财经论丛
財經論叢
재경론총
Collected Essays On Finance and Economics
2013年
5期
73~80
,共null页
CE0变更 继任来源 盈余管理
CE0變更 繼任來源 盈餘管理
CE0변경 계임래원 영여관리
CEO turnover; successor origin; earnings management
本文研究CEO变更前后公司盈余管理程度的变化，发现我国上市公司在2EO变更当年进行显著的负向盈余管理，调低利润；在变更次年进行正向盈余管理，调高利润，并进而恢复到变更前一年的水平；其中外部继任在继任当年的负向盈余管理程度更大，而在继任次年的正向盈余管理程度更大；并且来自大股东的外部继任与内部继任企业之间的盈余管理政策类似，但来自经理人市场的外部继任与内部继任企业之间的盈余管哩政策有明显差异。
本文研究CEO變更前後公司盈餘管理程度的變化，髮現我國上市公司在2EO變更噹年進行顯著的負嚮盈餘管理，調低利潤；在變更次年進行正嚮盈餘管理，調高利潤，併進而恢複到變更前一年的水平；其中外部繼任在繼任噹年的負嚮盈餘管理程度更大，而在繼任次年的正嚮盈餘管理程度更大；併且來自大股東的外部繼任與內部繼任企業之間的盈餘管理政策類似，但來自經理人市場的外部繼任與內部繼任企業之間的盈餘管哩政策有明顯差異。
본문연구CEO변경전후공사영여관리정도적변화，발현아국상시공사재2EO변경당년진행현저적부향영여관리，조저리윤；재변경차년진행정향영여관리，조고리윤，병진이회복도변경전일년적수평；기중외부계임재계임당년적부향영여관리정도경대，이재계임차년적정향영여관리정도경대；병차래자대고동적외부계임여내부계임기업지간적영여관리정책유사，단래자경리인시장적외부계임여내부계임기업지간적영여관리정책유명현차이。
This paper examines earnings management behavior of the listed A-Stock firms in Shanghai Stock Exchange during the period of CEO turnover. We find： （ 1 ） Earnings management exists during the year of CEO turnover and next year, and the firms of CEO turnover usually reduce profits through earnings management in the year of turnover, and then increase profit to meet the level of the previous year. （2） Compared to inside successors, outside successors make more negative earn- ings management in the year of turnover, while inside successors make more positive earnings management in the next year. （3） The policy of earnings management is similar between successors from major shareholders and from firm inside. However, the policy of earnings management is different between successors from manager market and fi＇om firm inside.
