非创始人CEO对企业盈余信息质量的影响——基于创业板公司的实证研究

企业内部组织结构的变化如何影响企业的盈余信息质量尚未得到充分的研究。民营企业在创业初期通常由创始人兼任企业CEO,但随着企业的发展壮大,由于创始人的个人能力和经验无法满足企业的发展需要,创始人会放弃兼任企业的CEO转而寻找外部职业经理人,由此产生第一类代理问题：创始人、外部监管部门和投资者逐渐产生对企业提供高质量盈余信息质量的需求。文章以2009—2016年我国A股创业板市场的336家民营上市公司为研究对象,以盈余持续性、盈余反应系数以及盈余管理程度测度盈余信息质量,运用两阶段最小二乘法对非创始人CEO和公司盈余信息质量之间的关系进行了实证研究。研究表明：创始人放弃兼任CEO显著提高了企业盈余信息质量;相对于企业内部非创始人股东担任CEO而言,来源于经理人市场的CEO对盈余信息质量的正向作用更强;当企业所面临的外部环境信息压力较大时,非创始人担任CEO对盈余信息质量的正向影响被削弱。文章的研究结果表明,企业在发展过程中组织结构的变化是企业提高盈余信息质量的动机之一,同时这种动机也会受到外部信息环境的影响。

The effect of non-founder CEO on the earnings information quality: Empirical study based on GEM listed companies in China

How the changes in the internal organizational structure of enterprises affect the earnings quality of enterprises has not been fully studied. The CEO of a private enterprise at the beginning of its business is the founder of the company. However, as the company grows and develops, the founder''s personal ability and experience are increasingly unable to meet the development needs of the company. The founder will abandon the CEO of the concurrent enterprise and turn to the external professional manager, resulting in the first type of agency problem: The founders, as well as external supervisors and investors, increasingly expect companies to provide higher quality information. Based on the discussion of the impact of non-founder CEO management on the earnings information quality of enterprises, the sample of 336 private enterprises listed on the GEM from 2009-2016 is taken as a sample. The earnings information is measured by earnings persistence, earnings response coefficient and earnings management. The two-stage least squares method is used to explore the impact of the founder''s abandonment of the concurrent CEO on the earnings information quality. And the results show that the non-founder CEO can inhibit the company''s earnings management. Further research finds that when the external regulatory pressure companies face is higher, the positive influence of non-founder CEOs on the earnings information quality is weakened. Finally, corresponding countermeasures and suggestions are proposed.