学校代码10125专业代码1202Z1
硕士学位论文
题目党组织参与公司治理与盈余可持续性
姓名张海琴
专业财务管理
研究方向证券市场与资本运作
所属学院会计学院
指导教师王志芳
二〇二四年六月二日
University Code 10125Major Code 1202Z1
Shanxi University of Finance &Economics
Thesis for Master’s Degree
Title Party organizations participate in
corporate governance and
earnings sustainability
Name Zhang Haiqin
Major Financial management
Research Orientation Securities markets and capital
operations
School School of accounting
Tutor Wang Zhifang
June 2，2024
山西财经大学硕士学位论文
摘要
实现企业的高质量发展，需要其拥有领先的竞争力、可靠的产品质量与品牌
持续创新的影响力以及先进的质量管理理念和方法。高质量发展的最终目标是促
进企业可持续发展，建立我国现代化经济，资本市场的健康发展。企业要想实现
可持续发展，离不开盈余的持续性。因此，探究如何加强公司盈余管理，提高盈
余质量，让企业盈余获得稳定的持续性，不仅关系到企业高质量发展，还对助力
我国资本市场的健康发展和经济的高质量发展奠定了坚实的基础。
为了实现企业盈余可持续性，需要增强企业内部治理机制建设，提高内部治
理水平。在我国现代企业的改革和发展进程中，国家出台了相关法律法规赋予党
组织参与公司治理的制度保障，党组织参与公司治理早已成为我国独具特色的公
司治理模式，并且其发挥的治理效应日益显著，引起学术界的广泛关注。
学术界企业盈余可持续性的研究主要从盈余的组成角度、高级管理人员的盈
余操纵行为、会计信息的可靠性等方面进行。但是很少有文献提及把盈余可持续
性放入党组织参与治理的研究体系内。因此，本文以盈余可持续性为切入点，选
取2009-2021年我国沪深A 股上市公司为研究样本，以高阶梯队理论、委托代理
理论和权变理论为理论基础，分析并检验党组织参与治理对企业盈余可持续性的
影响。同时，结合代理成本和企业创新，对二者之间的影响差异进行研究分析，
得到以下研究结论：
（1）党组织参与治理对其盈余可持续性有显著的正向影响；（2）机制研究
表明，党员高管通过降低代理成本、提高企业创新，从而增强企业盈余可持续性。
该研究结果确认了党组织在公司治理中起到了积极的推动作用。（3）进一步研究
表明，与非国有企业相比，党组织在国有企业的治理中对盈余的持续正向影响更
为显著。在党组织活跃度高的企业中，党组织参与治理对盈余可持续性的影响更
显著。“八项规定”的发布和政府行业管制，对研究党组织参与公司治理与盈余
可持续性之间的关系存在积极影响。
总的来说，本文的研究结论进一步丰富了党组织参与公司治理对盈余可持续
性影响因素方面的研究成果。本文所探讨的党组织参与公司治理对盈余可持续性
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党组织参与公司治理与盈余可持续性
的影响及作用机理及异质性分析，能为加强党的领导，政府用强制性制度坚定公
司管理者政治立场，优化公司治理，持续构建和优化党组织参与公司治理机制，
踏出一条具有中国特色的现代企业运作治理机制提供治理经验。为企业充分发挥
党组织参与公司治理的优势，促进公司治理布局的优化，使党委会与董事会决策
向下传导过程更加畅通，帮助公司实现公司高质量发展提供借鉴依据。
关键词：党组织参与公司治理；盈余可持续性；党组织活跃度；企业创新
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山西财经大学硕士学位论文
ABSTRACT
To achieve high-quality development of enterprises,it is necessary to have
leading competitiveness,reliable product quality and continuous brand innovation
influence,as well as advanced quality management concepts and methods.The
ultimate goal of high-quality development is to promote the sustainable
development of enterprises,establish the modern economy of our country and the
healthy development of the capital market.In order to achieve sustainable
development,enterprises cannot do without the sustainability of earnings.
Therefore,exploring how to strengthen the company's earnings management,
improve the quality of earnings,and make the company's earnings stable and
sustainable is not only related to the high-quality development of enterprises,but
also lays a solid foundation for the healthy development of China's capital market
and the high-quality development of the economy.
In order to achieve the sustainability of corporate earnings,it is necessary to
strengthen the construction of internal governance mechanism and improve the
level of internal governance.In the process of reform and development of modern
enterprises in China,the state has issued relevant laws and regulations to give the
party organization to participate in corporate governance system guarantee,the
party organization's participation in corporate governance has long become a
unique corporate governance model in China,and its governance effect has
become increasingly significant,attracting extensive attention from the academic
community.
The research of corporate earnings sustainability is mainly carried out from
the perspective of earnings composition,earnings manipulation behavior of senior
managers,reliability of accounting information and so on.However,there are few
literatures mentioning the inclusion of surplus sustainability in the research
system of Party organization participation in governance.Therefore,this paper
takes earnings sustainability as the entry point,selects China's Shanghai and
Shenzhen A-share listed companies from 2009to 2021as the research sample,
and uses the theory of high ladder team,principal-agent theory and contingency
theory as the theoretical basis to analyze and test the impact of Party organization
participation in governance on corporate earnings sustainability.At the same time,
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