文化、制度与合资企业盈余管理

Culture,Institutions,and Earnings Management of Joint-ventures in China

本文探讨企业盈余管理与国家文化之间的关系。利用2005到2007年在中国经营的合资企业数据,控制了不同国家经营环境差异的影响之后,我们发现出资国个人主义更强的合资企业倾向于更多地进行向上和向下的盈余管理,出资国不确定性规避更强的合资企业,更多地进行向下的盈余管理。上述影响在外资绝对控股公司更显著。进一步研究发现,文化对盈余管理影响较稳健,不受经营地市场化程度变化而改变。而文化的影响随着合资企业进入中国时间的增加而减弱,这反映了文化的融合与适应的过程。本文结论有助于我们理解文化差异对企业决策的影响,对引进外资、合资企业监管等有一定指导意义。

In this paper, we study the relationship between national culture and earnings management. Using data of joint-ventures in China from year 2005 to 2007, we find that culture will affect earnings management after controlling for various country, institution, and firm level factors. In specific, firms from countries with higher level of individualism have higher level of both income-increasing and income-decreasing earnings management, while finns from countries with higher level of uncertainty avoidance have higher level of income- decreasing earnings management. This effect is even more significant in foreign-dominant firms. Further study shows that the effect of national culture on earnings management is not affected by level of marketization, while it is ameliorated by years since firms enter China. The results help us understand what roles national culture plays in joint-ventures＇ business decisions, and provide guidance in drawing foreign investment and joint- ventures regulation.