内部制度环境与盈余管理:基于激励与约束视角

Internal Institutional Environment and Earnings Management:Based on the Perspective of Incentives and Constraints

以2013—2016年我国A股上市公司为研究对象,从"约束"和"激励"视角,研究内部约束和激励制度环境对应计盈余管理和真实盈余管理的治理作用。研究结果表明:从整体上看,完善的内部约束和激励制度环境有助于抑制应计盈余管理,但不能有效降低真实盈余管理水平;在内部激励制度环境中,货币薪酬激励制度能够有效抑制真实盈余管理,股权激励制度的不健全是导致我国上市公司整体内部激励制度环境无法起到抑制真实盈余管理的原因之一。上市公司应结合我国国情,着重从内部激励制度环境的重构和优化入手,优化货币薪酬激励,调整股权激励安排。

Using 2013-2016 Chinese A-share listed company as the research object,this paper studies the impact of internal constraint and incentive environment on accrual and real earnings management from the perspective of ＂constraints＂and＂incentives＂. The results show that,in general,a perfect internal restraint system and a thorough incentive environment can both curb accrual and real earnings management,however,it cannot effectively reduce the level of real earnings management. The results of further study show that,monetary compensation plays an effective role in inhibiting real earnings management. The incomplete stock option system is one of the significant reasons for that the overall internal incentive environment of listed companies in China cannot inhibit real earnings management. Chinese listed companies should combine with Chinese national conditions,focus on the reconstruction and optimization of the internal incentive institutional environment,optimize monetary incentives,and adjust equity incentive structure.