CEO预期任期与盈余管理的关系研究

Study on the Relationship Between CEO’s Expected Tenure and Earnings Management

本文以我国证券市场2007~2013年A股上市公司为研究样本,检验了CEO预期任期对公司盈余管理的影响。实证检验结果表明:CEO预期任期对公司盈余管理存在显著影响,预期任期越长,盈余管理水平越低,而且预期任期对于向上盈余管理的影响更大。进一步通过区分公司产权性质发现,与非国有控股上市公司相比,国有控股上市公司中CEO预期任期对向上盈余管理的影响较弱。本文的研究丰富了决策视野理论、盈余管理等相关领域的文献;同时,对于上市公司合理设计CEO任期制度具有重要启示意义。

Based on the research sample of Chinese securities market A shares of listing corporations from 2007 to2013,this paper examines the influence of CEO expected tenure on earnings management. The empirical results show that the CEO expected tenure is expected to have significant effect on the level of earnings management—the longer the expected tenure,the lower the level of earnings management. At the same time,the effect on positive earnings management holds robust. By distinguishing the company property and the power of CEO,it finds out that the correlation becomes weaker when the corporate is state- owned and the CEO’s power can strengthen this correlation.