控股股东股权质押与分类转移盈余管理

Controlling Shareholder's Stock Pledge and Classification Shifting

基于分类转移盈余管理的视角,以2007~2016年沪深A股非金融上市公司为样本,研究控股股东是否会通过分类转移盈余管理的方式增加核心盈余。研究发现,面临强烈的资金需求及质权人的监督,控股股东在股权质押前会进行向上分类转移盈余管理以体现盈利能力的持续性,而且核心盈余的增加使得股价有了显著提升,控股股东通过股权质押获得大规模的质押融资。本文研究应计盈余管理和真实活动盈余管理以外的第三种盈余管理方式与控股股东股权质押的关系,为质权人、监管层和审计师监督控股股东股权质押提供新的视角。

Based on the perspective of classification shifting, this paper investigates whether the controlling shareholders will increase the core earnings through special items in a sample of 2007-2016 years＇ non-financial listed companies with A shares in Shanghai and Shenzhen. It is found that, as the demand for funds is intense and the supervision is rigorous, the controlling shareholders will improve the core earnings before the stock pledge. As a result,not only can it reflect the persistence of income,but it also increases the price significantly. After studying the relationship between the third earnings management methods,which are different from accrued earnings managementand the real earnings management, and the stock pledge of the controlling shareholders, this paper provides a new perspective for the pledgees,the regulatory layers and the auditors.