境外资本对企业盈余管理的影响研究

Research on the Impact of Foreign Capital on Enterprise Earnings Management

随着资本市场开放和《外商投资法》颁布,境外资本在公司治理方面将扮演更重要的角色。本文以2007—2017年我国上市公司为样本,研究境外股东投资入股的公司能否充分发挥外资股东的外部监督作用来控制公司的盈余管理行为。结果表明,具有外商投资的公司应计盈余管理水平更低,持股比例与应计盈余水平负相关,与真实盈余水平正相关;QFII作为专业机构投资者可以同时抑制应计和真实盈余管理。考虑了内生性、替换控制变量后结果仍成立。进一步研究发现,QFII显著调节了外资与真实盈余管理之间的关系。文章揭示了不同境外资本与两种盈余管理方式的关系,以及QFII机制的特殊作用。

With the opening of the capital market and the promulgation of the"Foreign Investment Law",foreign capital will play a more important role in corporate governance.This article takes listed companies from 2007 to 2017 as a sample to study whether companies in which foreign shareholders invest in shares can give full play to the external su‐pervision of foreign shareholders to control the company’s earnings management behavior.The results show that the ac‐crued earnings management level of companies with foreign investment is lower,and the shareholding ratio is negatively correlated with the accrued earnings level and positively correlated with the true earnings level;As a professional institu‐tional investor,QFII can suppress accruals and real earnings management at the same time.The result is still valid after considering the endogenity,replacing explanatory variables and control variables.Further research found that QFII signifi‐cantly adjusted the relationship between foreign investment and real earnings management.The article reveals the relation‐ship between different foreign capital and the two earnings management methods,as well as the special role of the QFII.