企业CEO任期与财务重述行为研究

A Research on CEO’s Tenure and Financial Restatement Behavior

财务重述现象不仅会影响公司业绩,损害投资者利益,甚至会降低资本市场有效性。CEO任期作为企业高管的个人特征,会导致CEO做出经济决策的不同。结合CEO任期的"季节模型"、声誉机制等相关理论来探讨企业CEO任期对财务重述发生的影响,选取上市公司2007-2010年的数据进行实证研究。研究结果表明:企业CEO任期与财务重述显著负相关,随着任期增加,企业财务重述行为减少;进一步研究发现,在企业CEO离任前一年会增强财务重述的动机。最后,针对实证研究得出的结果及财务重述的现状提出政策建议。

The phenomenon of financial restatements may affect the performance of a company,and harm the interests of the investors;what’s more,the restatements even reduce the effectiveness of the capital market.As the main personal characteristics of the corporate executives,a CEO’s tenure may result in different economic decisions.Combining the seasons of a CEO’s tenure and the reputation mechanism theory,this thesis makes an empirical study by using the data of listed companies from 2007 to 2010,to explore the effects of CEOs’ tenure on financial restatements.Research results show that:there is a significant negative correlation between CEOs’ tenure and financial restatements,in other words,the financial restatements reduce while the tenure increases.Further study finds that CEO has a strong motivation to strengthen financial restatement in the year before his departure.