分析师跟踪、金融发展与企业盈余管理:来自中国上市公司的证据

Analyst Following,Financial Development and Corporate Earnings Management：Evidence from China

我国各地区的金融发展水平呈现不平衡现象,这种不平衡状况对上市公司的盈余管理产生了重要的影响。本文利用2007-2013年沪深两地上市公司数据,研究区域金融发展与分析师跟踪对盈余管理的影响效应与机制。通过实证研究发现：（1）作为外部治理的分析师,在减少企业盈余管理规模上起到显著的作用;（2）在金融发展程度较高的地区,分析师的存在能够显著降低企业的盈余管理规模,但是这一影响对于金融发展程度较低的地区并不成立。以上结论在控制内生性的条件下依然成立。

Using a data set of China＇s public firms from 2007 to 2013, this research examines the roles played by analysts in reducing corporate earnings management in different regions with heterogeneous financial development. Empirical results find that：（1） Firms followed by more analysts are reporting less Non-Discretionary Accruals, indicating less accrual earnings management;（2） The above result is more likely to be driven by regions with less developed financial market. The above results show robust when we use instrumental variables to control possible endogenous problems.