管理层股权激励引发盈余管理的实证研究

本文从盈余管理的角度出发，选取截止至2007年12月已经实施股权激励的48家上市公司中的40家为样本，借鉴国外相关资料，运用管理层授予股权激励与其年薪金额的比例来考察股权激励程度，在扩展的Jones模型的基础上加入费用项目后来估计企业盈余管理程度，建立多元回归模型，实证检验了在我国实施管理层股权激励与企业盈余管理行为间存在着正相关关系，有必要进一步加强对股权激励实施过程的监管。

An Empirical Study on Earnings Management Induced by Share Incentives for Executives

From the angle of earnings management, this paper selects forty among forty-eight listed companies which have implemented share incentives before December of 2007 as a sample. Then, based on foreign relevant information, it applies the ratio of share incentive award for executives to their annual salary to examine the degree of share incentives. It also estimates the level of earnings management by adding expense items to the expanded Jones Model. Finally, based on the multiple regression model, this paper empirically validates the positive correlation between share incentives for executives in China and earnings management behaviors by enterprises, thus it is necessary to further strengthen the supervision on implementation of share incentives.