CAJ | 학술논문

本文研究了决策权配置与盈余管理的交互作用对投资效率的影响。研究结果表明，在决策制定权和决策控制权分离度较高的公司中，没有证据表明盈余管理会显著影响投资效率；在盈余管理程度较低的公司中，没有证据表明决策制定权和决策控制权分离度的高低会显著影响投资效率；相对于决策制定权和决策控制权分离度较高的公司来说，决策制定权和决策控制权分离度较低的公司的盈余管理更能造成非效率投资；相对于低盈余管理公司来说，高盈余管理公可的决策制定权和决策控制权分离度的降低更能降低公司的投资效率；决策制定权和决策控制权分离度较低的公司的盈余管理与非效率投资显著正相关；降低高盈余管理公司的决策制定权和决策控制权分离度会增加非效率投资。本文既拓展了已有盈余质量与投资效率之间关系的研究，也深化了决策权配置的经济后果的研究。
본문연구료결책권배치여영여관리적교호작용대투자효솔적영향。연구결과표명，재결책제정권화결책공제권분리도교고적공사중，몰유증거표명영여관리회현저영향투자효솔；재영여관리정도교저적공사중，몰유증거표명결책제정권화결책공제권분리도적고저회현저영향투자효솔；상대우결책제정권화결책공제권분리도교고적공사래설，결책제정권화결책공제권분리도교저적공사적영여관리경능조성비효솔투자；상대우저영여관리공사래설，고영여관리공가적결책제정권화결책공제권분리도적강저경능강저공사적투자효솔；결책제정권화결책공제권분리도교저적공사적영여관리여비효솔투자현저정상관；강저고영여관리공사적결책제정권화결책공제권분리도회증가비효솔투자。본문기탁전료이유영여질량여투자효솔지간관계적연구，야심화료결책권배치적경제후과적연구。
This paper examines the interactive effects of the separation of decision-making rights and decision-supervision rights and earnings management on investment efficiency. It shows that earnings management does not significantly affect investment efficiency in firms with larger degree of separation of decision-making rights and decision-supervision rights, and that the degree of separation of decision-making rights and decision-supervision rights does not significantly affect investment efficiency in lower level earnings management firms. Earnings management causes more inefficient investment to firms with smaller degree of separation of decision-making rights and decision-supervision rights. Smaller degree of separation of decision-making rights and decision-supervision rights reduces more investment efficiency to high degree earnings management firms than low level earnings management firms. Earnings management level is positively associated with inefficient investment in firms with larger degree of separation of decision-making rights and decision-supervision rights, and the degree of separation of decision-making rights and decision-supervision rights is negatively associated with inefficient investment in high degree earnings management firms. This paper extends the extant literature of relationship between earnings quality and investment efficiency, and deepens the research about the economic consequences of decision-making rights allocation.