创始人控制、控制链长度与真实盈余管理

从控制链长度的视角出发,去探寻金字塔结构对于家族企业真实盈余管理的影响,有助于进一步丰富对于金字塔结构的认识,具有重要的研究价值。本文利用2012~2016年我国A股市场金字塔持股结构的家族上市公司数据,对控制链长度变化与家族真实盈余管理的关系进行实证检验。研究结论表明:家族企业的控制链长度与真实盈余管理程度显著正相关;而依据最终控制人是否为公司创立者的分组检验结果显示,控制链长度与真实盈余管理的正相关关系,仅在非创始人控制的家族企业样本中成立。在采用倾向得分匹配(PSM)方法,进一步分析发现:与非创始人控制家族企业相比,创始人控制的家族企业的盈余管理程度明显更低。

Founder Control,the Length of Control Chain and Real Earnings Management

From the perspective of the length of the control chain, to explore the impact of pyramid structure on the real earnings management of family business is helpful to further enrich the understanding of pyramid structure, which has important research value. Based on the data of family listed companies with pyramid shareholding structure in China's a-share market from 2012 to 2016, this paper empirically tests the relationship between the change of control chain length and the family's real earnings management. The results show that the length of the control chain is positively correlated with the degree of real earnings management. After grouping the samples according to whether the ultimate controller is the founder or not, this positive correlation still holds in the sample of family business controlled by non-founders, but does not hold in the sample of family business controlled by founders. Using the propensity score matching(PSM)method, further analysis finds that the degree of earnings management of family businesses controlled by founders is significantly lower than that of family businesses controlled by non-founders.