中国上市公司盈余管理与投资者保护相关性研究---基于制造业的数据研究.docx

中国上市公司盈余管理与投资者保护相关性研究---基于制造业的数据研究摘要盈余质量的高低是投资者对上市公司进行评价的一个重要方面，也是投资者做出投资举动不可或缺的考虑因素。而盈余管理的程度又直接决定着盈余质量。研究表明，我国上市公司中盈余管理现象普遍存在，上市企业经常通过各种盈余管理手段如利用有利于企业而不是更合理的会计政策和会计估计，安排关联交易调节利润，甚至虚报亏损等误导、欺骗投资者，导致他们做出错误的投资决策，使投资者蒙受了巨大的损失。这严重影响了投资者的投资信心，使企业在证券市场上的融资变的困难，最终阻碍我国资本市场的健康发展。因此探索盈余管理和投资者保护之间的关系，以期从中找出有效的途径去减少盈余管理，保护投资者利益，便是本文努力的方向。总的来说，本文主要运用了实证研究的方法，通过查阅国内外文献和研读相关的理论模型，提出盈余管理和投资者保护呈现负相关的假设，然后通过实证设计进行检验，分析结果并得出结论。具体来说，本文用市场化进程指数、政府干预指数、法治水平指数以及股权制衡度这四个方面作为构建投资者保护的解释变量，度量投资者保护的程度；用修正Jones模型对盈余管理程度进行度量，然后再将度量出的盈余管理程度和度量投资者保护的解释变量进行多元回归，证实了在法治水平这一维度上盈余管理与投资者保护呈现负相关的假设，而其他三个投资者保护解释变量则没有像文章假设预期的那样与盈余管理呈现显著地相关性，这可能是由于中国资本市场不成熟以及中国企业性质的多重性等客观因素影响所致。文章最后根据研究成果提出了一些减少上市公司盈余管理行为，保护投资者的政策建议。关键词：上市公司，盈余管，投资者保护，关系A research on the Correlation between Earnings Management and Investor Protection of Listed Firms in China---based on manufacturingAbstractThe level of earnings quality in listed companies is an important aspect of the investor’s evaluation, as well as a indispensable consideration to make investment. The extent of earnings management directly determines the quality of earnings. Studies have shown that earnings management is widespread in Chinas listed companies which often use a variety of means of earnings managements such as using conducive to enterprise rather than the more reasonable accounting policies and accounting estimates, using arrangements related party transactions to adjust profits or even false losses and misleading, deceive investors so that led them to make the wrong investment decisions while suffered huge losses. All these above seriously affect the confidence of investors in the stock market and financing is more and more difficult, and ultimately hinder the healthy development of Chinas capital market.Therefore explore the relationship between earnings management and investor protection in order to find out the effective way to reduce earnings management and to protect the interests of investors, that is what the article will do. Overall, the article mai