政府控制、收入操纵与营业收入计划实现程度——来自中国资本市场的经验证据

Government Control,Revenue Manipulation and Realization Level of Operating Revenue Plan:Evidence from China's Stock Market

基于我国上市公司数据,运用实证研究方法发现,公司收入操纵程度越大,公司营业收入计划实现程度越高。相对于非政府控制公司,政府控制公司收入操纵程度对营业收入计划实现程度的影响更大。此外,所处行业营业收入平均增长水平越高、第一大股东持股比例越高以及当期有兼并重组事项的公司,其营业收入计划实现程度也越高。

Based on the data of China＇s listed companies,this empirical study finds that the more revenue manipulation of the company,the higher the realization level of its operating revenue plan.The degree of revenue manipulation in government controlled companies has greater effect on the realization level of operating revenue plan with respect to that of the non-government controlled companies.Besides,the realization level of the operating revenue plan has a positive correlation with the industry average growth rate of the operating revenue,the proportion of shares held by the controlling shareholders as well as the occurrence of mergers and acquisitions.