经济与管理
經濟與管理
경제여관리
ECONOMY AND MANAGEMENT
2015年
1期
66-73
,共8页
股权激励%真实盈余管理%公司治理强度%市场化进程
股權激勵%真實盈餘管理%公司治理彊度%市場化進程
고권격려%진실영여관리%공사치리강도%시장화진정
Equity incentives%Real earnings management%Corporate governance intensity%Marketization
以2007—2012年实施股权激励计划的非金融类上市公司为研究对象，运用主成分分析法提炼出涉及董事会、股权结构、机构投资者、外部审计四方面的公司治理强度指标，实证检验高、中、低不同公司治理强度对股权激励与真实盈余管理关系的影响。研究显示：高公司治理强度能明显抑制股权激励诱发的真实盈余管理行为，随着公司治理强度的下降，其抑制作用消失；市场化进程也会抑制股权激励诱发的真实盈余管理，对股权激励的实施具有保护作用，且公司治理强度越高，市场化进程发挥的保护作用越强。
以2007—2012年實施股權激勵計劃的非金融類上市公司為研究對象，運用主成分分析法提煉齣涉及董事會、股權結構、機構投資者、外部審計四方麵的公司治理彊度指標，實證檢驗高、中、低不同公司治理彊度對股權激勵與真實盈餘管理關繫的影響。研究顯示：高公司治理彊度能明顯抑製股權激勵誘髮的真實盈餘管理行為，隨著公司治理彊度的下降，其抑製作用消失；市場化進程也會抑製股權激勵誘髮的真實盈餘管理，對股權激勵的實施具有保護作用，且公司治理彊度越高，市場化進程髮揮的保護作用越彊。
이2007—2012년실시고권격려계화적비금융류상시공사위연구대상，운용주성분분석법제련출섭급동사회、고권결구、궤구투자자、외부심계사방면적공사치리강도지표，실증검험고、중、저불동공사치리강도대고권격려여진실영여관리관계적영향。연구현시：고공사치리강도능명현억제고권격려유발적진실영여관리행위，수착공사치리강도적하강，기억제작용소실；시장화진정야회억제고권격려유발적진실영여관리，대고권격려적실시구유보호작용，차공사치리강도월고，시장화진정발휘적보호작용월강。
As the research object of the implementation of equity incentive plans of the implementation of equity incentive planfrom 2007 to 2012, we use the method of principal component analysis to extract the intensity index of corporate gover-nance relates to board of directors, ownership structure, institutional investors, the four aspects of the external audit, and an empirical test of high, low, different corporate governance strength on the relationship between equity incentive and real earn-ings management influence.The results show that: corporate governance intensity has a significant impact on the relationship between equity incentives and real earnings management; high corporate governance intensity can significantly restrain real earnings management. With the decrease in corporate governance intensity,this inhibition disappears; Marketization can restrain earnings management induced by equity incentives, and the higher corporate governance intensity is, the stronger protective role marketization plays.
