摘要
本文以2009~2016年正式行权解锁的A股上市公司为样本,使用倾向得分匹配法和多元线性回归模型,研究了不同所有权性质和不同发展速度情况下上市公司在第一个行权解锁期的真实盈余管理、股权激励效果以及上年度的真实盈余管理对公司业绩的影响。研究发现:股权激励提高了公司业绩、诱发了向上的真实盈余管理,上年度的真实盈余管理对公司本期业绩有着显著的负向影响,且这种负向影响在民营企业和发展较慢的企业中非常显著;此外,国有企业的激励效果比民营企业好,且真实盈余管理比民营企业轻,但这种真实盈余管理在发展速度较快的公司和较慢的公司中均不显著。本文的研究加深了对股权激励的激励效果和真实盈余管理的理解。
To study the real earnings management,equity incentive effect and the impact of the real earnings management on the company’s performance in the first exercise and unlocking period under different ownership nature and different development speed,we take the listed companies that announced the exercise and unlocking of equity incentive from 2009 to 2016 as samples,and use the propensity score matching method and multiple linear regression model.It is found that equity incentive improves the company’s performance and induces upward real earnings management.The real earnings management in the last year has a significant negative impact on the company’s performance in the current period,and this negative impact is very significant in private enterprises and enterprises with slow development.In addition,the incentive effect of state-owned enterprises is better than that of private enterprises,and the real earnings management is lighter than that of private enterprises,but this kind of real earnings management is not significant in the fast-growing and slow developing companies.The research of this paper deepens the understanding of equity incentive effect and earnings management in the assessment period.
作者
程果
CHENG Guo(Department of Economics and Management,East China Normal University,Shanghai 200241,China)
出处
《系统工程》
CSSCI
北大核心
2020年第1期120-130,共11页
Systems Engineering
关键词
股权激励
激励效果
真实盈余管理
Equity Incentive
Incentive Effect
Real Earnings Management
