(论文)摘 要自从 2013 年证券公司开展股权质押业务之后，股权质押一直受到上市企业股东的喜爱，是一种有效的融资方式。随着质押市值增加，股价下跌可能性增大，股权被强制平仓的风险也随之增加，上市公司股东实施盈余管理的动机逐渐增强。本文选取 A 股上市企业 2014-2018 年数据，以股权质押、“高送转”股利政策和真实性盈余管理三者的潜在关系为出发点，得出以下研究结论：第一，上市企业股权质押将增加其进行真实性盈余管理的程度；第二，实施“高送转”股利政策的企业其真实性盈余管理程度更低；第三，实施“高送转”股利政策对股权质押企业的真实性盈余管理程度具有抑制作用。本文通过以上结论，为质权人和投资者规避质权和投资风险提供了借鉴依据。同时，实施股权质押的上市企业可通过设置更加完善的职权分离及内部控制制度降低股东和管理层进行真实性盈余管理带来的风险。此外，证监会等监管机构和事务所等审计机构可通过完善外部监管环境，重点关注股权质押企业及未实施“高送转”股利政策的企业等方式，防范上市企业进行真实性盈余管理。- I -关键词： 股权质押，“高送转”股利政策，盈余管理(论文)Equity pledge, Dividend policy and Earnings managementAbstractSince the securities firm launched the equity pledge business in 2013, equity pledge has been favored by shareholders of listed companies as an efficient financing method. As the market value of the pledge increases, the risk of the stock being forced to close is increased due to the falling stock price, and the motivation of the shareholders of the listed company to implement earnings management has gradually increased. This article uses the 2014-2018 Shanghai and Shenzhen A-share listed companies as a research sample to explore the potential relationship between equity pledge, "high delivery" dividend policy and authentic earnings management, and draws the following research conclusions: First, the listed companies whose equity is pledged have a higher degree of authenticity earnings management. Secondly, the enterprises implementing the "h...
