社保基金持股对盈余管理影响的实证分析

The Influences of Social Security Fund on Earnings Management

以2012-2017年中国A股上市公司为样本,研究社保基金持股对公司盈余管理的影响,同时检验内部控制质量在其中发挥的中介作用。研究发现,社保基金持股比例同公司盈余管理程度呈显著的负相关关系;内部控制质量在社保基金影响公司盈余管理的过程中发挥了部分中介效应;社保基金的治理作用只有在非国有企业和大股东非绝对控制企业中才能发挥。

Taking the 2012-2017 China A-share listed companies as samples,this paper studies the impact of social security fund holdings on the companies'earnings management,and examines the intermediary media role played by internal control quality.It is found that the shareholdings of social security funds has a significant negative correlation with the degree of earnings management of the company;that the quality of internal control plays a part of the intermediary effect in the process of social security fund affecting the company's earnings management;and that the governance role of social security funds is only Non-stateowned enterprises and major shareholders can only play if they are not absolutely controlled.