公司治理、高管变更与盈余管理

Corporate Governing,Top Manager Altering with Surplus Managing

使用中国上市公司2003～2008年数据,对不同治理结构下高管正常变更前一、两年的盈余管理行为进行实证研究,结果显示:董事长在正常变更前一、两年有调增利润的行为,且变更前一年的调增现象比前两年要显著,但没有证据显示总经理正常变更前存在显著的盈余管理行为。研究还发现,完善的公司治理结构对董事长正常变更诱发的盈余管理行为能够起到有效的抑制作用。因此,提高公司内部治理水平和建立外部市场高管长期声誉机制具有紧迫性。

This paper uses annual data from 2003 to 2008 of Chinese listed companies to make an empirical study on departing top management＇s Earning Management behaviors in their last year and the next-to-last year considering the difference of Governance Structure. The result of research shows that Routine turnover of chairman of board of directors causes the increase of discretionary accrnals,with the evidence being stronger on the last year than the next-to-last year. There is no evidence which shows departing general manager increases discretionary＇ accruals before Routine Turnover. In addition, perfectly Governance Mechanism can successfully mitigate the earning management caused by CBD turnover. So we put forward that optimizing Governance Mechanism in company and establishing long-term reputation meehanism in top management market is a matter of urgency.