继任CEO会提前进行盈余管理吗——基于上期年报披露日之前发生CEO变更的经验证据  

Will the Incoming CEOs Manage Earnings in Advance?Empirical Evidence Based on CEO Turnovers Prior to the Disclosure Date of the Annual Report

作　　者：傅绍正 曹旭 石威峰 FU Shaozheng;CAO Xu;SHI Weifeng(School of Accountancy/Audit and Control Research Center,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学会计学院/审计与控制研究中心,天津300222

出　　处：《中南财经政法大学学报》2024年第3期43-56,共14页Journal of Zhongnan University of Economics and Law

基　　金：国家自然科学基金青年项目“合伙人晋升退出对审计质量的影响及其治理机制研究”(72002147);国家社会科学基金一般项目“审计师群体—客户关系固化的形成机理、驱动因素及后果研究”(23BJY110);教育部人文社会科学研究一般项目“公允价值估计的审计行为及其审计质量:基于关键审计事项披露与田野调查的研究”(20YJA790023)。

摘　　要：本文以2010—2020年沪深两市A股上市公司为研究样本,探究资产负债表日至上期年报披露日之间发生CEO变更对上期应计盈余管理的影响,研究发现:在上期年报披露日之前发生CEO变更的公司对上期年报进行了更多的负向应计盈余管理。异质性检验发现,高质量的内部控制与外部审计能够抑制继任CEO的负向应计盈余管理行为;相较于内部继任CEO,外部继任CEO更倾向于对上期年报进行负向应计盈余管理。进一步研究发现,CEO变更时点与上期年报披露时点之间的间隔越长,负向应计盈余管理程度越大;在CEO变更子样本中,对上期年报进行负向应计盈余管理的公司比其他公司在变更当期更有可能实现业绩增长。本研究不仅有助于提升资本市场对高管变更前期盈余管理行为的认知,而且可以为提高会计信息质量提供理论参考和实践证据。This article takes A-share listed companies from 2010 to 2020 as samples to examine the impact of CEO turnovers that occurred between the balance sheet date and the disclosure date of the previous annual report on the accrual earnings management in the prior period.The empirical results show that companies that underwent CEO turnovers before the disclosure date of the previous annual report carried out more negative accrual earnings management.Heterogeneity tests find that high-quality internal control and external audit have significant inhibiting effects on the negative accrual earnings management.What′s more,external successors do more negative accrual earnings management in the previous annual report than internal successors.Further research shows that the longer the time interval between CEO turnover and previous annual report disclosure,the greater negative accrual earnings management degree.What′s more,in the subsample of CEO turnovers,companies that have more negative accrual earnings management in the previous annual report are more likely to realize earnings growth than other companies.This article not only helps to improve the capital market's cognition of earnings management behavior in the previous period of CEO turnovers,but also can provide theoretical reference and practical evidence for improving the quality of accounting information.

关 键 词：高管变更 盈余管理 内部控制 外部审计 

分 类 号：F275[经济管理—企业管理]