中国上市公司高管激励与盈余管理关系研究——基于动态内生性视角

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1、万方数据StudyOiltheRelationshipbetweenExecutiveIncentiveandEarningsManagementwithChineseListedCompanies—一BasedonDynamicEndogenousPerspectiveDiscipline：FinanceStudentSignature：SupervisorSignature：}1∞R6n3丫。叼1Hmjf批卢叶fAbstractLate19thcentury,theseparationofownershipandoperationisemergingandgrowing，”entrust

2、-agent”questionthenarisesandreceivedextensiveattention．Inordertorealizethevalueoftheenterpriseandmaximizingshareholdervalue，Britishimplementedallexecutiveincentivesystembasedonaccountingearnings．Thepurposetoestablishexecutiveincentivesystemistoreducetheimpactcausedby”entrust—agent”．Promotetheintere

3、stsofmanagersandownersareconsistent．However,theformationofChina'scapitalmarkethasapoorfoundation，thehigh·speeddevelopmenttosomeextentmakesupforthisdeficiency,butduetolackofregulatory,inordertomaximizepersonalgain，executivesmaymanipulateearnings．Intheoryanalysis，introducingthetheoryofexecutiveincent

4、ive，earningsmanagementanddynamicendogenous，throughtheanalysisoftherelatedtheoryresearchputforwardhypothesis．Theempiricalanalysis，thispaperusetheShanghaiandShenzhenlistedcompaniesinChinanearlysevenpaneldata，bybuildingmultipleregressionmodel，usingtheleastsquaresmethodtoanalysisthemainfactorsaffecting

5、executiveincentiveandearningsmanagement．Inaddtion，inordertoresearchtherelationshipbetweenexecutiveincentiveandearningsmangement，thisstudyestablishedGMMmodel，thenfromOLS，2SLSandGMMthreekindsofperspectivetoconsiderexogenous，endogenous，dynamicendogenousrelationshipbetween万方数据executiveandearningmanagem

6、ent．TheresultsaredisplayedinthestaticOLSmodelandconsideronlytheendogenousproblem2SLSmodel，earningsmanagementhaveasignificantnegativeeffectonexecutivesincentives，however,coefficientchangesafterconsideringdynamicendogenous，earningsmanagementatthistimehasapositiveeffectonincentive；Inaddition，inthestat

7、icOLSmodelandconsideronlytheendogenousproblem2SLSmodel，executivesincentiveshaveasignificantnegativeeffectOilearningsmanagement，coefficientchangesafterconsideringdynamicendogenous，executiveincentiveatthistim