公司治理结构与盈余管理研究——基于我国ST公司的经验证据

On Firms orporate Governance and Earnings Management—Base on the Validates of Chinese ST Listed Companies

本文以我国ST上市公司为研究样本,从股权结构、董事会和监事会方面,对盈余管理与公司治理结构之问的关系进行了实证分析。结果表明,流通股与盈余管理无相关关系,股权集中度与盈余管理正相关,独立董事与盈余管理负相关。此外,由于我国股权结构相对比较集中,致使股权制衡度与盈余管理正相关,没有发挥其约束作用。这些结果表明,股权适度集中,有相对控股权的大股东的公司盈余管理较轻,治理效果较好。

This paper takes the ST listed company as the sample and examines the relationship between earnings management and corporate governance structure from the ownership structure, the board of directors and the executive committee. We show that there is no significant correlation between the state ownership, the legal person ownership, tradable ownership with earnings management; there is positive significant correlation between degree of ownership concentration and earnings management; a negative relation is also found between board independence and earnings management. In addition, we found that a positive significant correlation between degree of ownership balance and earnings management for ownership structure concentrated comparatively in china, thus degree of ownership balance didn＇t exert its function of balance. These results suggest that the moderate concentration of ownership and the largest shareholder＇s comparative control are better for the effect of governance and it can reduce the degree of earnings management.