CAJ | 학술논문

文章基于2007-2013年间中国上市公司9361个样本，实证检验了盈余管理、社会责任与现金股利倾向之间的关系。研究基于公司内部治理视角，在讨论盈余管理对现金股利倾向产生的负面影响的基础上，研究了社会责任履行状况起到的正面效果，同时文章还将盈余管理分为应计盈余管理与真实盈余管理，以便观察哪一种盈余管理模式对上市公司产生了更加严重的破坏。研究发现，盈余管理与现金股利倾向间存在显著地负相关关系，而且这种负相关关系存在于应计盈余管理与真实盈余管理中，但是相较于应计盈余管理，真实盈余管理会产生更为强烈的负面效果；然而，社会责任与现金股利倾向间存在显著地正相关关系，而且在考虑社会责任后，盈余管理产生的负面影响被降低了。文章的研究结论为上市公司基于社会责任履行的视角遏制盈余管理产生的负面影响提供了经验证据与策略思考。
문장기우2007-2013년간중국상시공사9361개양본，실증검험료영여관리、사회책임여현금고리경향지간적관계。연구기우공사내부치리시각，재토론영여관리대현금고리경향산생적부면영향적기출상，연구료사회책임리행상황기도적정면효과，동시문장환장영여관리분위응계영여관리여진실영여관리，이편관찰나일충영여관리모식대상시공사산생료경가엄중적파배。연구발현，영여관리여현금고리경향간존재현저지부상관관계，이차저충부상관관계존재우응계영여관리여진실영여관리중，단시상교우응계영여관리，진실영여관리회산생경위강렬적부면효과；연이，사회책임여현금고리경향간존재현저지정상관관계，이차재고필사회책임후，영여관리산생적부면영향피강저료。문장적연구결론위상시공사기우사회책임리행적시각알제영여관리산생적부면영향제공료경험증거여책략사고。
Based on 9361 samples of the Chinese listed companies from 2007 to 2013, the relationship among earnings manage-ment, social responsibility and cash dividend tendency is tested empirically. On the perspective of corporate internal governance, the negative impact of earnings management on cash dividend tendency is discussed , and the positive effect of social responsibility perfor-mance analyzed. At the same time, it divides earnings management into account earnings management and real earnings management, in order to observe which is more harmful for the listed companies. The study found that there is a significantly negative correlation between earnings management and cash dividend tendency. This negative correlation exists in the accrual management and real earnings management. Compared to the accrual earnings management, real earnings management contains a stronger negative effect. However, there is a significantly positive correlation between social responsibility and cash dividend tendency , and the negative effect of earnings management is reduced after taking into account the social responsibility. This paper provides the listed companies with empirical evid-ence and strategy to suppress the negative impact from earnings management based on the implementation of the social responsibility.