资本市场开放与归类变更盈余管理——基于互联互通机制的经验证据

Capital Market Opening and Classification Shifting Earnings Management——Evidence From Interconnection Mechanism

文章将互联互通机制作为资本市场开放的外生改善,通过构建双重差分模型,实证检验了资本市场开放对我国A股上市公司归类变更盈余管理的影响。研究发现,互联互通机制能够有效抑制管理层利用盈余项目错误分类操纵核心盈余的行为;而且,互联互通作为一种外部治理机制,对民营控股、股权集中度较高公司归类变更盈余管理的约束作用更显著;进一步分析认为,当公司信息环境较差、代理问题更严重时,互联互通机制的治理效应更大。上述研究结论对于理解互联互通机制的实施效果,继续完善资本市场开放具有一定的参考价值。

Taking the interconnection mechanism as the exogenous improvement of the capital market opening,this paper builds a dual difference model to empirically test the impact of the capital market opening on the earnings management of the A-share company’s classification change. It is found that the interconnection mechanism can effectively restrain the management from misclassification of earnings items to manipulate core earnings. Moreover, as an external corporate governance mechanism,interconnection plays a more significant role in restraining earnings management of classified change in companies with higher private holding and equity concentration. Further analysis shows that when the company’s information environment is poor and the agency problem is more serious,the governance effect of the interconnection mechanism is greater. The above research conclusions has certain reference value for understanding the implementation effect of interconnection mechanism and further expanding the openness of capital market.