：在中国发展的“新常态”下，传统的经济发展理念已经落后， 经济发展要求数量和质量并重。僵尸企业自身盈利能力差，通过粉饰 财务报表进行盈余管理，占用大量社会资源，阻碍了社会资源的有效 配置和可持续发展。加强僵尸企业盈余管理研究，可以为推进我国“三 去一降一补”的供给侧改革、解决僵尸企业难题提供理论依据。 本文研究分为六个部分。第一部分是绪论。首先提出论文的选题 背景及研究意义，其次阐明研究思路与研究方法，最后介绍文章的创 新点。第二部分是文献综述。分别对僵尸企业、盈余管理及僵尸企业 的盈余管理以往国内外研究成果进行整理，对现有的研究成果做出评 述，进一步明确研究方向。第三部分是相关理论与假设提出。通过对 委托代理理论、信息不对称理论、会计盈余决策有用性理论和经济人 理论分析了我国上市企业僵尸化程度、僵尸企业国有股权比例与盈余 管理之间的关系，提出了企业僵尸化程度越高，企业盈余管理程度越 高；僵尸企业国有股权比例越高，企业盈余管理程度越高两个假设。 第四部分研究设计。本部分构建了企业僵尸化指数指标体系，并收集 2011-2018年沪深A股上市企业的数据，对不同程度不同行业僵尸企 业的测算数据进行分析。第五部分是实证检验和结果分析。通过本文 构建的僵尸化指数指标体系对各企业的僵尸化指数进行测算，结合假 设进行相关性分析、回归分析、稳健性检验。第六部分是研究结论、 建议与展望。根据前文的理论和实证分析得出结论，提出解决问题的 II 建议和研究展望。 本文首先利用文献分析法对国内外文献进行整理、归纳，在国内 外研究的基础上，阐明企业僵尸化程度、僵尸企业国有股权比例与企 业盈余管理程度之间的关系。再使用归纳演绎法，构建企业僵尸化指 标体系；最后使用实证分析法，对企业僵尸化程度、僵尸企业国有股 权比例与盈余管理的关系做实证分析，结果表明：（1）2011年至2018 年沪深A股企业中企业僵尸化程度的平均值为0.21，我国“轻度僵 尸企业”占86%，“中度僵尸企业”占12%，“重度僵尸企业”占2%。 （2）企业僵尸化程度越高，盈余管理程度越高假设成立。（3）僵尸 企业国有股权比例越高，盈余管理程度越高假设成立。根据研究结果 提出了抑制僵尸企业的盈余管理、推进国有企业改革及治理僵尸企业 的建议。研究成果有助于投资者深入了解财务报告，做出正确的决策， 实现资源的合理配置。有助于完善市场监管机制，为治理僵尸企业问 题提供理论依据。 关键词：僵尸企业；盈余管理；企业僵尸化指数；产权性质 III EmpiricalResearchonZombieEnterpriseEarnings Management——BasedonEvidenceofShanghaiand ShenzhenA-shareListedCompanies YiZhishuai（BusinessAdministration） DirectedbyHuHaibo Abstract: Underthe"newnormal"ofChina'sdevelopment,the traditionalconceptofeconomicdevelopmenthasfallenbehind,and economicdevelopmentrequiresbothquantityandquality.Zombie companieshavepoorprofitability,andtheymanageearningsby whitewashingfinancialstatements,occupyingalotofsocialresources, whichhinderstheeffectiveallocationandsustainabledevelopmentof socialresources.Strengtheningtheresearchonthesurplusmanagement ofzombieenterprisescanprovideatheoreticalbasisforadvancingthe supply-sidereformofChina's"Capacityreduction、De-stocking、 Deleveraging、Costreduction、Improvingunderdevelopedareas"and solvingtheproblemofzombieenterprises. Thisarticleisdividedintosixparts.Thefirstpartisanintroduction. Firstly,thebackgroundofthetopicofthepaperandthesignificanceof theresearchareproposed.Secondly,theresearchideasandmethodsare clarified.Finally,theinnovationofthearticleisintroduced.Thesecond partistheliteraturereview.Sortoutthepreviousresearchresultsof zombiescompanies,earningsmanagementandzombiescompanies' IV earningsmanagementathomeandabroad,commentontheexisting researchresults,andfurtherclarifytheresearchdirection.Thethirdpart isrelatedtheoriesandassumptions.Byanalyzingtherelationship betweentheprincipal-agenttheory,informationasymmetrytheory, accountingearningsdecisionusefulnesstheoryandeconomisttheory,the relationshipbetweenthezombificationoflistedcompaniesinChina,the proportionofzombies'state-ownedequityandearningsmanagementis analyzed.High,thehigherthedegreeofcorporateearningsmanagement; thehighertheproportionofzombiecompanies'state-ownedequity,the higherthedegreeofcorporateearningsmanagement.Thefourthpartis researchdesign.Thispartbuildstheindexsystemofcorporatezombie index,andcollectsthedataofShanghaiandShenzhenA-sharelisted companiesfrom2011to2018,andanalyzesthecalculationdataof zombiecompaniesofdifferentdegreesanddifferentindustries.Thefifth partisempiricaltestandresultanalysis.Throughthezombieindexindex systemconstructedinthispaper,thezombieindexofeachenterpriseis measured,andcorrelationanalysis,regressionanalysis,androbustness testarecombinedwithhypotheses.Thesixthpartistheresearch conclusions,suggestionsandprospects.Accordingtotheprevious