导　　师： 曹建新

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 董事会与盈余管理是财务与会计学术研究中的热点问题，我国民营上市公司的蓬勃发展为相关研究提供了独特的样本。本文研究中国民营上市公司董事会特征对盈余管理的影响。本研究对完善我国民营上市公司的董事会治理、抑制盈余管理、保护关键利益相关者的共同利益有一定的理论与实践意义。 本文首先综述了国内外董事会特征与盈余管理关系的相关研究，明确了研究的内容与意义。其次，对比了从2008年到2011年共4年间我国民营上市公司与非民营上市公司的董事会特征数据与ROE分布情况，揭示了民营上市公司董事会的部分特点与盈余管理的现状，并对其原因进行了分析。接下来，运用了委托代理理论、信息不对称理论、关键利益相关者共同治理理论进行分析，并提出了本文的研究假设。为检验假设，本文选取2008年到2011年间我国A股1628家非金融保险类民营上市公司数据为样本，设计多元线性回归模型予以检验，得到的实证结果如下：（1）董事长兼任总经理与盈余管理在10/%水平下显著正相关；（2）董事会持股数量与盈余管理在5/%水平下显著正相关；（3）财务总监担任审计委员会委员与盈余管理在5/%水平下显著负相关。最后，在对实证结果分析的基础上得出启示，提出完善我国民营上市公司治理的一些建议。 本文研究结果的意义在于：1、以民营上市公司为研究样本，丰富了董事会特征与盈余管理相关关系的研究；2、首次研究了财务总监担任审计委员会委员对盈余管理的影响；3、能够为民营上市公司治理的改善提供理论参考，也能为市场监管职能的履行提供政策建议；4、本研究结果对于非民营上市公司和民营非上市公司有一定参考价值。 Board of directors and earnings management are two hot issues in the finance andaccounting academic circles in the world. And listed private companies now booming inChina giveresearchers completely new samplesto research this field. In this paper, we studythe relevance between characteristics of board of directors and earnings management inChinese listed private companies. So, this research has some theoretical and practical valueforimproving the governance of the board of directors of private listed companies in China,inhibiting of earnings management, and protecting the common interests of all the keystakeholders. Firstly, we list some research findings from home and abroad about the relevancebetween board of directors’ characteristics and earnings management. Secondly, currentcharacteristicsof board of directors and earnings managementof listed private companies aredemonstrated by contrasting the data of board’s characteristics and ROE distribution of listedprivate companies with those of listed non-private companies from2008to2011, and thereasons were analyzed. Thirdly, we first analyze it with principal-agent theory, asymmetricinformation theory and key stakeholders in common governance theory, then put forwardthree hypotheses. Fourthly,hypotheses are tested with a sample of1628non--financial andinsurance companies on Shanghai and Shenzhen A-share listed private companies during2008-2011, the results are:/(1/) the chairman of the board who simultaneously serves asgeneral manager is positive relevant to earnings management in the10/%level;/(2/) theaccumulate amount of share held by directors is positively relevant to earnings managementin the5/%level;/(3/) when the person in charge of financial department is a member of theauditcommittee at the same time, the earningsmanagement is low in the5/%level. Finally,onthe basis of the analysis of empirical results, we derived inspirations and put forward somesuggestionsto improvethegovernance of theboard of private listedcompanies in China. The meanings of this paper are as follows:/(1/) selecting private listed companies assamples, this paper will enrich the study of the relationship between the characteristics ofboard of directors andearnings management in China;/(2/) this paper researches the relevence between CFO and the earnings management for the first time;/(3/) the results have a certainreferencevaluefor listed private companies and for theperformance of the market regulatoryfunctions;/(4/) the results have some reference value for non-listed private companies andlistednon-private companies,too.

关 键 词： 民营上市公司 董事会 盈余管理 相关性

分 类 号： [F275 F271]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]