高管变更、继任来源与盈余管理

Toward Top Executive Change,Succession Resource and Earnings Management

高管变更与盈余管理之间的关系历来是盈余管理领域关注的热点问题之一,但我国对这一问题的经验文献却相对较少。以中国资本市场2001年到2006年的A股上市公司为样本,实证检验了高管(董事长或总经理)变更和高管的继任来源两个因素对于盈余管理的影响。在控制了其他可能影响盈余管理的因素之后,实证研究结果表明:高管变更导致了显著的负向盈余管理行为;外部继任者的上市公司相对于内部继任者的上市公司而言更倾向于进行显著的负向盈余管理。附加检验也揭示,高管离职的原因会给继任高管的盈余管理行为带来不同的影响。研究表明,高管变更和继任来源是盈余管理行为的重要影响因素,为理解中国资本市场盈余管理的机会主义行为动机提供了新的经验证据。

The relationship between the change of top executives and earnings management has always been a hot concern in earnings management field,but literatures are far from needed. This paper adopts data of China's A-share listed companies through 2001-2006 to empirically test the effects of top executive change and succession resource on earnings management. After controlling other factors affecting earnings management,the paper finds that changes in top executives lead to significant negative earnings management,successive from outside is more significantly negative compared to successive from inside. Additional tests demonstrate that different causes of resignation can lead to different earnings management of successors. The paper shows that top executive change and succession resource are important factors affecting earnings management,and provides new empirical evidence for understanding the motives of earnings management opportunistic behavior in China capital market.