CEO权力、产品市场竞争与盈余质量.docVIP

CEO权力、产品市场竞争与盈余质量 谭庆美 魏东一 董小芳 天津大学管理与经济学部 天津财税智能化技术工程中心 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 笔者以2007—2013年我国主板上市企业数据为研究样本,采用盈余反应系数衡量盈余质量,实证研究了不同CEO权力维度与CEO综合权力对盈余质量的影响,以及不同产品市场竞争环境下,CEO权力对盈余质量影响的变化。实证结果表明,在不同的产品市场竞争环境下,CEO权力对盈余质量的影响各不相同。在激烈的产品市场竞争环境中,CEO拥有的综合权力越大,盈余质量越好,任职年限长、学历水平高以及持有本企业股份的CEO能带来更好的盈余质量,两职兼任、董事会独立性以及董事会规模三个权力维度对盈余质量不具有显著影响。产品市场竞争较弱时,盈余质量与CEO综合权力以及不同CEO权力维度之间均不存在显著相关关系。研究结果表明,提高产品市场竞争程度,同时赋予CEO适当权力,能有效改善上市企业盈余质量。 关键词： CEO权力; 盈余质量; 盈余反应系数; 产品市场竞争; 收稿日期：2015-01-09 CEO Power,Product Market Competition and Earning Quality TAN Qing-mei WEI Dong-yi DONG Xiao-fang Abstract： Based on the sample of listed firms in China during the period from 2007 to 2013,employing earnings response coefficient as measurement of earning quality,this paper investigates the impact of CEO power on earning quality and the CEO power-earning quality sensitivity under different product market competition. The main empirical results suggest that the CEO power-earning quality sensitivity differs under different product market competition. There is significantly positive relationship between earning quality and comprehensive CEO power when the product market competition is strong,the CEOs with longer tenures or better educations,or CEOs who own stake may improve the earning quality. There are insignificant relationships between earning quality and duality,board independence and board size under strong product market competition. This paper does not find any evidence supporting that CEO power has significant impact on earning quality when the product market competition is weak. The results demonstrate that both product market competition and CEO power can improve earning quality of listed Chinese firms. Keyword： CEO power Earning quality Earnings response coefficient Product market competition; Received： 2015-01-09 一、引言 在两权分离的现代企业中,CEO作为企业运营的核心领导者,拥有很高的权力。若缺乏有效监管,CEO可能利用手中的权力寻租,将自身利益凌驾于股东利益之上。股东或董事会为了将CEO利益与股东利益联系在一起,往往根据财务绩效确定CEO