公司治理、盈余管理与企业增长

Corporate Governance、Earnings Management and Growth of Listed Companies

结合公司治理理论和盈余管理理论,运用广义最小二乘法及二阶段广义最小二乘法,采用2004～2006年间非金融类上市公司的数据,将公司治理、盈余管理与企业增长三者纳入了一个统一的框架体系进行实证研究。研究发现:企业增长与公司治理水平正相关,良好的公司治理有利于企业的长远发展;盈余管理水平会对企业增长产生负面影响。

Based on the generalized least squares and simultaneous equations and adopting the data of listed companies except non-financial ones,the thesis make series of empirical research through bringing corporate governance,earning management and growth of listed companies into a uniform system. We make the conclusion that the growth of listed companies has a positive correlativity with the level of corporate governance,so good corporate governance is favorable for long-term development of listed companies. Earnings management has a negative impact to growth of listed companies.