媒体关注和内部控制对真实盈余管理治理的替代效应研究

The Substitution Effect of Media Concerns and Internal Control on Real Earnings Management

文章以2009~2015年中国A股上市公司为研究对象,从内外部两方面着手,通过OLS回归和Heckman二阶段回归,研究了媒体关注和内部控制对真实盈余管理的治理是否发挥了一定的积极作用,并且进一步探讨了两者之间具体是以替代还是互补方式来发挥作用的。研究发现:媒体关注以及高质量的内部控制均可以有效抑制上市公司的真实盈余管理行为,并且两者的抑制作用存在替代效应,即媒体关注可以有效降低由于内部控制质量较差而诱发的真实盈余管理行为。

Earnings management has been a hot topic in recent years. Media attention and internal control,as the external and internal supervision mechanism of listed companies,affect their earnings management behavior. In this paper,we use China Shanghai and Shenzhen A shares of listed companies from 2009 to 2015 as the research object,using OLS regression and Heckman regression on the two stage to study whether the media attention and the internal control play a positive role in the governance of real earnings management,and further discuss both of the real earnings management governance is a alternative or complementary way to play a role. The study finds that the media attention and the quality of the internal control can effectively inhibit the behavior of listed companies of real earnings management,and there is an inhibitory effect of the presence of both the substitution effect,which can effectively reduce the media attention due to the poor quality of the internal control in the real earnings management behavior.