商业研究

商业研究

• 公司治理 • 上一篇    下一篇

我国上市公司盈余管理决策存在同群效应吗？

冯玲，崔静   

  1. （福州大学 经济与管理学院，福州〓350108）
  • 收稿日期:2018-10-20 出版日期:2019-02-15
  • 作者简介:冯玲（1963-），女，福建宁德人，福州大学经济与管理学院/金融研究所教授，博士生导师，管理学博士，研究方向：金融市场、量子金融；崔静(1986-)，女，安徽阜阳人，福州大学经济与管理学院博士研究生，研究方向：金融市场、公司金融。
  • 基金资助:
    国家自然科学基金项目“量子场论下的Shibor利率期权定价研究”，项目编号：71573043。

Do Peer Effects Exist in the Earnings Management Decisions of Chinese Listed Companies？

FENG Ling,CUI Jing   

  1. (School of Economics and Management, Fuzhou University, Fuzhou 350108,China)
  • Received:2018-10-20 Online:2019-02-15

摘要： 作为公司决策的主体，管理者的行为和决策不可避免地存在同群的相互依赖性，公司高管在盈余管理决策中可能存在使自身行为与同群行为保持一致的倾向性。本文采用我国A股上市公司2012-2017年数据，通过蒙特卡洛模拟构造基于分析师共同关注的同群群组，以“同群的同群”作为工具变量对线性均值结构式模型进行识别，并采用条件方差识别方法对盈余管理同群效应的乘数效应进行测度。研究结果证实了我国上市公司盈余管理决策存在同群效应，但具有方向上的不对称性，受同群公司向上盈余管理的影响较为显著，对同群公司向下盈余管理的影响不显著。因此，监管部门应重视盈余管理同群效应的外溢影响，特别是公司向上的盈余管理行为。

关键词: 同群效应, 盈余管理, 分析师共同关注, 条件方差识别, 非对称性

Abstract: As the main body of corporate decision-making, managers′ behavior and decision-making inevitably have the interdependence of the same group. In earnings management decision-making, corporate executives may have the tendency to keep their own behavior consistent with that of the same group.Based on the data of A-share listed companies in China from 2012 to 2017, this paper uses Monte Carlo simulation to construct a cohort group based on analysts′ common concern, uses “cohort of cohorts” as a tool variable to identify the linear mean structural model, and uses conditional variance identification method to measure the multiplier effect of earnings management cohort effect.The results confirm that the earnings management decision-making of listed companies in China has the same group effect, but it has the asymmetry of direction, which is significantly affected by the upward earnings management of the same group companies, but not by the downward earnings management of the same group companies. Therefore, regulators should pay attention to the spillover effect of earnings management group effect, especially the upward earnings management behavior of companies.

Key words: peer effects, earnings management, Common Analyst-Based Method, Conditional Variance, asymmetry