自20世纪末企业开展股份制改造，我国资本市场逐渐得到发展，上市公司进行盈余管理的情况越来越普遍。作为财务揭示的热点问题，盈余管理受到中外学者的广泛关注，针对这一问题，西方实证学者进行了多方位的研究，并取得了一系列值得关注的研究结果。但由于国外资本市场的发达程度与我国不同，且企业面临的政治、经济、法律和文化环境均有所差异，国外已有的关于盈余管理的研究成果很难直接套用到我国的现实经济中。此外，尽管国内学术界已有大量关于盈余管理的研究，但很少以公用事业企业为研究对象。本文就是在这样的背景下，开始了我国公用事业企业资本结构与盈余管理关系的实证研究。本文分为四章：第一章绪论。包括研究背景与研究意义，研究目的与研究范围，研究内容、技术路线与研究方法。第二章理论基础分析与研究假设提出。介绍了公共物品、公用事业、盈余管理的基础理论，对我国公用事业企业资本结构、资本结构与盈余管理关系的研究趋势进行了综述，并进行理论分析，提出研究假设。第三章公共事业企业资本结构与盈余管理实证研究。以2008~2009年我国公用事业上市公司为研究对象，在国内外已有学术成果的基础上，选择资本负债率度量资本结构，利用截面修正Jones模型度量盈余管理，并选择公司规模、资本支出、地区、行业作为控制变量，建立回归模型对我国公用事业企业资本结构与盈余管理关系进行实证研究。第四章研究结论、政策建议、研究缺陷。研究结论包括：（1）我国公用事业企业资本结构与盈余管理呈正相关。同时，资本支出对盈余管理影响显著。（2）不同地区公用事业企业资本结构对盈余管理影响程度不同。东部公用事业企业资本结构对盈余管理的影响最为显著，西部公用事业上市公司资本结构与盈余管理负相关。同时，中部公用事业企业公司规模对盈余管理影响显著。（3）不同行业公用事业企业资本结构对盈余管理影响程度不同。我国公用事业企业中，电力企业资本结构对盈余管理的影响更为显著。同时，东部和中部电力企业较其他企业盈余管理程度更小，西部电力企业与其他企业盈余管理程度差异不显著。根据研究结论，本文提出了相关政策建议，并指出了本文研究缺陷，以期对今后研究有所启发。
关键词：公用事业、资本结构、盈余管理
ABSTRACT
China’s capital market has gradually developed since stock system reform in the late 20th century. Meanwhile, earnings management has become more and more common in listed companies. Earnings management, a hot issue in financial reveal, receives extensive attention from Chinese and foreign scholars. Western scholars have carried out large number of empirical studies and achieved many significant results. However, foreign capital markets are much more developed than China’s. Besides, there are also lots of differences in political, economic, legal and cultural between China and foreign countries. So many foreign research results cannot be directly applied to the realistic economy in China. What’s more, although Chinese scholars conduct numerous researches on earnings management, few of them study public utilities specially.
In this context, we carry out empirical research on relationship between capital structure and earnings management in public utilities.
This paper includes four chapters:
Introduction. This chapter includes background and significance, purpose and scope, content and research methods.
Literature review and hypotheses. This chapter introduces basic theories of public goods, public utilities and earnings management. It also describe research trend of capital structure of public utilities and relationship between capital structure and earnings management. After analyzing theories, the chapter presents hypotheses.
Empirical study on relationship between capital structure and earnings management in public utilities. This chapter adopts data of China’s A-share public utilities through 2008-2009 to empirically test the effects of capital structure on earnings management. It chooses leverage to measure capital structure, uses modified Jones model to calculate earnings management, makes firm size, capital expenditures, geographic and industry control variables and establishes regression model.
Conclusions, policy recommendations and limitations. The conclusions are: (1) Capital structure of public utilities positively correlated with earnings management. Additionally, capital expenditures affects significantly on earnings management. (2) The influence of capital structure is the most significant in eastern among eastern, central and western. Plus, capital structure negatively correlated with earnings management in western. (3) Compared with others, the impact of capital structure is more significant in power enterprises. And in eastern and central, the extent of earnings management in power enterprises is smaller than other enterprises, while there is nearly no difference between power enterprises and other enterprise in western. According to the conclusions, this chapter also advances policy recommendations. Moreover, it points out the limitations in this study in order to inspire future research.
KEYWORDS：Public Utilities; Capital Structure; Earnings Management
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