摘要
II
部治理因素的表现也存在很大程度上的差异性
第五，真实盈余管理治理的对策建议。基于真实盈余管理影响因素分析及区域对比
结果，从强力推进内外部治理体系重塑和重点把控外部环境调节作用两个方面提出针对
性的建议
关键词：真实盈余管理；内外部治理；贝叶斯模型平均；法治水平；地区差异
Abstract
III
Abstract
The unchecked development of earnings management has become a stubborn disease
that is hard to cure in capital market. The managements of listed companies make use of the
favorable conditions of asymmetric information, distort the management effect, whitewash
the performance, and then mislead the investors to make decisions in favor of themselves.
This behavior is a kind of concealment and deception to investors, which interferes with the
benign operation of the capital market. As early as 1980s, the financial and accounting fields
of western developed countries began to pay attention to the problems of the generation and
governance of earnings management. The implementation of the split share reform and the
promulgation and implementation of relevant laws in the capital market made the related
problems of earnings management receive extensive attention from the theory and practice of
our country. At present, scholars at home and abroad have made certain achievements in the
related research of earnings management. However, the increasingly mature capital market
has brought more opportunities for the rapid development of listed companies, which
providing a continuous fund support for the expansion of scale and reproduction of listed
companies, and realizing the flow of capital to the most efficient areas. On the other hand, the
changes in the political, economic and legal environment related to the capital market have
made the living environment of the listed companies more and more complex, and the
motives and means of the earnings management of the listed companies are also increasingly
diversified. The factors that affect the management of the listed companies include not only
the internal indexes of the level of corporate governance, such as the ownership structure, the
size of the board of directors, but also the external indexes such as the the level of
marketization and the degree of government intervention. Therefore, the article starts with the
real earnings management to study the governance effectiveness of governance structure,
ownership structure, corporate characteristics, external audit and external
macro-environmental factors, then provide further theoretical support to improve the status of
real earnings management and assist corporate governance. The contents and conclusions of
the article are as follows :
First, the framework of the research of real earnings management. On the basis of
summarizing the research trend at home and abroad, combining with the development of
Chinese capital market and modern company. Then the related theories of real earnings
management and the research ideas and methods of the article are elaborated, and the logical
framework of the full text is constructed.
Second, the index of influencing factors of real earnings management is constructed.
Considering the uncertainty of the model and the availability of data, 21 indicators that may
Abstract
IV
affect real earnings management are comprehensive selected to build the system of
influencing factors about real earnings management from 5 aspects: governance structure,
ownership structure, corporate characteristics, external audit and external environment. It is
laid the foundations to further discuss the causes of the influencing factors about real earnings
management of listed companies in the open complex system.
Third, the empirical test of the influencing factors about real earnings management. The
empirical analysis of the 2008-2016 year A shares listed companies by the BMA is used to test
the mechanism of the macroeconomic legal environment and the micro corporate governance
on real earnings management. The results show that the internal governance of the company is
an important aspect of the real earnings management, especially the ownership structure and
the characteristics of the company have a strong explanatory effect on the earnings
manipulation. In the external audit, the type of office and audit fees can significantly improve
real earnings manipulation. In the external environment factors, the level of rule of laws helps
to improve corporate governance and restricts the behavior of the company's real earnings
management.
Fourth, the regional comparative study of the influencing factors about real earnings
management. In view of the imbalanced development of the external environment in China,
according to the differences in the level of the rule of law, the region is divided into two
groups: high and low, and the differences in the performance of corporate internal governance
on real earnings management are examined respectively under the same rule of law. The
results show that when the level of the rule of law in the region is relatively good, the
companies that affect the real earnings management behavior include the governance structure,
the ownership structure, the corporate characteristics and the external audit. When the
development of the rule of law in the region is relatively weak, the real earnings management
behavior is mainly manifested in the equity structure and the corporate characteristics. In
addition, there is also a large degree of discrepancy in the performance of internal governance
factors between the same level of rule of law in different periods.
Fifth, countermeasures and suggestions for improving real earnings management. Based
on the analysis of the influencing factors of real earnings management and the results of
regional comparison, this paper puts forward some pertinent suggestions from two aspects:
promoting the reconstruction of the internal and external governance system and the emphasis
on the control of the external environment.
Keywords: Real earnings management; Internal and external governance; Bayesian
model average; Rule of law; Regional difference
目录
V
目录
摘要.... I
AbstractIII
目录 .. V
第一章 绪论..... 1
1.1研究背景及研究意义 ... 1
1.1.1研究背景 . 1
1.2.1研究意义 . 2
1.2国内外文献综述 ........... 2
1.2.1国外文献综述 ..... 2
1.2.2国内文献综述 ..... 4
1.2.3文献评述 . 6
1.3研究思路与研究内容 ... 6
1.3.1研究思路 . 6
1.3.2研究内容 . 7
1.4研究方法与技术路线 ... 8
1.4.1研究方法 . 8
1.4.5技术路线 . 8
1.5研究创新点 ....... 9
第二章 理论基础与研究方法........... 11
2.1理论基础 ......... 11
2.1.1委托代理理论 ... 11
2.1.2契约理论 ........... 12
2.1.3信息不对称理论 ........... 12
2.2贝叶斯平均方法 ......... 13
2.2.1模型不确定性 ... 13
2.2.2 BMA简介 ......... 14
第三章 真实盈余管理评价体系构建........... 16
3.1真实盈余管理的内涵 . 16
3.1.1真实盈余管理的起源发展 ....... 16
3.1.2真实盈余管理的计量方法 ....... 16
3.1.3真实盈余管理的实施动机 ....... 18
3.1.4真实盈余管理的经济后果 ....... 19
3.2真实盈余管理内部影响因素 . 20
3.2.1治理结构 ........... 20。