经济周期、控股股东利益输送行为与盈余管理

Economic Cycle,Behavior of Controlling Shareholders' Interest Transfer and Earning Management

基于系统特征和主体影响两个视角,选取2002—2013年深交所上市公司为样本,实证检验了经济周期、控股股东利益输送行为对上市公司盈余管理行为的系统性影响。研究结果发现,经济上行期公司盈余管理活动程度小于经济下行期,且无论在经济上行期还是在经济下行期,我国上市公司都更倾向于应计盈余管理手段而非真实盈余管理手段;同时,经济周期将对控股股东行为产生影响,经济上行期的利益输送行为更为频繁;控股股东的利益输送显著增加了上市公司的盈余管理程度,且在经济周期波动的大背景下,经济上行期的控股股东利益输送行为对上市公司盈余管理的影响程度较经济下行期更大。

The systematic affection of economic cycle and interest transfer behavior of shareholders on earnings management was empirically investigated from two perspectives of system features and listed companies when the listed companies in Shenzhen A- share stock exchanges in 2002 to 2013 were taken as samples. The results show that earning management behavior in economic upturn will be less than that in economic downturn. Both in expansionary phase of economic cycle and period of economic cycle contraction,listed companies in China are more inclined to conduct accrual earnings management means rather than real earnings management means. Meanwhile,the economic cycle will exert the behavior of controlling shareholders,interest transfer behaviors occurred more frequently in expansionary phase of economic cycle. Interest transferred by controlling shareholders dramatically increases discretionary accruals of quoted companies. On the background of the economic cycle fluctuation,controlling shareholders＇ interest transfer behaviors have a greater influence on earning management in economic upturn.