真实活动盈余管理对供应链关系专用性投资的影响研究

Abstract

For listed companies, their financial data can be used as a signal to transmit information on the capital market and affect the investment decision of the company's financial stakeholders, such as small and medium shareholders. Executives of listed companies have strong capital market motives and opportunistic motives for earnings management to modify financial data to attract more financial stakeholders ' investments. In producer markets, the investment of upstream and downstream enterprises in their mutual relationship is called supply-chain relationship specific investment. For the upstream and downstream enterprises, will the transfer of financial data in the producer market also affect their specific investment in supply chain relationship with the center enterprise? Are executives of listed companies also using earnings management to modify financial data to attract more specific investment in supply chain relationships? If the financial data can affect the investment decision of the enterprises in the producer market, the earnings management behavior should be paid extra attention in the supply chain management, and the enterprises should take measures to deal with the specific investment of the supply chain relationship.

Based on information asymmetry theory, principal-agent theory and signal theory, this paper mainly studies the effect of the real activities manipulation behavior of the Center enterprise on the supply-chain relationship specific investment and explores its specific impact path to suppliers and customers from three aspects of real activities manipulation (sales manipulation, production manipulation and discretionary cost manipulation). At the same time, this paper will take the accrual management as the control variable to study the problem more comprehensively. Based on transaction cost theory, this paper argues that China's institutional environment plays a negative role in regulating the relationship between the two. This paper collects a total of 7,636 samples from the 2007-2015 A-share listed company and finds that the real activities manipulation has positive influence on the specific investment of supply chain relationship through the multiple regression analysis of short panel. For the three aspects of real activities manipulation, sales manipulation only has a significant positive impact on the client's specific investment, and the reduction of discretionary costs has a significant positive impact on the specific investment of the supplier, while the over production has a significant positive impact on the relationship specific investment of suppliers and customers. After introducing the institutional environment, the main effects are weakened significantly, indicating that the institutional environment plays a negative role in the relationship between the two.

The conclusion of this study can not only alert the investment decision of upstream and downstream enterprises, but also provide reference for them to be careful about the

abnormal behavior of the center enterprises in the process of specific investment of supply chain. In addition, this research enriches the cross research of accounting earnings management and supply chain management theoretically.

Key Words: real activities manipulation, supply-chain relationship specific investment, institutional environment

目录

摘要 ................................................................................................................................. I ABSTRACT ........................................................................................................................ I I 第1章绪论 (1)

1.1问题提出与研究背景 (1)

1.1.1 问题提出 (1)

1.1.2 研究背景 (3)

1.2研究综述 (4)

1.2.1真实活动盈余管理研究综述 (4)

1.2.2关系专用性投资研究综述 (7)

1.2.3制度环境研究综述 (10)

1.2.4研究述评 (10)

1.3研究目的与意义 (12)

1.3.1 研究目的 (12)

1.3.2 研究意义 (12)

1.4研究内容与研究方法 (13)

1.4.1 研究内容 (13)

1.4.2 研究方法 (13)

1.5研究创新点 (15)

第2章假设发展和模型构建 (16)

2.1理论基础 (16)

2.1.1 信息不对称理论 (16)

2.1.2 信号理论 (16)

2.1.3 委托代理理论 (17)

2.1.4 交易成本理论 (18)

2.2假设发展 (19)

2.2.1 真实活动盈余管理与供应链关系专用性投资 (19)

2.2.2 制度环境的调节作用 (21)

2.3研究设计 (22)

2.3.1变量衡量 (22)

2.3.2研究模型 (28)

2.4本章小结 (35)

第3章实证研究 (36)

3.1样本选取和数据来源 (36)

3.2描述性统计分析 (36)

3.3相关性分析 (38)

3.4回归分析 (40)

3.4.1真实活动盈余管理对供应链关系专用性投资的影响 (41)

3.4.2销售控制对供应链关系专用性投资的影响 (42)

3.4.3过量生产对供应链关系专用性投资的影响 (43)

3.4.4 削减酌量性费用对供应链关系专用性投资的影响 (45)

3.4.5 制度环境的调节作用 (46)

3.5稳健性检验 (51)

3.6本章小结 (54)

第4章结果讨论与展望 (55)

4.1结果讨论 (55)

4.2研究贡献 (57)

4.3政策建议 (57)

4.4研究局限与展望 (58)

4.5本章小结 (58)

结论 (59)

参考文献 (60)

附录 (68)

攻读硕士学位期间发表的论文及其他成果 (79)

哈尔滨工业大学学位论文原创性声明和使用权限 (80)

致谢 (81)