审计与经济研究
審計與經濟研究
심계여경제연구
Economy & Audit Study
2015年
1期
26~35
,共null页
内部控制基本规范 盈余管理 高管薪酬粘性 业绩敏感性 公司治理 股权激励 公司业绩 会计信息化
內部控製基本規範 盈餘管理 高管薪酬粘性 業績敏感性 公司治理 股權激勵 公司業績 會計信息化
내부공제기본규범 영여관리 고관신수점성 업적민감성 공사치리 고권격려 공사업적 회계신식화
basic internal control norms ; earnings management; "stickiness" of top management compensation; performance sensitivity; corporate governance; equity incentive; corporate performance; accounting informationization
选取2009-2011年上市公司作为样本,以不同的会计指标作为公司业绩的替代变量,验证上市公司高管薪酬是否存在粘性,并考察内部控制对这一粘性的影响情况。结果表明:上市公司高管薪酬与ROA体现出更强的业绩敏感性,没有粘性;而与剔除非经常性损益后的净利润(DNP)之间存在粘性,但其粘性特征在高质量内部控制的作用下有所减弱。这说明管理者会用盈余管理的方式增强业绩敏感性,分组检验发现内部控制可以实质性地抑制高管薪酬的粘性,真正增强业绩敏感性。
選取2009-2011年上市公司作為樣本,以不同的會計指標作為公司業績的替代變量,驗證上市公司高管薪酬是否存在粘性,併攷察內部控製對這一粘性的影響情況。結果錶明:上市公司高管薪酬與ROA體現齣更彊的業績敏感性,沒有粘性;而與剔除非經常性損益後的淨利潤(DNP)之間存在粘性,但其粘性特徵在高質量內部控製的作用下有所減弱。這說明管理者會用盈餘管理的方式增彊業績敏感性,分組檢驗髮現內部控製可以實質性地抑製高管薪酬的粘性,真正增彊業績敏感性。
선취2009-2011년상시공사작위양본,이불동적회계지표작위공사업적적체대변량,험증상시공사고관신수시부존재점성,병고찰내부공제대저일점성적영향정황。결과표명:상시공사고관신수여ROA체현출경강적업적민감성,몰유점성;이여척제비경상성손익후적정리윤(DNP)지간존재점성,단기점성특정재고질량내부공제적작용하유소감약。저설명관리자회용영여관리적방식증강업적민감성,분조검험발현내부공제가이실질성지억제고관신수적점성,진정증강업적민감성。
By using statistics of China listed companies from 2009 to 2011 as a sample, this paper first chose different ac- counting index to represent company performance, with the goal to inspect the existence of top managers' compensation sticki- ness, then investigated how the quality of internal control influences the stickiness of top managers' compensation. Our empiri- cal results indicated when the performance is represented by ROA, the compensation is more sensitive to performance and didn't show any stickiness. When the performance is represented by DNP, the sample in our research did show the stickiness of top managers' compensation, but the degree of stickiness has been weakened by the influence of high quality internal con- trol. This to some extent reflects most managers choose earnings management to reinforce the sensibility. By group testing, we found that the higher the quality of internal control is, the greater the sensitivity of top managers' compensation to company performance DNP is, and the smaller the degree of stickiness is. These results show internal control can virtually restrain the stickiness between performance and payment, and reinforce the sensibility between them.