真实盈余管理与企业价值相关性研究——基于控制权配置的实证分析

Research on the Correlation between Real Earnings Management and Corporate Value:An Empirical Analysis Based on the Configuration of Control Rights

企业控制权的配置主要是指控制权在股东、董事会和管理层中的安排和分配情况。控制权配置不合理为真实盈余管理活动等代理行为提供了更多的操作空间。在大股东绝对控制等控制权配置状态下,盈余管理等行为对企业价值的影响将具有一定的不确定性。本文从大股东持股比例角度展开对比研究,希望能为厘清控制权配置影响下真实盈余管理行为和企业价值之间的关系提供一些建议和参考。

The allocation of corporate control rights mainly refers to the arrangement and distribution of control rights in shareholders,board of directors and management.The unreasonable allocation of control rights provides more space for the agency activities such as real earnings management activities.Under the state of controlling power such as the absolute control of major shareholders,the impact of earnings management and other actions on the value of the company will have certain uncertainties.This article starts from the perspective of the proportion of large shareholders holding shares,and hopes to provide some suggestions and references for clarifying the relationship between real earnings management behavior and corporate value under the influence of the allocation of control rights.