财经论丛
財經論叢
재경론총
Collected Essays On Finance and Economics
2014年
2期
56~63
,共null页
高管减持 盈余管理 两职合一 投资者保护
高管減持 盈餘管理 兩職閤一 投資者保護
고관감지 영여관리 량직합일 투자자보호
reduction of executive＇s shares; earnings management; duality of chairman and CEO; investor protection
运用2009—2012年间我国A股市场上市公司数据，实证分析高管减持对盈余管理的影响。研究结果表明，上市公司中确实存在以配合高管减持为目的的盈余管理行为，减持事件加大了公司正向盈余管理的概率；高管减持幅度越大，公司正向盈余管理的程度也越强；进一步区分高管与董事长两职合一情况后发现，两职合一的上市公司较两职分离的上市公司，其盈余管理的程度更强。
運用2009—2012年間我國A股市場上市公司數據，實證分析高管減持對盈餘管理的影響。研究結果錶明，上市公司中確實存在以配閤高管減持為目的的盈餘管理行為，減持事件加大瞭公司正嚮盈餘管理的概率；高管減持幅度越大，公司正嚮盈餘管理的程度也越彊；進一步區分高管與董事長兩職閤一情況後髮現，兩職閤一的上市公司較兩職分離的上市公司，其盈餘管理的程度更彊。
운용2009—2012년간아국A고시장상시공사수거，실증분석고관감지대영여관리적영향。연구결과표명，상시공사중학실존재이배합고관감지위목적적영여관리행위，감지사건가대료공사정향영여관리적개솔；고관감지폭도월대，공사정향영여관리적정도야월강；진일보구분고관여동사장량직합일정황후발현，량직합일적상시공사교량직분리적상시공사，기영여관리적정도경강。
With data of listed companies in 2009 -2012, this paper discusses the impact of share reduction by top execu- tives on earnings management. The results show that the occurrence of reduction has increased the probability of positive earn- ings management; the larger the reduction, the stronger the degree of management. Further studies reveal that companies which have the duality of board chairman and CEO have stronger positive earnings management. These conclusions may help understand the impact of share reduction by top executives on earnings management, and promote the regulation of executive＇s share reduction behavior and protection of the interests of investors.
