文档介绍：
管理者过度自信与盈余管理关系研究——
基于董事会治理视角实证检验#
张启銮,高玲,陈克兢*
5
10
(大连理工大学管理与经济学部,大连,116024)
摘要:基于行为财务理论,本文选取我国上市公司 A 股市场作为研究样本,在董事会治理
的视角下,考虑了管理者过度自信与盈余管理之间的关系。研究结果表明:(1)管理者过
度自信与盈余管理呈正相关关系,管理者越过度自信,其进行盈余管理的程度越高。(2)
完善的董事会治理结构会影响管理者过度自信与盈余管理之间的关系,董事会规模越大、董
事会的独立性越高、两职分离的董事会领导结构,能降低因管理者过度自信而诱发的盈余管
理水平。(3)董事会会议频率的大小,不能降低因管理者过度自信而诱发的盈余管理水平。
关键词:董事会治理;管理者过度自信;盈余管理
中图分类号:C93
15
Research on the Relationship between Managerial
Overconfidence and Earnings Management ---Based on
Board Governance Perspective
ZHANG Qiluan, GAO Ling, CHEN Kejing
20
25
30
(Dalian University of Technology Faculty of Management and Ecoomics,Dalian,116024)
Abstract: Based on behavioral finance theory, this paper selects panies in China
A-share market as the research sample, takes into account the relationship between managerial
overconfidence and earnings management from the perspective of Board governance. The
research results are listed as followed. First of all, the relationship between managerial
overconfidence and earnings management is positive , the more the managers are overconfident,
the higher the degree of earnings management will make. Secondly, perfect Board governance
structure will affect the relationship between managerial overconfidence and earnings
management, and the greater the size of the Board, the higher the independence of the Board, the
Board leadership structure of separating the two roles, will reduce earnings management level
induced by managerial overconfidence. Thirdly, the size of Board meeting frequency can not
reduce the earnings management level due to managerial overconfidence .
Key words:
Board Governance ;Managerial Overconfidence; Earnings Manageme
35
0 引言
全球的安然事件、世界通信、施乐及时代华纳到我国的银广夏、蓝田、绿大地以及最近
的万福生科,造假金额巨大,手段与时俱进,使挥之不去的财务丑闻案始终充斥着人们的眼
40
球,盈余管理成为了理论界和实务界的热门话题,也将公司的高层管理者推到了舆论的风口
浪尖。
以前的财务理论如 MM 理论、权衡理论、信息不对称理论等都认为管理者是理性的、
基金项目:国家自然科学基金(71172136);教育部高等学校博士学科点专项科研基金资助课题
(20120041110048);教育部新世纪优秀人才支持计划(NCET-10-0281)。
作者简介:张启銮(1