股权稳定、盈余管理与非效率投资——来自中国A股上市公司的经验证据.docVIP

股权稳定、盈余管理与非效率投资 来自中国A股上市公司的经验证据 蒋勇马亚明 大学经济学院 在股权稳定的两个测度指标构建基础上，基沪深两市A股上市公 司数据，研宄了股权稳定与盈余管理和非效率投资的关系，发现股权稳定可抑 制应计和真实盈余管理;股权稳定可抑制非效率投资;股权稳定与盈余管理的交 互影响仍可抑制非效率投资。在研究结论的基础上，从股权稳定和公司治理视角， 提出了我国企业特别是国有企业缓解股东间及股东与管理层之间代理冲突，进 而遏制管理层盈余管理、非效率投资等机会主义行为的政策建议。 关键词： 股权稳定;代理冲突;盈余管理;非效率投资; 蒋勇，讲师，，济南大学商学院(澳门大学工商管理学院)，山 东济南250002 马亚明，教授，，生导师，天津财经大学经济学院，天津 300222 基金：国家社会科学基金项0 “我国制造业转型升级与劳动力成本上涨的耦合研 宂” (16BGL098) Ownership Stability, Earnings Management and Investment Inefficiency Empirical Evidence from Chinese A Share Listed Companies JIANG Yong MA Ya—ming School of Business, University of Ji’nan; Faculty of Economics, Tianjin University of Finance Economics; Abstract： Two measure indexes on ownership stability arc constructed. Relations between ownership stability and earnings management，ownership stability and investment inefficiency have been studied on the basis of samples of Chinese A share listed companies from 2007 to 2016. The results show that ownership stability can mitigate accrual and real activities earnings management and investment inefficiency, and the interaction of ownership stability with earnings management can also mitigate investment inefficiency. In the perspective of ownership stability and corporate governance, suggestions are given to alleviate principle-agent conflicts between large block shareholders and small shareholders, shareholders and managers for reducing the possibility of behaviors such as earnings management, investment inefficiency according to the empirical research conclusions above. Keyword： ownership stability; principle-agent conflicts; earnings management; investment inefficiency; 改革开放以来，国有企业在产权方面先后进行了扩权让利、承包经营、公司制和 股份制改革，最终选择了股份制作为产权改革目标。国有资本和包括员工股份在 内的民营资木相混合的股份制使国有资木和民营资木优势互补，有利于公司股 权稳定。2015年9月《国有企业全面深化改革指导意见》明确指出，党委书记 任国有企业董事长，引入职业经理人制度，这明确丫国有控股企业治理模式是 党委控制董事会领异下的职业经理人负责制。在投资方面，国有企业投资领域广 泛，层次较多，存在投资重复、低效和无效问题。盈余管理是企业管理层为实现 自身利益最大化而对企业利润进行有目的的调整行为。非效率投资表现为投资过 度或不足。无论国冇还是民营企业，管理层都存在机会主义动机，可能做出盈余 管理和非效率投资选择，损害股东利益。股权稳定是股东间博弈均衡状