管理层持股与企业盈余持续性的实证研究——基于企业社会责任的中介效应检验

An Empirical Study on Management Stock Ownership and the Persistence of Corporate Earnings:Intermediate Effect Test Based on Corporate Social Responsibility

选取我国A股上市公司2009-2016年的数据为研究样本,基于盈余持续性的视角研究管理层持股的利益趋同效应,发现管理层持股有助于提升企业的盈余持续性。运用Bootstrap法检验企业社会责任在管理层持股对盈余持续性影响中的作用。研究结果表明,企业社会责任在管理层持股对企业盈余持续性的影响中具有中介效应,且是部分中介效应。通过研究发现,企业积极履行社会责任、完善股权激励措施、树立外部形象与优化内部治理相结合,有助于提升企业的盈余持续性。

Selecting the data of A-share listed companies in China from 2009 to 2016 as the research sample,this paper studies the benefit convergence effect of management stock ownership from the perspective of the persistence of corporate earnings and finds that management stock ownership helps to improve the earning persistence of enterprises. In this paper,Bootstrap method is used to test the role of corporate social responsibility in the impact of management stock ownership on earning persistence. The results show that corporate social responsibility has a partly mediating effect on the impact of management stock ownership on earning persistence. Through the research,it is found that enterprises actively fulfill their social responsibilities,improve equity incentives,establish an external image and optimize internal governance,which will help to improve the persistence of corporate earnings.