媒体关注、股权性质与真实盈余管理——来自中国A股上市公司的经验数据

Media attention,Nature of Equity and Real Earnings Management——Based on Empirical Evidence from China's A-share Listed Companies

在信息时代,媒体作为信息的加工者和传播者对资本市场的影响越来越大。选取2011—2013年中国A股上市公司数据为样本,实证研究媒体关注与真实盈余管理之间的关系,并在此基础上进一步研究不同股权性质下媒体关注与真实盈余管理的关系。研究结果表明:(1)在控制其他变量的情况下,媒体关注与真实盈余管理显著正相关,即媒体的关注度越高,上市公司进行真实盈余管理的程度越高;(2)股权性质对媒体关注与真实盈余管理的相关关系产生显著影响,具体表现为相较于非国有上市公司,国有上市公司媒体关注与真实盈余管理正相关关系更显著。

In the information age, as the processor and disseminator of information, media play an increasingly important role in the capital market. This paper selects the data of China＇s A-share listed companies from 2011 to 2013 as sample, researching into the relationship between media attention and real earnings management, and on this basis, examines if the nature of equity will affect this relationship. The results show that： （1）In the case of controlling other variables, media attention shows a significant positive correlation to real earnings management. That is to say that the higher the media attention, the higher degree of real earnings manipulation of listed companies. （2）Equity nature has a significant impact on the relation between media attention and real earnings management. Compared with non-state-owned listed companies, in state-owned listed companies, there is a more significant positive correlation between media attention and the real earnings management