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1、廈門大學(xué)博士學(xué)位論文大股東控制權(quán)私利與盈余管理研究姓名：陳政申請(qǐng)學(xué)位級(jí)別：博士專業(yè)：會(huì)計(jì)學(xué)指導(dǎo)教師：杜興強(qiáng)20090401的公司盈余管理程度更高。非公開發(fā)行樣本的回歸結(jié)果表明，盡管不能確定盈余管理的方向，但是大股東參與認(rèn)購(gòu)的公司實(shí)施了更多的盈余管理。這印證了盈余管理是企業(yè)代理問(wèn)題在會(huì)計(jì)呈報(bào)上的反映(雷光勇、劉慧龍，2006)，并且扮演了為大股東控制權(quán)私利服務(wù)的角色。本文的可能貢獻(xiàn)包括：將控制權(quán)私利與盈余管理相結(jié)合，在委托代理框架中通過(guò)契約分析研究二者的關(guān)系；通過(guò)理論分析和實(shí)證檢驗(yàn)對(duì)控制權(quán)私利的實(shí)現(xiàn)方式進(jìn)行了擴(kuò)展研究，并指出股改(全流通)是大小股東利益協(xié)同的必
2、要而非充分條件；將大股東控制權(quán)私利問(wèn)題向盈余管理現(xiàn)象延伸，考察大股東為了掩飾和維護(hù)控制權(quán)私利操控上市公司實(shí)施盈余管理的行為。關(guān)鍵詞：控制權(quán)私利；代理問(wèn)題；盈余管理AbstractPrivatebenefitsofcontrol(PBC)aresub-topicofprincipal—agenttheory．ShleiferandVishny(1997)clearlypointedoutthattheconflictbetweenlargeandsmallshareholdersdominatescompany’Sagentprobleminmarketwit
3、houtperfectlegalprotectionofinvestors．Chinesesecuritiesmarketisanewlyemergingmarketdevelopedintheprocessofatransitionaleconomy．ThepervasiveexistenceoflargeshareholdersandlackoffulllegalprotectionofminorinvestorsmakePBCdeservedmuchattention．Managersoflistedcompaniesactastheshadowand
4、agentoflargeshareholdersunderthelatter’Sstrongcontrol，whichtransformthecontractsbetweenthemintocontractsbetweenlargeandsmallshareholders．Usingcontracttheory,IestablishananalyticalframeworkandtrytoofferaninterpretationofPBCfromtransactioncostsandincompletenessofcontract，informationa
5、symmetry,largeshareholders’control，opportunisticmotive，andregulation．TheauthorfurtherexpandsthethesistostudytheimpactofPBConearningsmanagement，whichintendstodisplayacompletepictureofprincipal-agentproblembetweenlargeandsmallshareholders．FanandWong(2002)foundthatoncethelargesharehol
6、dersCancontrollistedcompanies’operation，thesamecontrolcouldbeexertedonaccountinginformation．PBCcausedamagestotheinterestsofotherinvestors，andretardthehealthydevelopmentofcapitalmarket．Facinggreatpressurefromregulatoryauthorities，smallshareholdersandothers，thelargeshareholdersCanext
7、endedtheircontroltoaccountinginformation，andmanageearningstoconcealandmaintainPBC．Inotherwords，theywillexcusethemselvesfrombeingblamedusingaccountinglanguage．Basedontheaboveanalyticalframework，thisdissertationchoesecashexpropriationandprivateplacementdiscountastypicaltunnelingantea
8、ndpostreformonsplitsharest
