真实盈余管理模型计量了真实的盈余管理吗:基于战略管理理论视角的改进研究

Does the Real Earnings Management Model Measure Real Earnings Management:Model Modification Based on the Strategic Management Theory

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摘要真实盈余管理具有难以准确计量的特征,Roychowdhury(2006)提出的真实盈余管理模型虽然实现了在大样本中对真实盈余管理行为的计量,但模型的前提假定过于简单,可能存在遗漏变量而导致计量偏误。本文基于战略管理理论提出企业的战略定位、资源与能力是决定企业经营活动水平的重要因素,是真实盈余管理模型可能遗漏的因子。基于此,本文从这三个维度遴选变量对Roychowdhury(2006)的传统模型进行了改进,运用多种方法进行检验后发现:遴选的遗漏变量能显著影响传统模型的计量偏误,改进后的模型显著提升了对企业正常经营活动水平的解释能力,降低了第一类错误和第二类错误水平。最后,运用改进模型重新检验部分重点期刊上真实盈余管理文献的结论,发现大部分结论不再成立。 Real earnings management is difficult to be accurately measured.Although the model proposed by Roychowdhury(2006)allows measuring real earnings management in large samples,the overly simple underlying assumptions of the model might lead to measurement bias due to omitted variables.Based on the strategic management theory,we argue that strategic positioning,resources,and capability are the important factors that determine the level of business operations,which might be omitted from the traditional real earnings management model.Therefore,this study aims to modify Roychowdhury’s(2006)real earnings management model by including variables from the abovementioned three dimensions.We employ various methods to test the efficiency of the improved model and find that the omitted variables significantly affect the measurement bias of the traditional model.The modified model does a better job at capturing the firm’s operation level,as well as reduces the Type-Ⅰand Type-Ⅱerrors.Finally,we replicate the existing research on real earnings management published on the top domestic journals using the modified model,and find that most findings are no longer valid.

作者丁方飞王紫维张艺璇邹鑫然 Fangfei Ding;Ziwei Wang;Yixuan Zhang;Xinran Zou(Business School of Hunan University,Changsha,Hunan,China 410006)

机构地区湖南大学工商管理学院

出处《当代会计评论》 2023年第3期95-119,共25页 Contemporary Accounting Review

基金教育部人文社科规划项目“证券分析师预测对注册制下市场价值发现能力的影响研究”(22YJA630012) 湖南省自然科学基金项目“注册制改革对证券分析师预测效应的影响:价值发现、价值驱动与行为机理”(2021JJ30155) 湖南省社会科学基金项目“证券分析师预测对企业创新产出的促进机制研究”(18YBA087)的资助

关键词真实盈余管理模型计量偏误改进计量准确性 the real earnings management model measurement errors modifications measurement accuracy

分类号 F275 [经济管理—企业管理]

作者简介通讯作者:丁方飞,教授,E-mail:undergoing110@163.com;王紫维,硕士研究生,E-mail:wangziwei@hnu.edu.cn;张艺璇,硕士研究生,E-mail:zyx0503susu@163.com;邹鑫然,硕士研究生,E-mail:zouxinran@hnu.edu.cn。