农业企业的盈余操控更为严重吗?——基于中国上市公司的实证研究

More Serious Earnings Manipulation in Agricultural Enterprises?:Empirical Research Based on Chinese Listed Companies

采用2007—2014年中国沪深两市A股上市公司数据,研究行业特征和盈利能力对上市公司盈余管理水平的影响,实证分析结果表明:农业上市公司较非农上市公司具有更高的应计盈余管理水平和真实盈余管理水平;上市公司的盈利能力与应计盈余管理水平正相关,而与真实盈余管理水平负相关;较高的盈利能力强化了行业特征对真实盈余管理水平的正向影响,而对应计盈余管理水平则不具有这种影响。该研究不仅证实了农业上市公司较非农上市公司实施了更为严重的盈余操控,还揭示出上市公司的盈利能力对应计盈余管理水平和真实盈余管理水平的影响存在异质性以及盈利能力对行业特征与两种盈余管理水平之间关系的调节作用也存在异质性。

Based on the sample lrom A-share hrms m the stock markets oi 5hanghal and 5henzhen during the period of 2007 to 2014 in China, the paper examines the impact of industry characteristics and profitability on earnings management. According to the empirical results, we find agricultural listed companies have higher level of accrual-based earnings management and real earnings management, and there are positive correlations between profitability and accrual-based earnings management and negative correlations between profitability and real earnings management. Further studies indicate that the higher profitability enhances the impact of industry characteristics on real earnings management, however, not on accrual-based earnings management. The studies confirm more serious earnings manipulation in agricultural enterprises than non-agricultural enterprises. What＇s more, the studies indicate the heterogeneity of profitability affecting accrual-based earnings management and real earnings management, as well as the heterogeneity of profitability adjusting the impact of industry characteristics on accrual-based earnings management and real earnings management.