高管增减持股份对企业盈余管理的影响.docVIP

高管增减持股份对企业盈余管理的影响 摘 要 随着企业制度的改革和发展，资本市场呈现的信息不对称性和剩余控制权问题越来越显而易见，企业的高管增减持股份会扰乱资本市场信息的可靠性。但是，现有对于高管持股比例的变动与企业盈余管理的相关研究较少，所以，研究高管增减持股份与盈余管理的关系在一定程度上具有研究意义。采用了实证分析的方法，通过选取2011—2015年沪市和深市的A股市场存在高管增减持股份的上市的企业作为研究样本，针对高管增减持其所在企业的股份和企业盈余管理的相互关系做出研究，发现高管增持前，会调高前一会计期间销售产品的投入资本来调低企业利润，相反会存在调低非正常销售费用以避免盈余管理被敏感的市场识别到；高管减持前，存在对前一会计期间销售产品成来调增利润，调高非正常销售费用以此躲避投资者、市场监管者的识别，并且会正向操纵前一会计期间应计项目盈余管理。 关键词：高管增持股份，高管减持股份，企业盈余管理 The Influence of Executives Increasing or Decreasing Shares on the Earnings Management of Enterprises Author: CHEN Chunxiao Tutor: YUAN Xueying ABSTRACT With the development and reform of the enterprise system, capital market information asymmetry and residual rights of control problem is becoming increasingly obvious, the increase or decrease of enterprise executives shares will not only disrupt the reliability of information in capital market.In a certain extent will affect the order of capital market stability. However, the existing research on the change of the proportion of senior management shareholding and corporate earnings management is less.The study of the relationship between executives and shareholders,earnings management has a certain degree of research significance. By using the method of empirical analysis, selected from 2011-2015 two city Shenzhen A shares market executives hold shares increase or decrease in listing Corporation as the research sample, the executives of change in holding stock on earnings management research, empirical analysis found that the holdings of executives, on the cost of goods sold before adjust period by the on the contrary there will be lowered the profit decline, the cost of sales in order to avoid non normal earnings management is sensitive to market recognition; former executives holdings, the existence of previous period sales of products to increase profit, increase the cost of sale to avoid non normal recognition of investors,market regulators, there is a positive control on project earnings management the previous