摘要
企业生命周期对企业契约的影响，通过契约磨擦的作用，最终会反映在盈余管理上。我们以2001—2005年沪深制造业上市公司为研究对象，运用多元线性回归模型检验了企业生命周期与盈余管理的关系。实证结果表明，不同的企业生命周期阶段，其盈余管理的特点各有差异，在不区分盈余管理的方向时，成熟期的盈余管理程度最低；在正向盈余管理情况下，成熟期的盈余管理程度也最低；在负向盈余管理情况下，成长期盈余管理程度最高。研究结论意味着，在一定程度上企业生命周期理论可以整合以往针对盈余管理动机的不同研究。
With contracting frictions, the impact of corporate life cycle theory on contracting can be seen from earnings management. Studying data from companies of manufacturing industry listed in both Shenzhen ＆ Shanghai Stock Exchange during 2001 and 2005, the relations between life cycle theory and earnings management are tested by muhi-linear regression model. The results from positive study show that the characteristics of earnings management differ through out the life cycle. Specifically, the degree of earnings management is lowest for companies during the mature period when the direction of earnings management is not considered. The same thing happens when positive earnings management exists. For companies in the stage of growing, their degree of earnings management is the highest. The conclusions indicate that motives of earnings management can be integrated bv the life cvcle theory.
出处
《预测》
CSSCI
北大核心
2009年第2期16-20,32,共6页
Forecasting
基金
国家社会科学基金资助项目(07BJY025)
国家自然科学基金资助项目(70372048)
关键词
企业生命周期
盈余管理
操控性应计
财务特征
corporate life cycle theory
earnings management
discretionary accruals
financial characteristics
