股票增发上市公司股权结构与盈余管理的相关性研究

Study on the Correlation between Ownership Structure and Earnings Management of the Listed Companies after Stock Additional Issuance

通过选取2003-2009年所有股票增发的A股上市公司作为样本数据,对股票增发上市公司的股权结构与其盈余管理行为的相关性进行实证分析。研究结果表明,第一大股东的持股比例与盈余管理程度呈正相关关系,流通股股东与机构投资者持股比例与盈余管理程度呈负相关关系,但增发公司盈余管理程度不受其产权主体性质的影响。

Through choosing all A - shares listed companies who having additional stock issuance during 2003 - 2009 years as the sample data, we do an empirical analysis about the correlation between ownership structure and earnings management behavior of the listed companies after stock additional issuance. The results show that there is a positively correlation between the first major shareholders and enterprise＇ earnings management, and the circulation stock shareholder and institutional ownership have negatively correlated with earnings management behavior of the listed companies, but the nature of property rights didn＇ t influence on the earnings management of issued company.