连锁关系与盈余管理——基于信息传递的视角

Interlocking Relationships and Earnings Management:Based on the Perspective of Information Transmission

连锁关系是企业间信息传递的重要媒介,本文将连锁公司的董事、高管和监事在目标公司担任董事均定义为连锁关系,分别称为董事连锁、高管连锁和监事连锁。基于连锁关系的信息传递视角,本文以2007-2017年存在连锁关系的公司对为样本,并采用倾向得分匹配法筛选配对样本,探讨应计盈余管理、真实盈余管理及分类转移操纵经由连锁关系的传染效应,同时检验不同连锁关系类型对盈余管理传染作用的差异。研究结果表明,应计盈余管理、真实盈余管理和分类转移操纵均能经由连锁关系传染;董事连锁能传染真实盈余管理和分类转移操纵,监事连锁仅能传染应计盈余管理,而非CFO的高管连锁则不能发挥显著的盈余管理传染作用;当连锁关系解除时,盈余管理传染随即中断。进一步的检验表明,若目标公司为国有企业,则其模仿连锁公司应计盈余管理的意愿显著减弱。该结果对资本市场中盈余管理的监管及两家公司之间连锁关系的形成均具有一定的启示。

Interlocking relationship is a very common phenomenon in China.A large number of researches show that interlocking relationship is an important channel for the transmission of information between companies and it will affect the decision-making and economic consequences of these companies.We define interlocking relationships as directors,executives and supervisors who serve as directors in other companies,known as interlocking directors,interlocking executives and interlocking supervisors respectively.Based on the perspective of information transmission,considering accruals earnings management,real earnings management and classification shifting, using samples obtained from A share listed companies on the main board in which interlocking relationships exist between 2007 to 2017,we empirically investigate the contagion effect of earnings management through interlocking relationships and examines whether all kinds of interlocking relationships can play role in contagion effect of earnings management.Results show that accruals earnings management,real earnings management and classification shifting all show significant contagion effect through interlocking relationships;Not all kinds of interlocking relationships are able to transmit information about earnings management between companies.Interlocking supervisors can play role in contagion effect of accruals earnings management,interlocking directors can play role in contagion effect of real earnings management and classification shifting,while interlocking executives cannot play role in contagion effect of earnings management.This conclusion provides the references for the regulation of earnings management and the formation of interlocking relationships.