Economic Theory and Business Management ›› 2012, Vol. 31 ›› Issue (12): 85-98.
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HAN Yong-1,GAN Sheng-Dao-1,LIU Bo-2
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韩勇1,干胜道1,刘博2
作者简介:
基金资助:
国家自然科学基金项目(70672013);教育部新世纪优秀人才支持计划项目(NCET-08-0384);安徽省教育厅高校省级自然科学研究项目(KJ2012Z005)
Abstract: This paper discussed the earnings management problem of control right transfer in the perspective of shareholder's trait.This paper divided listed companies into the stateowned and the privateowned enterprises according to control right.Research results showed that when the largest shareholder transferred from stateowned enterprises into private-owned enterprises, the largest shareholderhad the motivation of earnings management.In other words, there existed possibility of loss of state assets during the privatization of state owned assets.When the transfer of the largest shareholder occurred between privateowned enterprises, there was significant difference of earnings management before and after.As private-owned enterprises were “rational economic man”, there also existed the problem of earnings management of achievements.When the largest shareholder transferred between state-owned enterprises, either paid or free transfers, there was no motivation for earnings management.
Key words: shareholder's trait , control right transfer , earnings management
摘要: 从股东特质角度研究控制权转移的盈余管理问题,笔者根据控制权的不同把上市公司区分为国有控股和民营控股。研究结果表明,当第一大股东由国有股权转化为民营股权时,第一大股东有盈余管理动机,即国有股权私有化过程中存在国有资产流失嫌疑。当第一大股东由民营转变为民营时,第一大股东变更前后盈余管理存在显著差异。即第一大股东变更发生在民营企业间时,由于民营企业是一种“理性经济人”,因而显著地存在对业绩的盈余管理问题。当第一大股东变更发生在国有企业之间时,无论是无偿转让还是有偿转让,盈余管理的动机都不明显。而民营转为国有的例子在我国当前几乎不存在,但未来有可能出现。
关键词: 股东特质 , 控制权转移 , 盈余管理
HAN Yong-1,GAN Sheng-Dao-1,LIU Bo-2. RESEARCH ON THE EARNINGS MANAGEMENT OF CONTROL RIGHT TRANSFER AND SHAREHOLDER'S TRAIT[J]. Economic Theory and Business Management, 2012, 31(12): 85-98.
韩勇1,干胜道1,刘博2. 基于股东特质的控制权转移的 盈余管理研究[J]. 经济理论与经济管理, 2012, 31(12): 85-98.
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http://jjll.ruc.edu.cn/EN/Y2012/V31/I12/85