高管合规背景对企业盈余管理的影响研究——来自中国资本市场的经验证据

Research on the Impact of Executive Compliance Background on Corporate Earnings Management—Empirical Evidence from China’s Capital Market

本文以2012年至2022年间A股非金融上市公司为研究样本,研究高管合规背景对应计与真实盈余管理行为的影响。研究结果发现,企业高管中合规背景的比例越大,越有助于抑制应计盈余管理行为与真实盈余管理行为,且结果在经过增加控制变量和增加高维固定效应两种方法稳健性检验后是可靠的。机制检验发现,诉讼威慑与高管合规背景存在替代效应,面临诉讼威慑越严重的企业,在后续财年的盈余管理方面越收敛。异质性分析发现,合规背景高管的比例越高,有助于压制国有企业的真实盈余管理行为与非国有企业的应计盈余管理行为;高管合规背景对盈余管理行为的约束作用,在内部控制质量较弱的企业发挥得更明显。本文结论表明高管合规背景在上市公司财务操纵方面能够发挥积极的治理效应,并佐证了加强对上市企业违法违规行为的“违法必究”政策对资本市场健康运行、保护投资者利益的积极意义。This paper takes A-share non-financial listed companies from 2012 to 2022 as research samples to study the impact of executive compliance background on accounting and real earnings management behavior. The research results show that the larger the proportion of compliance background among corporate executives, the more conducive to inhibiting accrual earnings management behavior and real earnings management behavior, and the results are reliable after the robustness test of increasing control variables and increasing high-dimensional fixed effects. The mechanism test found that there is a substitution effect between litigation deterrence and executive compliance background. The more serious the litigation deterrence, the more restrained the earnings management in the subsequent fiscal year. Heterogeneity analysis shows that the higher the proportion of executives with compliance background, it helps to suppress the real earnings management behavior of state-owned enterprises and the accrual earnings management behavior of non-state-owned enterprises. The restrictive effect of executive compliance background on earnings management behavior is more obvious in enterprises with weak internal control quality. The conclusion of this paper shows that the compliance background of senior executives can play a positive governance effect on the financial manipulation of listed companies, and proves the positive significance of strengthening the policy of “investigating violations of laws and regulations” for the healthy operation of the capital market and protecting the interests of investors.