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中文摘要：
本文采用2004至2006年中国A股非金融类上市公司数据，运用广义最小二乘法及二阶段广义最小二乘法等实证研究方法，深入研究了上市公司的公司治理、资金占用与盈余管理之间的关系。研究发现：在公司治理水平较高的上市公司，控股股东占用资金较少；盈余管理水平与公司治理水平呈负相关关系；盈余管理水平与资金占用程度呈正相关关系，说明控股股东会通过盈余管理来掩盖资金占用对上市业绩造成的不利影响，以便长期占用上市公司的资金。
英文摘要：
Based on the data of all Chinese A - share non - financial listed companies from 2004 to 2006, this paper investigates the relationship among corporate governance, fund appropriation and earning manipulation by employing Generalized Least Squares （GLS） and Two- stage Generalized Least Squares （TGLS）. The conclusions are as follows. The level of corporate governance negatively correlates with the degree of fund appropriation. The level of earning manipulation negatively correlates with the level of corporate governance. The level of earnings manipulation positively correlates with the degree of fund appropriation, which indicates that the holding shareholder is trying to cover up the unfavorable influence from fund appropriation on corporate performance with earnings manipulation aiming at appropriating corporate fund in the long run.
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