公开谴责、董事会变更与盈余管理——基于财务舞弊公司面板数据的研究

从结构—行为—绩效模型出发,以2002—2007年间因财务舞弊而被证监会、上交所和深交所谴责公告的91家A股非金融类上市公司为研究对象,并配以控制组公司,采用动态研究视角,以舞弊被公告前一年到公告后第三年为研究区间,建立面板数据模型研究董事会变更对盈余管理的影响,结果表明:从公告前一年到公告后第三年,财务舞弊公司的董事会变更对盈余管理均有显著负向影响,特别是其非常规性变更对盈余管理的负向影响更显著。然而,以控制组公司数据为对象,仅仅发现其董事长非常规性变更对盈余管理有显著负影响。

Public Condemnation, Directorate Turnover and Earnings Management:Based on Financial Fraud Companies' Panel Date Model

Based on Structure-Conduct-Performance Model,this paper selects 91 A-share non-financial listed firms which received enforcement actions from the Chinese Securities Regulatory Commission(CSRC),Shanghai stock exchange and Shenzhen stock exchange due to financial fraud between 2002 and 2007 as a sample,selects matched companies,sets the first year before fraud detection to the third year after fraud detection as research period.With the Panel Date Model,the paper researches relationship between turnover of directors and earnings management.Then the paper makes the following conclusions:From the first year before fraud detection to the third year after it,the turnover of chairmen and directors has a negative and significant effect on earnings management,especially non-routine turnover of chairmen and directors.However,using the data of control companies,the paper only finds that non-routine turnover of chairmen has a negative and significant effect on earnings management.