一致行动人的治理效能研究:基于真实盈余管理视角

Governance efficiency of persons acting in consistent people:Based on the perspective of real earnings management

一致行动人作为股权结构的特殊安排形式,是重要的公司治理机制之一。以沪深A股上市公司为研究对象,实证检验一致行动人对真实盈余管理的影响及其作用路径。研究发现:(1)一致行动人能够抑制真实盈余管理行为,表现为一致行动人持股比例越高,真实盈余管理水平越低;(2)路径分析发现,一致行动人通过降低第二类代理水平、提高公司透明度和内部控制质量这三条路径抑制真实盈余管理水平;(3)进一步研究发现,外部监督中的高质量审计、媒体关注、分析师跟踪能够抑制真实盈余管理水平,并且对一致行动人的治理效能具有替代作用。研究结论为如何抑制真实盈余管理提供来自股权结构视角的新证据,并对强化外部监督改善公司治理具有启示意义。

As a special arrangement form of equity structure,persons acting in concert are one of the important corporate governance mechanisms.This article takes A-share listed companies in Shanghai and Shenzhen as the research object,and empirically tests the impact and path of persons acting in concert on real earnings management.The empirical results indicate that:(1)persons acting in concert can constrain real earnings management behavior,manifested as the higher the shareholding ratio of persons acting in concert,the lower the level of real earnings management.(2)Impact channels analysis found that,persons acting in concert suppress the level of real earnings management through three paths:reducing the level of second type agency,improving company transparency,and improving internal control quality.(3)Further research has found that,high-quality audits,media attention,and analyst tracking can suppress the true level of earnings management,and have a substitute effect on the governance effectiveness of persons acting in concert.This article provides new evidence from the perspective of equity structure on how to suppress real earnings management,and has enlightening significance for strengthening external supervision and improving corporate governance.