CEO特征对盈余质量的影响研究--基于我国上市企业数据的实证分析

摘要

Based on the sample of listed firms in China during the period from 2007 to 2014,and measured the earnings quality by ERC,we investigated the impact of CEO characteristics on earnings quality by the methods of correlation analysis and multivariate regression analysis. The results show that CEO characteristics have important influence on earnings quality. The more shares CEO hold,and the longer tenure,the lower education level,the younger age,and the lower wages of CEO,the better earnings quality would be. This conclusions can provide a reference for the enterprise to hire the CEO in the occupation manager market.%以2007—2014年期间我国上海、深圳两市上市公司的数据作为研究样本，以盈余反应系数（ERC）衡量盈余质量，采用多元回归分析方法，实证研究了CEO特征对上市企业盈余质量的影响。研究发现，CEO特征对盈余质量的影响是显著的，CEO持股越多、CEO在该企业任职时间越长，则企业盈余质量就越好；反之，若CEO学历越高、年龄越大、薪酬越高，则该企业盈余质量就会越差。实证得出的结论为企业在职业经理人市场上选聘CEO提供了借鉴。