旅游上市公司盈余管理对经营绩效的影响--基于企业生命周期的考量

Impact of Earnings Management on Performance of Listed Tourism Companies:From the Perspective of Corporate Life Cycle

盈余管理是企业在不违反会计准则的前提下对财务报表进行美化,并向外界传递正向经营信号的重要手段。认识和了解旅游上市公司中的盈余管理,对抑制企业的过度盈余管理行为,帮助利益相关者做出理性决策具有重要意义。文章选取2010-2017年中国沪、深A股的旅游上市公司,首先,运用修正后的Jones模型和Roychowdhury模型计算各旅游上市公司的应计盈余和真实盈余;其次,运用面板数据回归模型考察旅游上市公司盈余管理与企业绩效之间的关系;最后,加入企业生命周期,实证分析了处于不同生命周期的旅游上市公司盈余管理对企业绩效的作用。研究结论表明:(1)真实盈余管理在旅游上市公司中占比较大,景区类旅游上市公司的真实盈余管理程度最高。旅游上市公司真实盈余管理程度在成熟期内最大,衰退期次之,成长期最弱。(2)旅游上市公司实施的应计盈余管理与绩效呈正相关,真实盈余管理与绩效之间为负相关关系。整体上,旅游上市公司实施盈余管理出于机会主义动机。(3)成长期和衰退期的旅游上市公司应计盈余管理对企业绩效的正向影响显著高于成熟期的旅游上市公司。(4)成长期的旅游上市公司真实盈余管理对企业绩效的负向影响显著低于成熟期的旅游上市公司。

Earnings management behavior is an important way for companies to embellish their financial statements and deliver positive business signals to the world at large.In recent years,there has been a gradual increase in research on the internal governance of listed tourism companies;however,the relationship between earnings management and the performance of listed tourism companies has rarely been investigated.According to enterprise life cycle theory,the development and growth of an organization resembles that of biological systems.Thus,a company shows a different governance structure and operational characteristics at different stages of its growth:those features result in differences in its governance and organizational structure with respect to management methods and management needs.The life cycle perspective can help overcome the lack of research on the performance of earnings management from a static point of view;in that way,research results become more accurate and provide alternative strategies to curb excessive earnings management.From the life cycle perspective,it is possible to determine more accurately the earnings management behavior of listed tourism companies at different stages of development:that is of great significance in avoiding decisions that would be detrimental to the company’s interests and clarify the firm’s true operating status.The present study was conducted using data for listed tourism companies from 2010 to 2017 obtained from the CSMAR database of China for Shanghai and Shenzhen A-share companies.First,the accrued and real surpluses of the companies were calculated using the revised Jones model and Roychowdhury model.Second,following a regression equation,the ordinary least squares method was used to investigate the relationship between earnings management and corporate performance of the listed companies.Finally,after adding the company life cycle perspective with respect to the corporate life cycle of Dickinson(with reference to relevant literature and reflecting the detailed features of the companies),the five different life-cycle stages proposed by Dickinson were integrated into three:growth period,maturity period,and recession period.Using that classification,the listed tourism companies were categorized into different stages.An empirical analysis was then performed on the effects of earnings management of the companies with respect to corporate performance at different points in their life cycle.The conclusions derived from this study were as follows:(1) The listed tourism companies showed strong intention to implement real earnings management;real earnings management was highest in the companies that dealt with tourist attractions.The greatest real earnings management among the companies occurred in the mature period;that was followed by the recession period,and it was weakest in the growth period.(2) The companies’ accrued earnings management and performance showed a positive correlation;the real earnings management and performance were negatively related.Overall,however,the implementation of earnings management by the companies had an opportunistic motive.(3) The accrued earnings management of the companies in the growth and decline periods had a higher positive impact on enterprise performance than in the mature period.(4) The negative effect of real earnings management on enterprise performance of the companies in the growth period was lower than in the mature period.