股票市场自由化与盈余管理:来自中国一个准自然实验的证据

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE
Kaijuan Gao, Jeffrey Pittman, Xiongyuan Wang, Zi-Tian Wang
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引用次数: 1

摘要

利用中国的准自然实验,一些公司在不同时期成为外国投资者的可投资对象(即试点公司),我们探讨了股票市场自由化在塑造公司盈余管理活动中的作用。一方面,国家层面的自由化改革可能会引起各利益相关者的公众关注,给管理者施加压力,以避免扭曲公司的收益。另一方面,政府对外国投资者施加的各种限制让人怀疑,中国的资本管制改革是否会对试点公司操纵收益的动机和范围产生实质性影响。为了衡量哪一种力量更占主导地位,我们依靠交错差异研究设计,发现与非试点公司相比,在同一时间段内,试点公司在自由化前后显著降低了其可自由支配应计利润的规模和财务报告违规行为的发生率。进一步的分析表明,来自媒体、机构投资者和审计师的更严格的外部监督形式的外部性是帮助市场自由化抑制公司盈余管理的主要机制。我们的研究揭示了金融全球一体化对企业盈余管理实践的重要性。这篇文章受版权保护。版权所有。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Stock market liberalization and earnings management: Evidence from a quasi-natural experiment in China

Exploiting a quasi-natural experiment in China in which some firms become investible to foreign investors across different times (i.e., pilot firms), we explore the role that stock market liberalization plays in shaping firms' earnings management activities. In one direction, the national-level liberalization reform may elicit public attention from various stakeholders, piling pressure on managers to refrain from distorting their firms' earnings. In the other direction, the various restrictions that the government imposes on foreign investors cast doubt on whether China's capital control reform will materially affect pilot firms' incentives and scope to manipulate their earnings. To gauge which force is more dominant, we rely on a staggered difference-in-differences research design and find that pilot firms significantly reduce the magnitude of their discretionary accruals and the incidence of financial reporting irregularities from the pre- to the post-liberalization period, compared to non-pilot firms during the same time frame. Additional analysis implies that externalities in the form of stricter external monitoring from the media, institutional investors, and auditors is the major mechanism that helps market liberalization curb firms' earnings management. Our research provides insight on the importance of financial global integration to firms' earnings management practices.

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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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