基于盈余管理视角的供应商与主要客户合谋行为研究

随着美国公司客户集中度逐渐提高的趋势，围绕客户集中度（或者供应商—客户关系）的会计和公司财务研究越来越受到学者们的重视，并取得了较为丰硕的研究成果。立足中国正式制度相对缺失和关系导向营商环境的特有制度背景，利用中国公司在IPO招股说明书中披露的前三年财务信息和前5名客户信息，以及上市公司在年报中自愿披露的前5名客户信息等独特数据，本项目具体围绕我国供应商与主要客户之间普遍存在的股权关系这一维度，开创性地提出并系统检验当公司IPO、权益再融资以及长期银行贷款三种情形时，供应商与主要客户之间的股权关系是否会诱发其通过合谋进行盈余管理的机会主义行为。本项目的研究意义不仅在于把盈余管理的现有国内外文献从高管和控股股东等相关利益者角度拓展到供应商与主要客户这一同盟角度，而且能够对国外基于市场规则导向营商环境的既有理论进行一定的拓展和修正，进而有助于提高中国会计研究的国际化价值。

With the increasing concentration of customers in the U.S. companies, more and more studies in accounting and finance have focused on the consequences of customer concentration or the relationship between suppliers and customers. In light of the relation-oriented business environment in China, using the compulsorily disclosed financial information and top five customer identity information in the IPO prospectuses, and the voluntarily disclosed top five customer identity information in the annual financial reports, this project creatively points out and examines around the time of IPOs, SEOs, and long-term bank loans, whether the ownership-linked relationship between suppliers and their major customers in the Chinese supplier firms induces their opportunistic earnings management through collusion. This project not only extends the prior literature on earnings management from the perspective of top managers and controlling shareholders to the alliance between suppliers and their major customers, but also fixes the supply chain theory based on rule-oriented business environments, which helps enhance the internationalization value of China’s accounting research.