论文部分内容阅读
本文基于2008~2013年我国沪深两市A股数据,从产品市场竞争视角实证检验了管理层权力对应计盈余管理及真实盈余管理的影响。OLS多元回归结果表明:第一,管理层权力与应计盈余管理及真实盈余管理均存在显著的正相关关系;第二,产品市场竞争对管理层权力与应计盈余管理及真实盈余管理的正相关关系起到负向作用,能有效抑制二者的正相关关系;第三,控制个体异质性影响的固定效应面板回归结果与OLS结果一致。本文丰富了管理层特征、盈余管理及产品市场竞争的相关研究,为投资者保护及市场发展提供了借鉴。
Based on the A-share data of Shanghai and Shenzhen stock markets from 2008 to 2013, this paper empirically tests the impact of management power on earnings accruals and real earnings management from the perspective of product market competition. OLS multiple regression results show that: first, there is a significant positive correlation between management power and accruals and real earnings; second, the positive impact of product market competition on management power and accrued earnings management and real earnings management The negative correlation between them can effectively inhibit the positive correlation between the two. Third, the fixed effects panel regression results that control the heterogeneity of individuals are consistent with the results of OLS. This article enriches the research on management characteristics, earnings management and product market competition and provides reference for investor protection and market development.