盈余管理、战略性捐赠与公司股价波动——来自中国A股市场的经验证据
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国家社会科学基金项目(14BJY015);国家社会科学基金重点项目(14AJY005);国家社会科学基金重大项目(14ZDA027)


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    摘要:

    选择2008—2016年沪深A股上市公司数据作为研究样本,检验了盈余管理、战略性捐赠与公司股价波动三者之间的关系,结果表明:战略性捐赠削弱了公司股价波动;盈余管理增强了战略性捐赠削弱公司股价波动的功效;无论是国有企业还是非国有企业,战略性捐赠均削弱了公司股价波动,且非国有企业盈余管理在增强战略性捐赠削弱公司股价波动的功效方面更强。通过研究验证了“好”的盈余管理可以增强战略性捐赠削弱公司股价波动的功效,是企业谋求长效发展的治理机制,可以保护利益相关者多方权益,而非是单纯的管理层寻求私人利益的工具。

    Abstract:

    Taking the data of listed companies in A-share market from 2008 to 2016 as a sample, this paper tries to examine the relationship among earnings management, strategic donation and stock price volatility. The results show that the strategic donation has weakened the stock price volatility and earnings management has contributed to the weakening effect of strategic donation on the stock price volatility. For both state-owned enterprises and non-state-owned enterprises, strategic donations has weakened the company’s stock price volatility, and the earnings management in non-state-owned enterprise is more effective in enhancing strategic donation and weakening stock price volatility. The study shows that “good” earnings management enhances the effectiveness of strategic donation in weakening the company’s stock price volatility, which is the corporate governance mechanism for long-term development. Not merely as pure management tools for private interests, it can protect the interests of multi-stakeholders.

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吴良海,牛利英,王玲茜.盈余管理、战略性捐赠与公司股价波动——来自中国A股市场的经验证据[J].南京审计大学学报,2018,(3):

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  • 在线发布日期: 2018-09-01
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