控股股东股权质押、审计师行业专长与真实盈余管理——基于A股上市公司的经验证据

Equity Pledge of Controlling Shareholders,Senior Auditors’Professional Expertise and Real Earnings Management-Empirical Evidence Based on A-Share Listed Companies

本文选取2007-2017年A股上市公司的数据,考察控股股东股权质押、审计师行业专长和真实盈余管理之间的关系。研究发现:控股股东股权质押与真实盈余管理活动之间具有正相关关系,这一关系在控制权转移风险越高时更为明显;审计师行业专长对控股股东股权质押与真实盈余管理活动之间的关系具有抑制作用。进一步研究发现,只有当股权质押率达到25%时,才会显著刺激公司的真实盈余管理行为;公司实施股权质押时,当审计师行业专长达到3.2%时,才具有显著降低公司真实盈余管理水平的作用。

In this paper,the data of A-share listed companies are selected from 2007 to 2017,and the relationship among controlling shareholders’equity pledge,senior auditors’professional expertise and real earnings management are investigated.It is found that there is a positive correlation between controlling shareholders’equity pledge and real earnings management activities.Such correlation is more obvious when the risk transfer is higher.Senior auditors’professional expertise can inhibit the relationship between controlling shareholders’equity pledge and real earnings management activities.Further research shows that only when the equity pledge rate reaches 25%,will the real earnings management behavior of the company be significantly stimulated;when the company implements equity pledge and senior auditors’professional expertise reaches 3.2%,the company’s real earnings management level can be significantly reduced.