theoreticalandempiricalanalysis,wecandrawconclusions,propose solutionstoproblems,andfinallyexplaintheprospectsoftheresearch. Thisarticlefirstsortsandsummarizesdomesticandforeign V literaturethroughliteratureanalysis.Basedondomesticandforeign research,itclarifiestherelationshipbetweenthedegreeofcorporate zombies,theproportionofzombies'state-ownedequityandthedegreeof corporateearningsmanagement.Thenusetheinductivedeductive methodtobuildanenterprisezombieindexsystem;finallyusean empiricalanalysismethodtodoanempiricalanalysisoftherelationship betweenthezombiedegreeoftheenterprise,theproportionofzombie enterprises'state-ownedequityandearningsmanagement,theresults showthat:(1)2011to2018Theaveragelevelofcorporatezombieamong ShanghaiandShenzhenA-sharecompaniesis0.21.China's"lightzombie companies"accountfor86%,"moderatezombiecompanies"accountfor 12%,and"severezombiecompanies"accountfor2%.(2)Thehigherthe degreeofcorporatezombies,thehigherthedegreeofearnings management.(3)Thehighertheproportionofzombies'state-owned equity,thehigherthedegreeofearningsmanagement.Basedonthe resultsofthestudy,suggestionswereputforwardtosuppressthesurplus managementofzombies,suggestionstopromotethereformof state-ownedenterprises,andsuggestionstomanagezombies.The researchresultshelpinvestorsunderstandfinancialreportsindepth,make correctdecisions,andrealizetherationalallocationofresources.Itis helpfultoimprovethemarketsupervisionmechanismandprovidea theoreticalbasisforthemanagementofzombies. VI Keywords: zombieenterprises;earningsmanagement;enterprise zombieizationindex;Propertynature 目录 摘要..............................................................................................................I Abstract..................................................................................................III 第1章绪论..............................................................................................1 1.1选题背景与研究意义.................................................................1 1.1.1选题背景...........................................................................1 1.1.2研究意义...........................................................................2 1.2研究内容.....................................................................................3 1.3研究方法.....................................................................................3 1.4研究思路与内容安排.................................................................4 1.5本文可能的创新点.....................................................................5 第2章文献综述.....................................................................................7 2.1僵尸企业的研究现状.................................................................7 2.1.1僵尸企业的定义...............................................................7 2.1.2僵尸企业的形成原因.......................................................7 2.1.3僵尸企业的识别方法.......................................................9 2.1.4僵尸企业的危害.............................................................11 2.2盈余管理的研究现状...............................................................12 2.2.1盈余管理的定义.............................................................12 2.2.2盈余管理的动机.............................................................13 2.2.3盈余管理的方式.............................................................14 2.2.4盈余管理的基本特点.....................................................16 2.3僵尸企业盈余管理的研究现状...................