CAJ | 학술논문

尽管公司管理者有着各种各样的盈余管理动机，但是真正实施盈余管理行为会受到很多因素的影响，其中公司治理是最主要的影响因素。公司治理包括很多内容，本研究主要关注股权结构和董事会特征两方面与盈余管理之间的相关性。一般来讲，股权集中度与盈余管理呈正相关，董事会独立性与盈余管理呈负相关。本文在分析如何影响盈余管理的理论基础上，以2005至2009年我国上证180成分股为研究对象，提出研究假设并进行实证检验。结果显示，法人股比例、流通股比例与盈余管理呈现正相关关系，董事会特征则受制度影响，具有双重影响。文章最后，结合我国资本市场的实际提出相关建议。
진관공사관리자유착각충각양적영여관리동궤，단시진정실시영여관리행위회수도흔다인소적영향，기중공사치리시최주요적영향인소。공사치리포괄흔다내용，본연구주요관주고권결구화동사회특정량방면여영여관리지간적상관성。일반래강，고권집중도여영여관리정정상관，동사회독립성여영여관리정부상관。본문재분석여하영향영여관리적이론기출상，이2005지2009년아국상증180성분고위연구대상，제출연구가설병진행실증검험。결과현시，법인고비례、류통고비례여영여관리정현정상관관계，동사회특정칙수제도영향，구유쌍중영향。문장최후，결합아국자본시장적실제제출상관건의。
Company managers have a variety of motivations for earnings management. Earnings management re- quires certain environmental conditions which subject to a number of factors. Corporate governance is the most im- portant factor. Many elements are included in the field of corporate governance. This research focuses on the corre- lation between earnings management and two aspects of corporate governance, i.e. ownership structure and board characteristics. General, Ownership concentration was positively correlated with earnings management, while the independence of board was negatively correlated. This paper took the 000010SH as research sample within the peri- od from 2005 to 2009, and had an empirical test based on the theoretical analysis. The results demonstrate that the Legal Person Share Ratio and Public Outstanding Share Ratio are positively related with earning management, while the board characteristics have dual effects on earning management due to the institutional influence.