外部经理人市场对企业盈余管理影响的实证研究

The Empirical Research of External Managers Market Impact on Corporate Earnings Management

研究目标:外部经理人市场对企业盈余管理的双重影响作用,外部经理人市场一方面通过声誉机制对企业盈余管理产生直接影响作用;另一方面通过强化内部治理有效性对盈余管理产生间接影响作用。研究方法:运用多层次线性模型检验外部经理人市场对企业盈余管理的影响作用。研究发现:外部经理人市场主要通过间接效应抑制企业盈余管理;我国当前市场中的声誉机制存在扭曲,导致其对盈余管理的直接效应无效;国有企业特殊的任命式经理人选拔制度,导致声誉机制和流动机制不完善,表现为外部经理人市场对国有企业盈余管理影响不显著;经理人市场对真实盈余管理的抑制程度要大于应计盈余管理。研究创新:提出外部经理人市场对企业盈余管理的双重影响效应并进行实证检验。研究价值:建立健全的职业经理人信用制度、市场化的经理人选聘,降低企业盈余管理水平。

Research Objectives:The double impact of the external managers market on earnings management,the external managers market,on the on hand,directly impact on earnings management through the reputation mechanism;on the other hand,in directly impact on earnings management through strengthening the effectiveness of the internal governanceResearch Methods:this paper uses multilevel linear model to test the external managers market impact on corporate earnings managementResearch Findings:The external managers market inhibits the earnings management mainly through the indirect effects;the reputation mechanism in our country is distorted,this leads to direct effect is invalid;Special manager selection system in Stateowned enterprises leads to the reputation mechanism and flow mechanism imperfect,performance for the external managers market has not significant effect on stateowned enterprise surplus management;Inhibition of manager market of real earnings management degree than accrued earnings managementResearch Innovations:This paper puts forward the external managers markets double effect on earnings management in the enterpriseResearch Value:Establishing perfect professional managers of credit system,marketoriented managers hiring,to reduce the management level in enterprises.