CAJ | 학술논문

信息披露是解决信息不对称矛盾、缓解代理冲突的有效手段，其质量的高低受行业竞争性、高管变更等内外部治理因素的影响。分析2009—2013年深市A股上市公司数据，采用深交所信息披露考评结果和盈余管理两个指标作为信息披露质量的代理变量，探讨行业竞争、高管变更及其相互作用对信息披露质量的影响。研究发现：行业竞争对信息披露质量有促进作用；高管变更对信息披露质量产生负面影响；在行业竞争和高管变更的相互作用上行业竞争促进了高管变更对信息披露质量的负面影响，相比低竞争性行业，高竞争性行业公司更容易利用高管更换事件采取机会主义行为，高竞争性行业公司的高管变更导致更低的信息披露质量和更为显著的盈余管理。
신식피로시해결신식불대칭모순、완해대리충돌적유효수단，기질량적고저수행업경쟁성、고관변경등내외부치리인소적영향。분석2009—2013년심시A고상시공사수거，채용심교소신식피로고평결과화영여관리량개지표작위신식피로질량적대리변량，탐토행업경쟁、고관변경급기상호작용대신식피로질량적영향。연구발현：행업경쟁대신식피로질량유촉진작용；고관변경대신식피로질양산생부면영향；재행업경쟁화고관변경적상호작용상행업경쟁촉진료고관변경대신식피로질량적부면영향，상비저경쟁성행업，고경쟁성행업공사경용역이용고관경환사건채취궤회주의행위，고경쟁성행업공사적고관변경도치경저적신식피로질량화경위현저적영여관리。
Information disclosure is an effective way to resolve contradiction of asymmetric information and ease the agency conflict, the quality of which is influenced by industry competition、top management turnover and other internal or external corporate governance factors.Based on data of A -share listed companies in Shenzhen Stock Exchange from 2009 to 2013,Using evaluation results of Shenzhen Stock Exchange and surplus management to measure the quality of information disclosure,this paper investigates the influence of industry competition,top management turnover and their interaction on the information disclosure quality.The results show that the effect on information disclosure quality from industry competition is positive while which from the top management turnover is negative,industry competition enhances the negative effects from executive changes on the information disclosure quality.Compared with lower competitive industries, Companies in high competitive industries are more likely to take advantage of executive changes to take opportunistic behaviors,Top management turnover in higher competitive industries results in a lower information disclosure quality and more significant surplus management.