摘要
以沪深港通交易制度实施为背景,采用多期双重差分模型探讨了资本市场开放对公司盈余质量的影响。研究发现,沪深港通交易制度实施显著降低了公司的应计盈余管理和真实盈余管理,并且这一现象在内部控制较低的公司更加明显。进一步研究表明,沪深港通交易制度会显著降低民营上市公司的应计盈余管理和真实盈余管理,却仅降低国有控股公司的真实盈余管理;在不同市场化程度下对应计盈余管理没有显著影响,而对真实盈余管理具有显著影响。
Based on the implementation of the Shanghai-Shenzhen-Hong Kong Stock Connect trading system,this article uses a multi-period double differential model to explore the impact of capital market opening on the company’s earnings quality.The study found that the implementation of the Shanghai-Shenzhen-Hong Kong Stock Connect trading system has significantly reduced the company’s accrued earnings management and real earnings management,and this phenomenon is more obvious in companies with low internal control.Further research shows that the Shanghai-Shenzhen-Hong Kong Stock Connect trading system will significantly reduce the accrued earnings management and real earnings management of private listed companies,but only reduce the real earnings management of state-owned holding companies;there is no significant impact on the corresponding earnings management under different levels of marketization,And has a significant impact on real earnings management.
作者
马广奇
王瑞
MA Guang-qi;Wang Rui(School of Economics and Management,Shaanxi University of Science and Technology,Xi’an 710021,China)
出处
《哈尔滨商业大学学报（社会科学版）》
CSSCI
2021年第4期3-16,共14页
Journal of Harbin University of Commerce:Social Science Edition
基金
国家社会科学基金项目“基于互联网的丝绸之路经济带金融合作机制研究”(16BJY180)。
关键词
资本市场开放
沪深港通交易制度
盈余质量
capital market opening
Shanghai-Shenzhen-Hong Kong Stock Connect trading system
earnings quality
