文档介绍：沈阳理工大学
硕士学位论文
基于契约动机的民营上市公司盈余管理问题研究
姓名:成小平
申请学位级别:硕士
专业:企业管理
指导教师:蔡锐
2011-03-11
沈阳理工大学硕士学位论文 

摘要

目前国内对盈余管理动机的研究主要集中于资本动机,对契约动机的研究相
对较少。影响盈余管理行为的契约有两种:报酬契约与债务契约。本文以民营上
市公司为对象,研究报酬契约与债务契约对盈余管理行为的影响。在具体的模型
设计上,本文用管理层报酬与管理层的持股比例作为报酬契约的代理变量,负债
权益比作为债务契约的代理变量,来研究这三者与盈余管理程度的相关关系。经
实证分析,得出如下结论:第一,管理层报酬与盈余管理程度呈现显著正相关关
系,管理层报酬越高,为了满足报酬契约中相关的规定,管理层越有动机进行盈
余管理以获得较高报酬;第二,管理层持股比例与盈余管理程度的相关关系是非
线性的。在 0-24%的区间上,管理层持股比例与盈余管理程度负相关,管理层持股
比例越高,盈余管理程度越低,利益趋同效应占主导地位。在 24%-31%区间上,
管理层持股比例与盈余管理程度正相关,管理层持股比例越大,盈余管理程度也
越大,壕沟防守效应占主导地位。在区间 31%-100%区间上,管理层持股比例越大,
利益趋同效应占主导地位;第三,负债权益比率与盈余管理程度呈现显著正相关
关系,随着负债权益比的提高,盈余管理程度也有所增加。

关键词:民营上市公司,盈余管理,管理层报酬,管理层持股,负债权益比
沈阳理工大学硕士学位论文 

Abstract

The study of motivation of earnings management is mainly centered on capital
motivation now in our country, and the study of construction motivation is less. There are two
kinds of contraction that affect earnings management, . compliment contraction and debt
contraction. The paper studies the effect pliment contraction and debt contraction on
earnings management based on the data from the report of Private pany. And then an
analyzing model is build. In the model, we use pliment and managerial ownership
stand pliment contraction variable, and debt/equity ratio debt contraction variable.
This model is utilized to analyze the relationship between three kinds of variables and the
degree of earnings management. And the results show that a) there is significant positive
correlation between pliment and earnings management. The pliment
directs have, the more level of earnings management is; b) the correlation between managerial
ownership and earnings management is nonmonotonic, consistent with our model. The model
suggests that as managerial ownership increases, earnings management decreases for both
high and low levels of managerial ownership, while it increases for intermediate levels of
managerial ownership; c) the relationship between