生命周期视角下的股权激励与盈余管理

发布时间：2018-06-03 17:13

本文选题：生命周期 + 股权激励　；参考：《武汉纺织大学》2012年硕士论文

【摘要】：目前，关于股权激励与盈余管理关系的研究，在一定程度上取得了一些有益结论，但尚未形成定论。通过相关文献回顾，企业作为股权激励与盈余管理的主体，国内外很多学者都将股权激励与盈余管理分别纳入到企业生命周期中进行了研究，但在探讨股权激励与盈余管理的关系时，企业生命周期却没有得到足够关注，这在一定程度上可能会降低研究结论的可信度。而本文在借鉴分析前人研究结果的基础上，将企业生命周期作为调节变量纳入股权激励与盈余管理的关系分析之中。本文在实证研究中，选取深、沪两市2008年～2010年年报披露实施高管人员股权激励计划的上市公司作为研究样本。首先，通过对现有盈余管理测度模型进行评价，在此基础上选取修正的横截面模型计算可操控性应计利润，以此衡量上市公司的盈余管理程度。而后，通过将盈余管理作为被解释变量，股权激励作为解释变量，企业规模、资产负责率、净资产收益率作为控制变量，企业所在生命周期阶段作为哑变量，，建立多元回归模型。然后，在此基础上，运用层次回归法检验企业生命周期对股权激励与盈余管理关系的调节作用，并在划分企业生命周期和股权激励方式的基础上，运用分组分析法检验了在企业不同生命周期股权激励对盈余管理关系的不同特征。最后，运用邹检验进一步检验了生命周期的调节作用。通过实证检验，结果表明企业生命周期对股权激励与盈余管理的关系具有调节作用，股权激励对盈余管理的影响在企业不同生命周期呈现出不同的特征：成长期，股权激励与盈余管理程度显著正相关；成熟期，股权激励与盈余管理程度不存在显著的相关关系。进一步检验发现，处于成长期的企业，采用股票期权模式对盈余管理的影响程度强于采用限制性股票模式对盈余管理的影响程度；处于成熟阶段的企业，采用股票期权模式和限制性股票模式对盈余管理的影响差异不大。
[Abstract]:At present, the research on the relationship between equity incentive and earnings management, to some extent, has made some useful conclusions, but has not yet reached a conclusion. Through the review of relevant literature, as the main body of equity incentive and earnings management, many scholars at home and abroad have incorporated equity incentive and earnings management into the enterprise life cycle. However, in discussing the relationship between equity incentive and earnings management, the enterprise life cycle has not been paid enough attention, which may reduce the credibility of the conclusions to some extent. On the basis of analyzing the previous research results, this paper takes the enterprise life cycle as a regulating variable into the analysis of the relationship between equity incentive and earnings management. In the empirical study, this paper selects the listed companies which carry out the executive equity incentive plan in the annual report of Shanghai and Shanghai stock market from 2008 to 2010 as the research samples. First of all, through the evaluation of the existing earnings management measurement model, the modified cross-section model is selected to calculate the actionable accrual profits, so as to measure the earnings management degree of listed companies. Then, by taking earnings management as explained variable, equity incentive as explanatory variable, enterprise size, asset responsibility ratio, net asset return rate as control variable, the enterprise is in the life cycle stage as mute variable. Multivariate regression model was established. Then, on the basis of this, we use the hierarchical regression method to test the regulating effect of the enterprise life cycle on the relationship between equity incentive and earnings management, and on the basis of dividing the enterprise life cycle and equity incentive mode, The paper tests the different characteristics of the relationship between equity incentive and earnings management in different life cycle of enterprises by using grouping analysis method. Finally, Zou test was used to further test the regulating effect of life cycle. The empirical results show that the relationship between equity incentive and earnings management is regulated by the enterprise life cycle, and the influence of equity incentive on earnings management shows different characteristics in different life cycle: growth period. Equity incentive has a significant positive correlation with earnings management, while at maturity, there is no significant correlation between equity incentive and earnings management. It is found that the influence of stock option mode on earnings management is stronger than that of restrictive stock model on earnings management. There is little difference between stock option model and restrictive stock model on earnings management.
【学位授予单位】：武汉纺织大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】