董事会资本与企业盈余质量  

Board Capital and Corporate’s Earnings Quality

作　　者：简建辉[1] 何珂珂 华蕾 杨晴贺 JIAN Jian-hui;HE Ke-ke;HUA Lei;YANG Qing-he

机构地区：[1]华北电力大学经济与管理学院 [2]上海华能电子商务有限公司 [3]天津理工大学管理学院

出　　处：《科学决策》2023年第10期1-16,共16页Scientific Decision Making

基　　金：教育部人文社会科学研究规划基金项目(项目编号:23YJA630036);中央高校基本科研业务费专项资金资助项目(项目编号:2023MS038)。

摘　　要：随着我国资本市场的不断开放,上市公司财务问题频出,企业盈余质量备受关注。董事会作为企业的重要经营决策机构,与企业的盈余质量有着千丝万缕的关系。基于董事会资本视角,采用2009-2020年A股上市公司数据,实证检验董事会资本的差异对企业盈余质量的影响。研究发现,由人力资本、经验资本与网络资本构成的董事会总资本分别与企业盈余质量呈显著正相关关系。进一步探究表明,CEO综合权力会减弱董事会特征对盈余质量的正向影响,即执行董事比例越大、CEO任期越长、CEO对公司拥有所有权和CEO与董事长两职合一时,这种正向关系会更弱。研究结果对提高企业盈余质量,促进企业健康长远发展具有重要意义。With the continuous opening of China’s capital market,the financial problems of listed companies occur frequently,and the quality of corporate earnings has attracted much attention.The board of directors,as an important decision-making body,is inextricably related to the firm’s earnings quality.Based on the perspective of board capital,using the data of A-share listed firms from 2009 to 2020,this paper empirically tests the impact of board capital differences on corporate earnings quality.The results show that the total board capital,composed of human capital,experience capital,and network capital,has a significantly positive correlation with the earnings quality of enterprises.Further research shows that the comprehensive power of CEO weakens the positive impact of board characteristics on earnings quality,that is,larger proportion of executive directors,longer tenure of CEO,CEO has control over the firm,and combining the role of CEO and chairman weaken the positive relationship.The research results are of great significance for improving earnings quality and promoting healthy long-term development of enterprises.

关 键 词：董事会资本 盈余质量 CEO综合权力 社会网络 

分 类 号：F270[经济管理—企业管理]