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| 文章编号：1672-3104(2020)05-0119-14 |
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新三板分层制度、市场环境与盈余管理 |
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潘红波，汪涛，周颖 |
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（武汉大学经济与管理学院，湖北武汉，430072） |
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| 摘 要： 以我国2013—2017年的新三板挂牌企业为样本，通过双重差分模型研究新三板分层制度对企业盈余管理的影响。研究发现：分层制度实施首年进入创新层的企业，其盈余管理程度在进入后显著降低，并且这种效应主要集中于市场化程度与信任程度较高的地区。这说明，分层制度的实施有助于降低创新层企业的盈余管理程度，而良好的市场环境可以强化这种效应；分层制度实施第二年进入创新层的企业，其盈余管理程度并未显著下降。这表明，受创新层各项利好的诱惑，分层制度实施首年未达标企业的盈余管理动机增加，导致分层制度的负面效应增强，而正面效应有所减弱。因此，应进一步优化分层制度改革，针对性地加强监管，先试点后推广，以发挥分层制度的正面效应，抑制其政策后期非预期的负面效应，更好地促进中小微企业的发展。 |
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| 关键词： 新三板分层制度；创新层；市场环境；盈余管理；双重差分 |
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New OTC market stratified system, market environment and earnings management |
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PAN Hongbo, WANG Tao, ZHOU Ying |
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（School of Economics and Management, Wuhan University, Wuhan 430070, China） |
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| Abstract: Taking as the samples the listed companies on the new OTC market from 2013 to 2017, this paper examines the impact of the new OTC market stratified system on the earnings management by Difference-in-difference Model. The study finds that for the enterprises that enter the innovation layer in the first year of the implementation of the stratified system, the degree of earnings management is significantly reduced after the entry, and this effect is mainly concentrated in areas with high degree of marketization and trust. This suggests that the implementation of the new OTC market stratified system can reduce the earnings management, that a good market environment can strengthen this effect, and that the earnings management of firms entering the innovation layer in the second year of the implementation of the stratified system has not decreased significantly. This shows that under the temptation of the innovation layer, there increases the incentive of earnings management of the enterprises that fail to meet the standards in the first-year, which leads to the enhancement of the negative effect of the stratified system, while the positive effect is weakened. Therefore, the reform of the stratified system should be further optimized, the supervision should be strengthened in a targeted manner, and then piloted and then promoted to give play to the positive effects of the stratified system, suppress its negative effects, and promote the development of small, medium and micro enterprises. |
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Key words: new OTC market stratified system; innovation layer; market environment; earnings management; Difference-in-difference |
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