CAJ | 학술논문

管理层盈利预测作为一项公司内部治理机制，在公司治理中发挥着重要作用。本研究以2002—2011年我国沪深两市A股上市公司为样本，实证检验了管理层盈利预测对高管薪酬业绩敏感性的影响。研究发现：管理层盈利预测对高管薪酬业绩敏感性呈显著抑制作用；进一步分组回归结果表明，国有控股上市公司盈利预测之于非国有上市公司盈利预测的替代作用稍强。该研究丰富了有关管理层盈利预测的研究文献，将管理层盈利预测引入到高管薪酬业绩敏感性的讨论。
관리층영리예측작위일항공사내부치리궤제，재공사치리중발휘착중요작용。본연구이2002—2011년아국호심량시A고상시공사위양본，실증검험료관리층영리예측대고관신수업적민감성적영향。연구발현：관리층영리예측대고관신수업적민감성정현저억제작용；진일보분조회귀결과표명，국유공고상시공사영리예측지우비국유상시공사영리예측적체대작용초강。해연구봉부료유관관리층영리예측적연구문헌，장관리층영리예측인입도고관신수업적민감성적토론。
As an internal governance mechanism of a company , the management earnings forecast plays an important role in corporate governance .With 2002~2011 years of China ’ s Shanghai and Shenzhen two city listing Corporation as a sample , an empirical test of the impact on executive pay -performance sensi-tivity of management earnings forecasts has been inducted .The study found : the management earnings forecast has a significant inhibitory effect on the pay -performance sensitivity;further grouping regression results indicate that the substitution effect is slightly stronger state -owned listing Corporation profit fore-cast to the non state owned listing Corporation earnings forecasts .This study enriches the research litera-ture on management earnings forecasts , the discussion will introduce the management earnings forecast in-to executive pay performance sensitivity .