作　　者： ; ; ;

机构地区： 上海财经大学国际工商管理学院

出　　处： 《经济管理》 2012年第11期113-124,共12页

摘　　要： 本文以2005～2009年我国沪深交易所上市公司中出现CEO离任的578个样本为研究对象,探讨了CEO离任之前的盈余管理行为及其影响因素。主要得到以下结论:(1)公司CEO在离任之前的盈余管理行为相对于其正常任期期间的盈余管理行为更为严重,并且不同企业的CEO在离任之前的盈余管理程度存在显著的差异;(2)公司内部约束与激励机制,如引入独立董事、建立内部审计委员会、CEO持股对盈余管理行为起到显著的遏制作用。外部的监督与审核机制,如H/B股的发行,对CEO的盈余管理行为起到比较显著的遏制作用;(3)在国有大股东的控制下,公司内部约束与激励机制,如股权集中度和CEO持股量对CEO离任前的盈余管理行为的遏制作用出现了弱化,但公司外部监督与审核机制,如非清洁审计报告的出具、H股或B股的发行则对CEO离任前的盈余管理行为起到显著的遏制作用。 Executives will appear some abnormal behavior before their turnovers. For example in the state- owned enterprises, since the executives＇ remuneration is controlled by the government, they cannot get the satisfac- tory income in according to their efforts during their tenure. So that the executives who believe themselves should get much more returns may take risks when facing the end of tenure. A kind of ＂59-year-old＂ phenomenon appears in the state-owned firms, which means that executive inclines to take risk to invade and occupy other stakeholders＇ interest before he or she lose the management control. The topic of the executives＇ earning management behavior has attracted many scholars＇ attention; however they have not gotten by them is that managers have the dominant status about the the consistent conclusion. A basic conclusion made company business information, and their interests （ such as remuneration, career, etc. ） are closely related to the enterprises＇ operation performance, in order to max- imize their own revenue, the executives are more likely to make earnings management before departure in order to affect the shareholders＇ assessment on them（ Pourciau, 1993; Dechow, et al, 1995 ）. other studies show that execu- tives outgoing will not necessarily lead to take earnings management behavior （Murphy and Zimmerman, 1993 ）, because of the unpredictability of unconventional changes to executives＇ jobs （Pourciau, 1993）. In this paper, our key research question us that whether the CEO will have significant earnings management before departure, why some executives who left the company have serious earnings management while others rarely take earnings manage- ment？ Exploring the root causes of this phenomenon is very important to understand the earnings management hap- pened in the firm. Based on the data of the listed companies in China from 2003 to 2009, in the overall sample, the level of earn- ings management between the one year before the CEO departure and two years b

关 键 词： 高管离任 盈余管理 公司治理机制 股东性质

领　　域： [经济管理] [经济管理]