货币政策与上市公司盈余管理——一个基于公司治理视角的研究被引量：4

Monetary Policy and Earning Management of Listed Company——A Study based on the Perspective of Corporate Governance

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摘要本文以非经常性损益(营业外收支净额)作为盈余管理代理变量,利用中国A股上市公司2002-2008年的季度数据,在引入公司治理因素后,研究了货币政策对微观经济主体会计政策选择的异质性影响。研究结果表明,整体而言,中国人民银行货币政策变更显著影响微观经济主体的会计行为:当人民银行实行从紧的货币政策时,上市公司通过盈余操纵增加利润来抵消从紧的货币政策带来的负面冲击。进一步,我们的研究发现:相对于国有、非ST类和交叉上市公司,民营企业、ST类及单一上市公司更有可能进行盈余管理,表明公司治理因素对企业会计行为有显著影响。最后,针对研究结论进行了分析并提出了相应的政策建议。 This article regards Non-recurring profit and loss(Net non-operating income)as proxy-variable of earning management,uses the quarterly data of China's A-share listed companies from 2002 to 2008,and introduces the factor of corporate governance to analyze the impact of monetary policy on the selection of accounting policy of micro economic entities.The results suggest that the PBC's monetary policy will significantly affect the accounting behavior of micro economic entities:when central bank tightens monetary policy,listed companies tend to offset the negative impact by earnings manipulation.Furthermore,we find out that private enterprises,special treatment enterprises and single-listed enterprises are more willing to conduct earnings management than state-owned enterprises,special treatment enterprises and cross-listed enterprises,meaning that corporate governance has significant effects on accounting behavior.Finally,the article analyzes the above conclusions and presents policy suggestions.

作者王铭利

机构地区上海财经大学

出处《上海金融》 CSSCI 北大核心 2012年第1期44-52,117,共9页 Shanghai Finance

关键词盈余管理公司治理货币政策 Earning Management Corporate Governance Monetary Policy

分类号 F821 [经济管理—财政学]

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