富豪榜对企业盈余管理的影响:“声名远扬”还是“引火上身”

Magnate Ranking List and Company‘s Earnings Management:Prestigious or Backfired?

本文使用企业实际控制人首次登上"福布斯中国富豪榜"作为外生事件,考察了榜单公布后富豪公司盈余管理的变化。通过已有文献对于媒体公司治理和盈余管理的研究,本文提出两个竞争性假设:在媒体的市场压力作用下,首次上榜的富豪企业将会增强应计盈余管理;在媒体的市场监督作用下,首次上榜的富豪企业将会减少应计盈余管理。实证结果表明,企业实际控制人首次登上富豪榜后,媒体的关注会给企业带来压力,为了缓解压力,企业可能会在短期内选择加强企业的应计盈余管理,并且这种情况在多次上榜的富豪企业中表现得更加明显。

By utilizing the debut in 'Forbes China Rich List'of actual controllers of companies as an exogenous event,this paper examines how company's earnings management changes before and after list announcement.Through studying existing literature on media corporate governance and earnings management,the paper presents two competing hypotheses:through market pressures impact from the media,actual controllers on the list for the first time will enhance accrual earnings management;through market supervision impact from the media,actual controllers on the list for the first time will reduce accrual earnings management.The empirical results of the paper show that after the actual controller of a company appears on the'Forbes China Rich List'for the first time,media coverage will bring pressure to the company.To ease the pressure,companies may choose to enhance their accrued earnings management in short term.The result is more obvious for companies whose actual controllers have been on the List for several times.