会计学院知识库

会计准则的日益规范以及企业内外部监管力度的增强使得应计盈余管理操作难度不断加大，真实盈余管理成为当前企业盈余操作的主要手段。长期以来，民营企业是我国经济稳定发展的重要贡献者。但日渐严苛的生存环境使得民营企业不可避免地存在真实盈余管理水平较高的问题，这无疑将损害企业核心价值，不利其长期发展。因此，如何有效抑制企业真实盈余管理活动，保证证券市场的健康运行是当前学术界的重点话题。股权结构作为影响企业盈余信息质量的重要因素，一直以来备受关注，那么在当前我国经济结构不断优化的重要时期，因混合所有制改革所产生的股权结构变化将会对民营企业真实盈余管理产生怎样的影响？其内在作用机理为何？这种影响会不会受到企业内外部治理环境的影响？

基于此，本文以2014-2020年A股上市民营企业为研究样本，探究了国有股权参股对民营企业真实盈余管理的影响、两者之间的作用机理，以及内外部治理环境对国有股权参股与民营企业真实盈余管理关系的调节作用。研究发现：（1）在其他条件相同的情况下，国有股权参股能够有效抑制民营企业真实盈余管理活动；（2）在其他条件相同的情况下，国有股权参股对民营企业真实盈余管理活动的抑制作用在高质量内外部治理环境中更显著；（3）融资约束和代理成本在国有股权参股抑制民营企业真实盈余管理的过程中发挥了部分中介作用。

本文的研究不仅进一步佐证了民营企业混合所有制改革的科学性，为民营企业积极参加混合所有制改革提供了数据支持，同时也对民营企业如何在日渐严苛的经济环境中寻求持续科学发展具有指导意义。

The increasing standardization of accounting standards and the strengthening of internal and external supervision of enterprises have made accrued earnings management operations more and more difficult, and true earnings management has become the main means of enterprise earnings operations. For a long time, private enterprises have been important contributors to the stable development of China's economy. However, the increasingly harsh living environment makes it inevitable that private enterprises have the problem of high level of real surplus management, which will undoubtedly damage the core value of enterprises and detrimental their long-term development. Therefore, how to effectively curb the real earnings management activities of enterprises and ensure the healthy operation of the securities market is a key topic in the current academic circles. As an important factor affecting the quality of enterprise earnings information, equity structure has always attracted much attention, so in the current important period of continuous optimization of China's economic structure, what impact will the change of equity structure caused by the mixed ownership reform have on the real surplus management of private enterprises? What is its intrinsic mechanism? Will this impact be affected by the internal and external governance environment of the enterprise?

Based on this, this paper takes A-share private enterprises from 2014 to 2020 as a research sample, uses the fixed-effect model to conduct empirical tests, explores the impact of state-owned equity participation on the real earnings management of private enterprises, the mechanism between the two, and the regulating effect of internal and external governance environment on the relationship between state-owned equity participation and real earnings management of private enterprises. The results show that state-owned equity participation can inhibit the real earnings management activities of private enterprises, and in the high-quality internal and external governance environment, the inhibition effect of state-owned equity on the real earnings management activities of private enterprises is more significant. The mechanism test shows that financing constraints and agency costs play a part-in-the-middle role in the process of state-owned equity participation in inhibiting the real surplus management of private enterprises.

The research in this paper not only further proves the scientific nature of the mixed ownership reform of private enterprises, provides data support for private enterprises to actively participate in the mixed ownership reform, but also has guiding significance for how private enterprises can seek sustainable scientific development in an increasingly harsh economic environment.