Governance Environment,Controller's Characteristic and Debt-covenant Hypothesis
研究中国上市公司治理环境与控制人特征对债务水平与盈余管理关系的影响，发现政府控制企业债务约束软化，非政府控制企业中治理环境强化了债务与盈余管理的正向关系。
The paper studies the governance environment and company controller's characteristic in China.The result shows that some company's behavior characters differ from that of developed market economy.By using a sample of listed company in 1999～2004,the authors find the following results.(1) The higher debt level,the more incentives of earnings management;(2) Because debt constraints become soft to the government controlled company,debt level has no significant effect on earnings management.However,to the sub-sample of non-government controlled company,the debt level and EM show significant positive relation.(3) For non-government controlled company,governance environment factors significantly affect the positive relation between debt level and EM.In the area where is of higher marketization,or lower government intervention,or higher legal level,their positive relation is stronger.