盈余管理程度的决定因素:公司治理抑或经营绩效

The Determinants of the Level of Surplus Earnings Management:Corporate Governance or Performance?

本文采用2003—2005年我国证券市场的数据进行考察,利用调整的截面Jones现金流模型计量操控性应计利润,分析了民营上市公司与国有上市公司之间盈余管理程度的差别及其决定性因素。研究发现,民营上市公司的盈余管理程度显著高于国有上市公司。进一步的经验证据还表明,盈余管理程度差异的决定性因素来自经营绩效的激励作用,而非公司治理的制约作用。

This article, by using the data of the listed firms during 2003 - 2005 in China＇ s Securities Market and measuring the discretonary accruals by the adjusted Cross- sectonal Jones Cash Model, analyzes the difference of the level of surplus earnings management between the private listed corpomtous and the state - owned listed Corporatous and the determinate factors of it. We find that, the level of surplus earnings management of the private listed corpora6ons is obviously higher than the state - owned listed corporations. Further emplrleal evidences indicate that, it＇ s not corporate governance but perfornmnce that detennlnes the level of surplus earnings manageraent.