行业竞争冲击下股权集中度对盈余管理的影响研究

以2007-2017年A股上市公司为研究对象,检测了行业竞争冲击下股权集中度对盈余管理的影响。实证结果发现:第一股东持股率越高,其上市公司盈余管理水平越低;相反,企业的盈余管理行为随第二至第十大股东持股率的提高而增加。在高竞争冲击下,第一大股东一改往常的态度,与第二至第十大股东一样,都倾向于进行盈余管理。如果行业竞争不激烈时,只发现第二至第十大股东热衷于企业的盈余管理行为。即,股权集中度对企业盈余管理水平的影响可能随行业竞争性的不同而变化。

Study on the Correlations between the Shares Concentration and the Earnings Management under the Impact of Industrial Competition

Shares concentration is one of the important internal factors affecting earnings management,and the competition faced by enterprises can be divided into multiple levels.And the competitive forms will also change accordingly.Based on the A-share listed companies in Shanghai and Shenzhen between 2007 and 2017 as research samples,the study examined the correlation between shares concentration and earnings management under the impact of industry competition.The empirical results showed that:the higher the shareholding ratio of the first shareholder,the lower the earnings management level of the listed company.On the contrary,the higher the ratio of the second to the tenth largest shareholder,the higher the level;Under the impact of high competition,the first major shareholder would change its usual attitude to manage earnings like the second to the tenth largest shareholder,but if the industry was not competitive,only the second to tenth largest shareholders were found to be keen on the company s earnings management.That is,the impact of shares concentration on the level of corporate earnings management may vary with the competitiveness of the industry.