上市公司董事长变更对盈余质量的影响——一项基于事件研究法的经验证据  

The Effect of Board Chairman Turnover on Earnings Quality——The Experimental Result of Event Study

作　　者：刘亭立[1] 

机构地区：[1]北京联合大学旅游学院,北京10029

出　　处：《科学决策》2009年第2期21-28,共8页Scientific Decision Making

基　　金：王化成教授主持的国家自然科学基金资助项目"中国上市公司盈余质量研究"(项目编号:70372065)的阶段性研究成果

摘　　要：本文以2004年沪、深两市董事长发生变更且及时公告的上市公司为样本,以非正常收益率为因变量进行了窗口期61天的董事长变更事件研究。研究证实,董事长变更向市场传递了"不利"消息,进一步研究发现,这主要是因为董事长变更往往伴随着盈余质量的下降,也就是说董事长变更是上市公司进行盈余操纵的重要时机,但市场对此有所识别,所以导致显著为负的累积非正常收益率。Based on Shanghai and Shenzhen stock market, selected listed companies whose board chairman changed and declared in time in 2004, this paper carried an event study by means of abnormal returns as dependent variable. The experimental result shows that board chairman turnover transmit adverse information to capital market and further study also confirms that earnings quality de- cline always accompany board chairman turnover that means board chairman turnover is an important opportunity to manipulating earnings, which can be identified by market, inducing significant negative cumulate abnormal returns.

关 键 词：董事长变更 收益率 盈余质量 

分 类 号：F272.91[经济管理—企业管理]