医药行业大股东减持对盈余管理行为的影响研究
Study on the Influence of Major Shareholders’ Holdings Reduction on Earnings Management Behavior in the Pharmaceutical Industry

股权分置的改革促进了A股市场的全流通，但也在一定程度上加重了大中小股东之间的委托代理矛盾。本文选取2012年~2022年期间医药行业作为样本，通过实证分析发现该行业大股东减持规模越大，公司盈余管理程度越高，存在大股东摄取公司超额利益的现象。同时研究表明，公司股权越集中，大股东减持行为与盈余管理的正相关性越强。基于此，本文对规范大股东减持行为提出了加强内部优化、强化企业信息披露、完善规章制度及加大监管惩处力度的建议。
The reform of non-tradable shares has promoted the full circulation of a-share market, but also to some extent has aggravated the principal and agent contradiction between large and minority shareholders. In this paper, the pharmaceutical industry from 2012 to 2022 is selected as a sample. Through empirical analysis, it is found that the larger the reduction scale of the major shareholders in the industry, the higher the earnings management degree of the company, and the phenomenon that the major shareholders absorb the excess interests of the company. At the same time, the research shows that the more concentrated the company’s equity, the stronger the positive correlation between the reduction behavior of major shareholders and earnings management. Based on this, this paper puts forward suggestions on strengthening internal optimization, strengthening enterprise information disclosure, improving rules and regulations and strengthening supervision and punishment to standardize the reduction behavior of major share- holders.