基于契约动机的中小家族上市公司盈余管理实证研究.PDFVIP

2012 International Conference on Engineering and Business Management Study on Earnings Management in Small Family of Listed Companies Based Contract Motivation Rui CAI, Lingsha CAI School of Economy and Management, Shenyang Ligong University, Shenyang, China, 110168 Email: cfc952@, cailingsha2006@126.com Abstract: Based on shares of small and medium family ownership structure of listed companies and the right characteristics of managers, take the listed companies in the SME board in 2008-2009 as the research object, this paper discussed the influence of the compensation contract and the debt contract for small and medium family earnings management behavior. Studies show that small family of listed companies has a prevalence phenomenon of earnings management under contract motivated. This paper enriches the earnings management of listed companies in China Studies and has an important practical significance on the improvement of private governance structure of listed companies. Keywords: Managerial Power; motivated contract; Earnings Management; compensation contract; debt contract 基于契约动机的中小家族上市公司盈余管理实证研究 蔡锐，蔡灵莎 沈阳理工大学，沈阳，中国，110168 Email: cfc952@, cailingsha2006@126.com 摘 要：本文基于我国中小家族上市公司股股权结构和管理者权力特征，以2008-2009 年中小企业板 上市公司为研究对象，探讨了报酬契约与债务契约对中小家族上市公司盈余管理行为的影响。研究表 明我国中小家族上市公司普遍存在契约动机下的盈余管理现象。本研究丰富了我国上市公司盈余管理 问题研究，对完善民营上市公司治理结构具有重要现实意义。 关键词：管理者权力；契约动机；盈余管理；报酬契约；债务契约 1 问题的提出与文献回顾 加报酬、增强职位保障或者为了避免违反债务契约中 规定的约束条件而进行的盈余管理。Warfield 等人 契约动机盈余管理是指企业管理层基于管理报酬 （1995）的研究则指出管理层持