摘要
在股权质押爆仓事件频频出现的背景下,以2014—2019年我国深沪两市A股上市公司的数据为样本,实证检验了股权质押对真实盈余管理的影响并揭示了外部审计监督对该影响的调节机制。研究发现:大股东的股权质押行为显著提升了企业的真实盈余管理程度,且质押比例越高,真实盈余管理程度越高。外部审计监督可以明显抑制股权质押企业的真实盈余管理行为。进一步研究发现:股权质押企业通过销售操纵、生产操纵和费用操纵来进行真实盈余管理,而外部审计监督主要通过抑制生产操纵行为和费用操纵行为来抑制股权质押企业的真实盈余管理行为。上述结果在真实盈余管理滞后一期、增加控制变量以及替换外部审计监督衡量方式等稳健性检验后仍然成立。未来管理中应在股权质押融资前严格审核,融资后密切关注企业的经营活动和投资行为;警惕高比例股权质押企业;进一步加强外部审计监督的力度,提高审计师的专业知识和业务能力,更好地识别并抑制企业通过销售操纵来进行真实盈余管理这一路径,进一步降低企业的真实盈余管理程度。
In view of frequent occurrence of equity pledging forced liquidation events,this paper empirically tests the impact of equity pledging on real earnings management based on the data of A-share listed companies in Shenzhen and Shanghai stock exchanges from 2014 to 2019,and reveals the regulatory mechanism of external audit supervision on the impact.The results show that:The pledging of major shareholders significantly improves the degree of real earnings management,and the higher the proportion of pledging,the higher the degree of real earnings management;meanwhile,external audit supervision can significantly restrain real earnings management of the enterprises that pledge the equity.Further research finds that the enterprises that pledge the equity conduct real earnings management through sales manipulation,production manipulation and cost manipulation while external audit supervision mainly restrains real earnings management through restraining production manipulation and cost manipulation.The above results still remain valid after the robustness tests when the real earnings management lags behind a period,or the control variables increase,or the alternative external audit supervision is used.In the future management,strict audit should be conducted before financing,and close attention should be paid to the business activities and investment behaviors of the enterprises after financing.Additionally,it is advisable to keep a close watch on the enterprises with high proportion of equity pledging,to improve the auditors’professional knowledge and capacity,and to better identify and restrain the enterprises from managing real earnings through sales manipulation,in order to further reduce the degree of real earnings management of the enterprises.
作者
张咏梅
刘雪
赵桐
ZHANG Yongmei;LIU Xue;ZHAO Tong(College of Economics and Mana gement,Shandong University of Science and Technology,Qingdao,Shandong 266590,China)
出处
《山东科技大学学报（社会科学版）》
2023年第1期72-83,共12页
Journal of Shandong University of Science and Technology(Social Sciences)
关键词
股权质押
真实盈余管理
外部审计监督
equity pledging
real earnings management
external audit supervision
