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중국 상장기업의 소유구조와 이익조정 행태의 관련성
The Relationship of Corporate Ownership Structure and Earnings Management Behaviors in Chinese Listed Firms
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- 발행기관
- 부산대학교 중국전략연구소(구 부산대학교 중국연구소) 바로가기
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- 간행물
- Journal of China Studies KCI 등재 바로가기
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- 통권
- 제22권 2호 (2019.06)바로가기
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- 페이지
- pp.55-72
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- 저자
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- 언어
- 한국어(KOR)
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- URL
- https://www.earticle.net/Article/A362058
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5,200원
원문정보
초록
- 영어
- Extensive research has well documented the effect of corporate ownership structure on the quality of reported earnings. The ownership structure of Chinese listed firms is significantly changed in the late 1990s, but the percentage of state-owned and ownership-concentrated firms is still high compared to that of developed countries. In thus study, the relationship between corporate ownership structure and earnings management behavior in Chinese listed firms is investigated. Our analysis is based on the 9,051 firm-years data listed in Shanghai and Shenzhen Stock Exchange from 2011 to 2016. Data are extracted from the China Stock Market & Accounting Research database. Dependent variable, that is, the real earnings management (REM), was estimated using Roychowdhury (2006) model, and the accrual earnings management (AEM) was estimated using the modified Jones (1991) model proposed by Dechow et al. (1995). To investigate the relationship between corporate ownership structure and earnings management behavior, we performed univariate mean difference and multivariate regression analysis. Results are summarized as follows; First, significant mean differences of REM between state-owned and non-state-owned firms and between high concentrated and low concentrated firms in ownership have been observed. However, these results are not maintained for AEM. Second, REM is positively associated with AEM, and it supports that the earnings management behavior in Chinese listed firms is generally complementary. This finding signifies that managers in China use REM and AEM as a complementary tool in their strategic earnings reporting. Finally, the complementary earnings management behavior is more significant in the state-owned firms and more distinct in high-concentration firms in terms of shareholders’ equity. Our findings suggest that Chinese listed firms jointly and simultaneously use REM and AEM to strategically report earnings. However, few studies have directly examined the complementary role between the two tools. This finding has implications for researchers and regulators. The complementary relationship suggests that earnings management activities may not fully explained if you focus on AEM. For regulators, this result implies that increasing scrutiny or greater disclosure over the discretionary behavior of REM and AEM is necessary.
목차
Abstract
1. 서론
2. 선행연구 검토 및 가설설정
2.1 이익조정 행태
2.2 중국 상장기업의 소유구조와 이익조정
3. 연구모형 및 변수측정
3.1 연구모형
3.2 변수측정
4. 실증 분석
4.1 표본 선정
4.2 주요변수의 기술통계량
4.3 주요 변수들의 상관관계
4.4 단일변량분석
4.5 회귀분석결과
5. 결론
참고문헌
키워드
Real and Accrual Earnings Management Ownership Structure State-owned firms Ownership Concentration Complementary Relationship저자
간행물 정보
발행기관
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- 발행기관명
- 부산대학교 중국전략연구소(구 부산대학교 중국연구소) [Institute of China Strategy]
- 설립연도
- 2006
- 분야
- 사회과학>사회복지학
- 소개
- 본 연구소의 설립을 통해 우선 한중 양국 국민의 상호이해와 교류증진을 위한 인문, 사회과학적인 연구는 물론이고, 이를 통해 기업(인)이 중국에 안정적인 정착과 교류를 할 수 있는 각종 환경을 조성하고자 한다. 게다가 본 연구소는 기존의 연구소의 기능과는 달리 단순한 학술 교류에 머물지 않고 인적 교류를 통해 양국관계의 이해를 증진하고 나아가 한국과 중국의 각종 프로젝트를 적극 유치, 개발함으로써 지속적으로 재원의 창출을 도모하고자 한다.
간행물
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- 간행물명
- Journal of China Studies
- 간기
- 계간
- pISSN
- 1975-5902
- eISSN
- 3022-5590
- 수록기간
- 2006~2026
- 등재여부
- KCI 등재
- 십진분류
- KDC 912 DDC 951
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