经济经纬
經濟經緯
경제경위
Economic Survey
2012年
3期
90~94
,共null页
股权激励 制度环境 盈余管理
股權激勵 製度環境 盈餘管理
고권격려 제도배경 영여관리
Stock Options; Institutional Environment; Earnings Management
笔者以沪深交易所2006年～2008年所有实施股权激励的A股上市公司数据为样本,实证研究了股权激励与盈余管理之间的关系,研究发现股权激励数量与盈余管理程度显著正相关,行权限制期与盈余管理程度显著负相关。国有上市公司股权激励的盈余管理效应比非国有上市公司明显,市场化程度高的地区上市公司股权激励的盈余管理效应较之于市场化程度低的地区要弱一些。此外,高质量的外部审计可以有效地抑制企业的盈余管理程度。
筆者以滬深交易所2006年～2008年所有實施股權激勵的A股上市公司數據為樣本,實證研究瞭股權激勵與盈餘管理之間的關繫,研究髮現股權激勵數量與盈餘管理程度顯著正相關,行權限製期與盈餘管理程度顯著負相關。國有上市公司股權激勵的盈餘管理效應比非國有上市公司明顯,市場化程度高的地區上市公司股權激勵的盈餘管理效應較之于市場化程度低的地區要弱一些。此外,高質量的外部審計可以有效地抑製企業的盈餘管理程度。
필자이호심교역소2006년～2008년소유실시고권격려적A고상시공사수거위양본,실증연구료고권격려여영여관리지간적관계,연구발현고권격려수량여영여관리정도현저정상관,행권한제기여영여관리정도현저부상관。국유상시공사고권격려적영여관리효응비비국유상시공사명현,시장화정도고적지구상시공사고권격려적영여관리효응교지우시장화정도저적지구요약일사。차외,고질량적외부심계가이유효지억제기업적영여관리정도。
An empirical study is made on the relationship between stock options and earning management by processing the data of listed companies at Shanghai and Shenzhen Stock Exchanges from 2006 to 2008.It shows that the number of stock options and the degree of earnings management are positively related wheras the exercise restriction period is negatively correlated with the degree of earnings management.Meanwhile,the effect of earnings management after stock options in the state-owned companies is more significant than that of non-stated-owned companies;the effect of earnings management after stock options in the high degree marketization areas is weaker than the low degree marketization areas.In addition,high quality external audit effectively reduces the extent of earnings management.
