An empirical analysis on earnings management of unlisted firms

以往的研究表明，与其他国家的收益分布相比，日本企业的收益水平分布在零点处存在明显的不连续性（托马斯et al. 2004;苏达and Shuto 2007; Shuto 2009）。我们预测日本有两个独特的制度因素。(1)财务会计与税务会计的一致性;（2）企业与银行之间的紧密关系。导致收益分配的不连续性。与这一预测相一致，我们发现，高边际税率和与银行关系密切的公司更有可能管理盈利，报告略为正的盈利。我们还发现，这种关系是更普遍的私营企业比上市公司。我们通过检查一个重要的研究环境，具有制度因素和损失规避行为的特征，以便在假设发展过程中进行更深入的考虑，从而为文献做出贡献。

Previous studies have shown that, compared with earnings distributions in other countries, there are clear discontinuities at zero in the distribution of earnings levels in Japanese firms (Thomas et al. 2004; Suda and Shuto 2007; Shuto 2009). We predict that two unique institutional factors in Japan . (1) the alignment between financial and tax accounting, and (2) the tight relationship between firms and their banks . cause the discontinuities in earnings distribution. Consistent with this prediction, we find that firms with high marginal tax rates and tight relationships with their banks are more likely to manage earnings to report slightly positive earnings. We also find that this relationship is more pervasive for private firms than public firms. We contribute to the literature by examining a significant research setting that has features of both institutional factors and loss-avoidance behaviors to enable deeper consideration during hypothesis development.