论文部分内容阅读
本文以2008年的所得税改革为契机,分析了企业集团上市公司与非企业集团上市公司的盈余管理行为的差异。研究发现,在面临税率下降的情况下,与非企业集团相比,企业集团公司在进行盈余管理时更倾向于选择真实盈余管理。基于债务契约、资本市场压力、政治成本和代理成本的分析结果进一步显示,非税成本低、非国有产权背景和现金流权与控制权两权分离程度高的企业集团的负向真实盈余管理程度更高。本文的研究结论可为税收征管、证券市场监管以及投资者投资等提供依据。
This article takes the reform of income tax in 2008 as an opportunity to analyze the difference of earnings management behavior between listed companies of non-enterprise groups and non-enterprise groups. The study found that, in the face of declining tax rates, enterprise group companies prefer to choose real earnings management in earnings management compared with non-enterprise groups. Based on the analysis of debt contract, capital market pressure, political cost and agency cost, the results show that the negative real earnings management of non-state-owned property background and the high degree of separation of cash flow right and control right higher. The conclusions of this paper can provide the basis for tax collection, securities market supervision and investor investment.