摘要改革开放四十年来，我国民营经济飞速发展，取得了令人瞩目的成果，但仍面临融资难融资贵等问题。面对这些难题，民营企业开始寻求与政府建立政治关联作为替代保护机制。民营企业通过政治寻租等方式获得的相关经济利益，往往不能直接表现在财务报表上，企业管理者通过盈余管理手段进行掩盖。盈余管理行为在一定程度上会降低企业会计信息质量，影响会计信息使用者的判断，因此研究政治关联与民营企业盈余管理的相关性显得十分必要。本文通过对2013-2017年中小板民营上市公司的调查统计，以及民营企业寻求政治关联的动机分析，发现民营企业的政治关联强度较大，政治关联作为一种担保，可以帮助民营企业获得更多政策优惠和融资帮助。本文在借鉴文献和收集资料的基础上，通过实证分析来验证政治关联与民营企业盈余管理的相关性。研究发现民营企业普遍存在盈余管理行为，政治关联与民营企业的应计盈余管理呈负相关，与真实盈余管理呈正相关。表明政治关联能减弱民营企业的应计盈余管理水平，促进民营企业转向真实盈余管理。基于以上结论，本文提出了相应的政策建议，对民营企业和资本市场的治理具有一定启示。关键词：政治关联；盈余管理；民营企业ABSTRACTInthepast40yearsofreformandopeningup,privateeconomyhasdevelopedrapidlyandachievedremarkableresults,butitstillfacestheproblemsofdifficultfinancingandexpensivefinancing.Facedwiththeseproblems,privateenterprisesbegantoseektoestablishpoliticalconnectionswiththegovernmentasanalternativeprotectionmechanism.Therelevanteconomicbenefitsobtainedbyprivateenterprisesthroughpoliticalrent-seekingareoftennotdirectlyreflectedinthefinancialstatements,andmanagersofprivateenterprisescoverthemupbymeansofearningsmanagement.Earningsmanagementwillreducethequalityofaccountinginformationandaffectthejudgmentofaccountinginformationuserstoacertainextent.Therefore,itisnecessarytostudythecorrelationbetweenpoliticalconnectionandearningsmanagementofprivateenterprises.Basedontheinvestigationandstatisticsoftheprivatelistedcompaniesinsmallandmediumenterpriseboardfrom2013to2017,andtheanalysisofthemotivesforprivateenterprisestoseekpoliticalconnection,thisstudyfindsthatthepoliticalconnectionofprivateenterprisesisstrong,andasaguarantee,politicalconnectioncanhelpprivateenterprisestoobtainmorepreferentialpoliciesandfinancingassistance.Onthebasisofliteratureanddatacollection,thispaperusesempiricalanalysistoverifythecorrelationbetweenpoliticalconnectionandearningsmanagementofprivateenterprises.Thestudyfindsthatearningsmanagementiscommoninprivatecompanies,andpoliticalconnectionsarenegativelycorrelatedwiththeaccrualearningsmanagementofprivatecompanies,andpositivelycorrelatedwithrealearningsmanagement.Itshowsthatpoliticalconnectioncanweakenthelevelofaccrualearningsmanagementofprivateenterprisesandpromoteprivateenterprisestoturntorealearningsmanagement.Basedontheaboveconclusions,thispaperputsforwardcorrespondingpolicyrecommendations,whichhavesomeenlightenmentforthegovernanceofprivateenterprisesandcapitalmarkets.Keywords：PoliticalConnection，EarningsManagement，PrivateEnterprise目录一、引言.........................................................................................................................................................1二、理论基础与文献回顾.............................................................................................................................2（一）理论基础.........................................................21.寻租理论..............................................................................................
