上市公司盈余管理与股权结构关系的实证研究——基于中国上市石油化工制造业的数据

企业盈余管理并非是单纯的会计行为,它表现为不同利益相关者之间的利益冲突及其结果,鉴于中国上市公司所形成的特殊公司股权结构,有必要对其股权结构与盈余管理行为之间的关联性进行研究,从而改善上市公司内外部治理机制。以中国石油化工制造业上市公司的数据为样本,对盈余管理与股权结构关系进行实证分析,其结果显示,前五大股东比例与盈余管理程度呈正相关,而法人股比例与盈余管理程度呈负相关。机构投资者持股比例越高,越会减少盈余管理行为。

An Empirical Study on the Correlation of Earning Management and the Structure of Share Ownership---Based on the data of listed petroleum and chemistry corporations in China

Earning management is not a simple accounting action. It demonstrates the results from the conflicts of interests among stakeholders. Considering the special structure of share ownership in Chinese listed corporations, it is necessary to study how the structure of share ownership is correlated with earning management so as to improve the internal governance mechanism of the listed corporation. Based on the data of the listed corporations in petroleum and chemical industry, the paper conducts an empirical analysis on the correlation between earning management and the structure of share ownership. The result shows that the ratio of holding shares of the first five bigger shareholders is positively correlated with earning management, while the ratio of holding shares of legal entity is negatively correlated with earning management. The higher ratio of holding shares of institutional investors is, the less activities of business earning management have.