临时CEO与盈余管理——基于中国上市公司的经验证据

我国大部分企业缺乏接班人计划,现任CEO突然离职导致企业不得不任命临时CEO代为行使职权。本文以我国资本市场非金融类上市公司聘任的临时CEO为研究对象,发现出于转正预期,临时CEO有较强的动机进行盈余管理,并且更多地表现为正向盈余管理行为。进一步考察CEO个体特征后发现,临时CEO是内部委任和在上市公司领取薪水的情况下更倾向于进行盈余管理。此外,有效的公司治理机制对临时CEO的盈余管理行为存在抑制作用。研究结论对于我国企业制定接班人计划具有重要的指导意义。

Interim CEO and Earning Management:Empirical Evidence Based on Chinese Listed Companies

China’s enterprises rarely make succession plans,and the sudden departure of the current CEO has led enterprises to appoint interim CEO to temporarily exercise the CEO’s functions and powers.This paper examines the relationship between interim CEO succession and earnings management based on the sample of non-financial listed companies in China’s capital market,the results show that interim CEO has a strong motivation to conduct earnings management based on positive expectation,and the interim CEO has a higher degree of upward earnings management.After further investigation of CEO’s personal characteristics,it is found that interim CEO who receives salary in listed companies and appointed by internal companies has been more inclined to manage earnings upwardly.However,effective corporate governance alleviates the positive relationship between interim CEO and earnings management.This paper has significant guidance for CEO succession plan of companies.