.The results show that the level of earnings management is significantly lower in companies with top brand products than in those without it.Furthermore,the reduction effect of top brand products on earnings management is more significant when the award time of the top brand is much earlier,the rank is much higher and the number is much larger.Moreover,we found that reputation constraints and resource acquisition are the main mechanisms underlying the effect of top brand products on earnings management.The heterogeneity test shows that property rights attributes,analyst attention and internal control quality play a significant moderating effect in the negative relationship between top brand products and earnings management.This paper extends the research of reputation governance and provides practical insights for the promotion of national brand strategy under the background of the new normal of the Chinese economy.