基于面板Tobit模型的房地产盈余管理与X-效率研究

Study on the Relationship between the Earnings Management and X-efficiency of Real Estate Company based on the Panel Totit Model

本文对我国房地产上市公司盈余管理和表征公司综合绩效的X-效率进行了探索性研究。首先针对房地产预收制度的运营特征,提出前瞻性Jones动态面板模型,测度反映企业盈余管理能力的可操纵应计利润(DA),利用随机前沿分析(SFA)测度地产公司的X-效率,在此基础之上,建立面板Tobit模型,进一步对我国房地产公司的盈余管理和X-效率之间的关系进行量化研究。实证结果发现,地产公司X-效率的提升能够有效抑制盈余管理,而盈余管理并没有有效降低公司的X-效率。

This paper mainly studied on the relation of the earnings management between X-efficiency of listed real estate companies. Firstly, the dynamic panel of the forward-looking Jones model has been putting forward in view of operating charac- teristics of real estate. The detect earnings （DA）reflecting the ability to manipulate earnings management can be can measured by this model, and X-efficiency can be measured by the Stochastic Frontier Analysis （SFA）. On this basis, further quantitative research on the relationship between earnings management and X-efficiency of the real estate company by the establishment of panel tobit model. The empirical results show that X-efficiency of real estate companies can effectively inhibit the enhancement of earnings management, but earnings management does not effectively reduce the company＇s X-efficiency.