CEO变更与盈余管理--基于PSM和DID方法的分析

摘要

Based on the data of A-share listed manufacturing companies in Shanghai and Shenzhen Stock Exchange from 2011 to 2015, this paper adopts propensity score matching and difference-in-difference methods, and compares and analyzes the earnings management differences of companies between CEO have and have not changed, to explore the net effect of CEO turnover on earnings management. The results indicate that the earnings management levels of companies with CEO have changed are higher than companies with CEO have not changed. The further study shows that the earnings management levels caused by CEO turnover are higher when CEO and the chairman changed together, and the CEO successor is from the outside of the company or the company is non-state-owned. Additionally, the num⁃ber of boards’meetings and a balanced concentrated ownership structure have some inhibitory effects on earnings management caused by CEO turnover.%文章以2011-2015年我国沪深两市A股制造业上市公司为样本，采用倾向得分匹配法和双重差分法，对比分析发生和未发生CEO变更公司的盈余管理差异，探讨CEO变更对盈余管理的“净效应”。结果表明，发生CEO变更的公司盈余管理程度显著高于未发生CEO变更的公司。进一步研究发现，当CEO与董事长同时变更、CEO继任者为外部继任者或公司股权性质为非国有时，CEO变更导致的盈余管理程度更高；董事会会议次数与股权制衡度对CEO变更导致的盈余管理有一定抑制作用。