宏观经济波动、管理层持股与企业盈余管理

Macroeconomic Fluctuation,Managerial Ownership and Earnings Management

本文以2007~2014年A股上市公司为样本,运用固定效应面板回归实证检验了管理层持股对企业盈余管理行为的影响,同时深入考察了宏观经济波动对管理层持股与盈余管理程度关系的调节效应。研究发现:管理层持股与盈余管理程度显著正相关;并且在经济繁荣期,管理层持股与盈余管理程度的正相关程度显著增强;进一步分析表明,宏观经济波动对管理层持股与盈余管理程度关系的调节效应主要存在于非国有企业和非主板企业。本文将宏观经济波动纳入管理层持股与盈余管理的研究,丰富了关于管理者激励经济后果的研究,提供了盈余管理影响因素的新证据,拓展了宏观经济波动与企业微观主体行为关系的研究视角,对监管部门、审计师和投资者等具有一定的参考价值。

Based on the sample of A-share listed companies from 2007 to 2014, this paper examines the effect of managerial ownership on earnings management and further studies the moderating effect of macroeconomic fluctuation on the relationship between managerial ownership and earnings management by means of fixed effect panel regression. The results indicate that there is a significantly positive correlation between managerial ownership and earnings management. The better the macroeconomic situation becomes, the stronger the moderating effect gets. Besides, the further analysis shows that the moderating effect of the macroeconomic fluctuation is more obvious in non-SOEs and non-main board listed companies. As macroeconomic fluctuations are included to the study of managerial ownership and earnings management, this paper enriches the study on economic consequence of managerial incentives, supplements the research on influence factors of earnings management and offers a new perspective into the relationship between macroeconomic fluctuation and corporate behaviors. It also gives more insights into the influence of macroeconomic environment on corporate behaviors, which is of important practical value to regulators, auditors and investors.