高管从军经历与公司盈余管理:军民融合发展战略的新考察

Executives' Military Experience and Corporate Earnings Management: A New Perspective on the Military-civilian Integration Strategy

军民融合发展战略是统一富国和强军两大目标的国家战略,具有从军经历的高管是军队人才资源与地方经济发展深度融合的事实样本。本文切入公司真实行为视角,详细考察和分析了高管从军经历对应计和真实两类盈余管理的影响效应和调节因素。首先,对影响效应的考察发现,相比无从军经历高管的公司,具有从军经历高管的公司应计盈余管理程度更高,销售操纵型的真实活动盈余管理程度更高,这表明具有从军经历的高管所在公司财务表现更加激进。其次,对调节因素的考察发现,高管从军经历对公司盈余管理程度的正向影响在国有企业以及高决策权力公司中更加显著。最后,对高管从军经历的细分特征考察发现,高管从军的年限越长、从军时取得的军衔越高,则公司盈余管理程度越高,这表明高管从军经历对盈余管理的影响效应受到从军深入度和军队认可度的影响。本文研究在理论上拓展了"文化与财务"的研究范式,补充了盈余管理文献的决定因素,在实践上为军民融合战略背景下军队文化对公司财务行为的经济后果及作用机理提供了微观个体层面的经验证据。

The military-civilian integration strategy is a national strategy aimed at two goals at the same time: building a rich country and a strong army. Executives with military experience are the living examples of the deep integration of the military talent resources and the civilian economic development. From the perspective of corporate earnings management, this paper analyzes the impact and regulating factors of executives military experience on accrued and real earnings management. Firstly, compared to companies whose executives have no military experience, companies whose executives have a military background have higher levels of management over accrued earnings and sale-controlled real earnings, meaning these companies are more aggressive in financial decision making. Secondly, the survey on regulating factors shows that the positive impact of executives military experience on earnings management is more significant in state-owned enterprises and in companies with higher decision-making power. Finally, further investigation on military experience finds that the earnings management level is higher when executives have a longer service period or a higher military ranking, which shows that the relationship between executives military experience and earnings management is affected by the depth and achievements of their military life. The paper extends the theoretical research of the “culture and finance” paradigm, adds determinants to earnings management literature, and provides a micro, individual perspective and empirical evidence of the economic impact and working mechanism of the military culture on corporate financial behaviors, shedding light on the implementation of the military-civilian integration strategy.