The Effect of Beneficial Controller Characteristics on True Surplus Management

Abstract

Surplus management, as a hot issue in economy, accounting, securities and other industries, is not only a simple accounting problem, but also a complex social problem. Surplus management and accounting information exist in a unity of opposites, the study of the impact of surplus management factors, is conducive to controlling and solving the enterprise surplus management problems brought about by the damage to the enterprise value. According to the purpose of surplus management and the theory of generating motives, we can know that surplus management is essentially a kind of specific means of the game of multiple interests. At the present stage, the way of surplus management has shifted, that is, from accrual to real surplus management, and the latter is difficult to be observed, which is more harmful to the enterprise. This paper selects China's A-share listed companies from 2013 to 2019 as a sample to empirically analyze the impact of the characteristics of the actual controller on real surplus management. The actual controller characteristics are categorized into the nature of equity, and the proportion of shareholding. It is found that (1) state-owned enterprises have a positive facilitating effect on the true surplus management of enterprises, while non-state-owned enterprises have a negative inhibiting effect on the true surplus management of enterprises; (2) the proportion of control has a negative effect on the true surplus management of enterprises. For the conclusion (2) also conducted a sample division to further verify the role of the control ratio on the management of corporate real surplus in enterprises with different equity nature, and the conclusion is consistent with the above.