作　　者： (周晓苏）; ;

机构地区： 南开大学商学院

出　　处： 《管理科学》 2016年第1期108-122,共15页

摘　　要： 所有权和控制权分离,使股东和高管利益不一致,信息不对称增加了管理层盈余管理的动机和能力,随着外部监管环境的改变,盈余管理不同方式的成本收益发生改变,使两种盈余管理的权衡可能发生改变。选取2008年至2014年中国沪、深A股数据,基于修正的Jones模型和Roychowdhury模型计量应计和真实盈余管理,采用Dickinson模型净现金流量符号组合的生命周期计量方法,基于企业生命周期的动态视角,采用普通最小二乘法多元线性回归方法实证检验应计盈余管理和真实盈余管理的关系。研究结果表明,成长期企业的应计盈余管理和真实盈余管理程度均显著低于成熟期企业,衰退期企业的应计盈余管理和真实盈余管理显著高于成熟期企业,较之成熟期企业,成长期企业和衰退期企业应计盈余管理和真实盈余管理的正相关关系更大,即不同生命周期企业中两种盈余管理之间存在互补关系,但该互补关系的程度在成长期企业和衰退期企业更大。企业生命周期是影响应计盈余管理和真实盈余管理的重要因素,成长期、成熟期和衰退期企业的应计盈余管理和真实盈余管理程度逐渐增加,表明基于生命周期的动态视角探析应计盈余管理和真实盈余管理关系的必要性。研究结果丰富了盈余管理和企业生命周期的相关经验研究,对提高企业会计盈余质量及中小投资者保护具有一定的借鉴意义,对会计信息监管机构也有一定的借鉴意义。 Shareholders and managers have inconsistent interests for the separation of ownership and management rights. Information asymmetry exacerbate motivation and ability of managers＇ earnings management. Along with the changes of outside regulatory environment, the costs and benefits of different types of earnings management changes a lot, so does the trade off of year 2008 to 2014, this paper respectively uses modified Jones model and Roychowdhury model to measure the accrual earnings management and real earnings management. This paper also uses net cash flow symbols following Dickinson model to measure corporate life cycle, and from the dynamic perspective of corporate life cycle, by using ordinary least square multiple regression analysis, we investigates the relationship between accrual earnings management and real earnings management of Chinese listed companies, in other words, it empirically investigates the effects of corporate life cycle on trade off of accrual earnings management and real earnings management. Investigating the effects of corporate life cycle on accrual earnings management and real earnings manage- ment, as well as the relationship between accrual earnings management and real earnings management will not only be one of basic factors that influences earnings management, but also can serve as an important way to understand deeply why corporate life cycle influence earnings management and the trade off of different types of earnings management.Based on the empirical results, we find that, firstly, accrual earnings management is much lower in growth stage than that of ma- ture stage, real earnings management is also much lower in growth stage than that of mature stage; secondly, accrual earnings management in recession stage is much higher than that in mature stage, and that real earnings management in recession stage is also much higher than that in mature stage ; thirdly, the positive relationship between accrual earnings management and real earnings management is much more significant in grow

关 键 词： 企业生命周期 应计盈余管理 真实盈余管理 会计盈余信息质量 投资者保护

领　　域： [经济管理—企业管理] [经济管理—国民经济]