隐性关联关系与真实盈余管理——基于工商大数据的研究

Hidden Related Party Relations and Real Earnings Management

高质量会计信息是资本市场投资者决策的重要依据,上市公司需要依规披露。但是我们仍观察到有些上市公司特意隐藏一些重要的敏感信息。在商业模式创新、监管力度加大的背景下,上市公司可能利用隐藏了关联关系的客户和供应商构建“真实”交易调节会计盈余乃至进行舞弊。基于此,本文采用新方法度量上市公司与重要交易对象之间的隐性关联关系,即基于工商大数据分析两者是否存在共同人物关系与共同联系关系。本文检验发现存在隐性关联关系的上市公司具有更高的真实盈余管理水平,稳健性检验结果亦一致。进一步分析表明,在客户供应商集中度更高或变动频繁、低行业集中度企业、证监会专项检查通知发布后期间和低市场化地区企业的分组中这一结果显著。本文对隐性关联关系的定义和衡量、关联关系披露规定制定提供了一定的启示。

We adopt a new method to measure the hidden relationship,i.e.to analyze whether there is a common person relationship and common connection between companies and their significant counterparties based on the big data of industry and commerce.We find that companies with hidden related party relations have higher levels of real earning management,and the results of robustness tests are consistent.Further,this result is significant in the grouping of firms with higher concentration or more frequent changes in customer and supplier,firms with low industry concentration,firms with special inspection notices from CSRC and in low marketization regions.We provide ideas on the definition and measurement of the hidden related party relations and the development of disclosure requirements for the related party.