从军高管能抑制企业盈余管理吗？——基于高管个人道德品性的视角

Can Military Top Executives Reduce Corporation Earnings Management Based on Moral Integrity Perspective?

中文关键词:  从军经历  道德品性  盈余管理  产权性质  市场化水平  治理效应

英文关键词:military experience  moral integrity  earnings management  nature of property right  marketization level  governance effect

中文摘要:

      近年来,退役军人越来越多地参与到企业经营管理中,形成了独特的企业文化,管理者从军经历对企业经营行为的影响不容忽视。以2012—2017年我国A股非金融类上市公司为研究对象,实证检验了从军高管对企业盈余管理的影响。研究发现:高管从军经历能够显著抑制企业盈余管理(无论是正向还是负向)；与有从军经历的总经理相比,有从军经历的董事长的治理效应更明显。进一步检验表明,从军经历发挥的抑制效应还受到产权性质和市场化水平的影响。研究结论表明,从军经历烙印于管理者的道德品性和价值观念,可以产生积极的公司治理效应,在军民融合上升为国家战略的背景下,为政府部门制定相关优惠政策、任用退役军人提供了证据支持。

英文摘要:

      In recent years, with the growing number of veterans involved in corporate management and their distinctive business culture, it is impossible to ignore the influence of their military experience on corporate financial behavior. Using a dataset of Chinese A-share non-financial listed companies during the years from 2012 to 2017 as research object, this paper empirically examines the impact of top executives' military experience on corporation earnings management. The research result suggests that top executives' military experience can significantly reduce corporate earnings management (no matter whether it is positive or negative), and that a Chairman with military experience has a stronger governance effect than a General Manager or CEO with military experience. A further study shows that the reduction effect is also influenced by the nature of property right and the level of marketization. The research conclusion indicates that top executives' military experience has left an imprint on their moral integrity and value conception, which can have a positive corporate governance effect. Under the background from military and civilian integration to an upgrading national strategy, this research provides evidence to support government to formulate the preferential policies to appoint or recruit military veterans. 