大股东是公司治理的重要主体,第一大股东的性质和持股比例的不同会对盈余管理行为产生不同的约束力。本文以2003～2005年的上市公司为样本,基于分行业修正的琼斯-现金模型研究了第一大股东的性质及其持股比例与盈余管理程度相关关系。研究结果表明:国有股似乎更能控制盈余管理行为;第一大股东持股比例与盈余管理程度之间呈线非线性关系,从大体上看呈近似U型曲线结构,以40%～60%这个区间的盈余管理程度比较轻也比较稳定。 Major shareholder is an important subject of corporate governance. The difference between the nature of the largest shareholder and the proportion of shareholding will have different binding effects on earnings management. Based on the Jones-Cash model with industry revision, this paper studies the nature of the largest shareholder and the relationship between the proportion of its shareholding and the degree of earnings management based on the listed companies from 2003 to 2005. The results show that state-owned shares seem to be more effective at controlling earnings management. The proportion of the largest shareholder’s shareholding and the degree of earnings management show a linear non-linear relationship. Generally speaking, the proportion of 40% to 60% The level of earnings management is relatively light and relatively stable.