摘要
高管特征影响着上市公司的财务决策,高管学术经历会形成与其工作相匹配的特征。本文以烙印理论为理论基础,以2008年—2017年沪深A股上市公司为研究样本,通过实证研究考察了高管学术经历对上市公司投资效率的影响,并探讨盈余管理的中介效应。研究发现,高管学术经历通过“认知烙印”和“能力烙印”提高了上市公司的投资效率,同时盈余管理在高管学术经历影响上市公司投资效率的过程中发挥了中介效应。因而从某种意义上说,高管学术经历具有公司内部治理作用,可作为外部治理机制的补充。
The managerial characteristics affect financial decisions of listed companies.The managerial academic experience,belonging to the work experience,forms characteristics matching the work.Do these characteristics also have a significant impact on financial decisions of listed companies?Based on imprinting theory and using Shanghai and Shenzhen A-share listed companies from 2008 to 2017 as samples,this paper investigates the impact of the managerial academic experience on the investment efficiency of listed companies through the empirical study,and discusses the mediating effect of earnings management.The results show that the managerial academic experience improves the investment efficiency of listed companies by means of"cognition imprinting"and"ability imprinting",and further find that earnings management plays the mediating effect in the process of the impact of the managerial academic experience on the investment efficiency.The conclusions show that the managerial academic experience has the function of the internal corporate governance and can be used as a supplement to the external governance mechanism.
作者
王瑞霞
WANG Ruixia(Lanzhou University of Finance and Economics,Lanzhou 730020,China)
出处
《新疆财经大学学报》
2019年第3期33-41,共9页
Journal of Xinjiang University of Finance & Economics
关键词
高管学术经历
盈余管理程度
投资效率
烙印理论
managerial academic experience
earnings management level
investment efficiency
imprinting theory