华东经济管理
華東經濟管理
화동경제관리
EAST CHINA ECONOMIC MANAGEMENT
2015年
9期
131-137
,共7页
管理者变更%盈余管理%股权集中度%董事会规模
管理者變更%盈餘管理%股權集中度%董事會規模
관리자변경%영여관리%고권집중도%동사회규모
managers’turnover%earnings management%ownership concentration%board size
文章以2010-2013年沪深两市的上市公司为对象，研究了董事长和总经理的变更对盈余管理程度的影响，并进一步探索了股东和董事会治理差异对两者关系的作用机制。结果表明：管理者在正常离职前的一年至两年内会进行盈余操纵，且正常变更前一年的盈余管理程度比变更前两年高。另外，股东和董事会治理水平的差异会显著影响管理者变更与盈余管理的关系，即股权集中度较低或董事会规模较小的情况下，管理者进行盈余管理的程度更大。
文章以2010-2013年滬深兩市的上市公司為對象，研究瞭董事長和總經理的變更對盈餘管理程度的影響，併進一步探索瞭股東和董事會治理差異對兩者關繫的作用機製。結果錶明：管理者在正常離職前的一年至兩年內會進行盈餘操縱，且正常變更前一年的盈餘管理程度比變更前兩年高。另外，股東和董事會治理水平的差異會顯著影響管理者變更與盈餘管理的關繫，即股權集中度較低或董事會規模較小的情況下，管理者進行盈餘管理的程度更大。
문장이2010-2013년호심량시적상시공사위대상，연구료동사장화총경리적변경대영여관리정도적영향，병진일보탐색료고동화동사회치리차이대량자관계적작용궤제。결과표명：관리자재정상리직전적일년지량년내회진행영여조종，차정상변경전일년적영여관리정도비변경전량년고。령외，고동화동사회치리수평적차이회현저영향관리자변경여영여관리적관계，즉고권집중도교저혹동사회규모교소적정황하，관리자진행영여관리적정도경대。
By taking the listed companies in Shanghai and Shenzhen stock markets from 2010 to 2013 as the object,this pa?per studies the impact of chairman and general manager’s turnover on earnings management,and further explores the mecha?nism of different shareholders and board governance on the relationship between chairman and general manager’s turnover and earnings management. The results show that the managers will manipulate earnings within a year to two years before their normal leave,and the earnings management level of the previous year is higher than that in two years ago. In addition,the difference of shareholders and board governance has a significant impact on the relationship between managers ’ turnover and earnings management, namely managers’earnings management level is higher in companies which have a lower ownership concentration or smaller board size.
