摘要
以2011—2015年中国A股上市公司数据为样本,考察了金融环境不确定性与盈余操纵程度的关系,并检验了所有权性质的调节作用。结果发现,金融环境不确定性越高,企业盈余操纵程度越大,且公司层面不确定性对于盈余操纵的影响较大,市场层面的影响次之。民营企业的盈余操纵程度显著高于国有企业,且国有性质能够显著降低不确定性对盈余操纵的影响,表明国有性质对于盈余操纵存在治理效应。
This paper made a research on the relationship between the financial environmentuncertainty and earnings manipulation degree by taking the listed companies data from 2011 to 2015 asa sample, and made a test on the regulatory role of nature of ownership. The result showed that thehigher was the financial environment uncertainty, the bigger was the enterprises’earnings manipulationdegree. And the uncertainty of enterprises’level could affect the earnings manipulation significantly,the market level had less effect. The degree of earnings manipulation in private enterprises wereobvious higher than state- owned enterprises. The state- owned nature could reduce the impact ofuncertainty on earnings manipulation significantly, which indicating the presence of state-owned naturefor earnings manipulation governance effect.
出处
《金融理论与实践》
北大核心
2016年第9期51-55,共5页
Financial Theory and Practice
基金
国家自然科学基金青年项目"网络舆论
公司治理与公司财务政策"(71402155)
闽南师范大学出国(境)资助项目(2015-2016)
关键词
金融环境不确定性
所有权性质
盈余操纵
financial environment uncertainty
nature of ownership
earnings manipulation
