中國企業之董事會多樣性、企業社會責任與盈餘管理的關聯性研究

The Study of the Relationships among Diversity in the Boardroom, Corporate Social Responsibility, and Earnings Management in China

黃美娟(Mei-Juan Huang)

指導教授 ： 徐志順

淡江大學/商管學院/會計學系碩士班/碩士(2015年)

https://doi.org/10.6846/TKU.2015.00413

摘要

本研究探討董事會多樣性是否會抑制盈餘管理，並檢驗企業社會責任與盈餘管理之關聯性，進一步分析董事會多樣性是否會調節企業社會責任與盈餘管理之關係。本研究以2013年中國滬深300指數成份股為樣本，針對董事會組成（性別、年齡、獨立董事、兼任CEO、規模）的多樣性指標，探討其對中國企業實質盈餘管理之影響。實證結果指出，董事會多樣性較高時，較能抑制實質盈餘管理，且較不會以操控銷貨的方式進行；若董事會成員的年齡愈集中、董事會規模愈大，則實質盈餘管理的程度愈小。此外，企業社會責任與實質盈餘管理呈顯著負相關，其中當企業社會責任履行愈佳，愈不會透過刪減裁決性支出管理盈餘。當董事長和CEO為同一人時，企業社會責任與實質盈餘管理之間的負向關係更為強烈，亦即董事長兼任CEO具有負向調節效果。本研究之貢獻除補充董事會相關之管理文獻外，亦提供中國企業制定董事會機制決策之實務參考。

關鍵字

董事會多樣性 ； 企業社會責任 ； 實質盈餘管理

並列摘要

This study aims to examine whether board diversity constrains earnings management (EM), to investigate the relationship between corporate social responsibility (CSR) and EM, and further to ascertain whether board diversity moderates the relationship between CSR and EM. The study uses real earnings management (REM) as the proxy variable for listed companies in China Security Index 300 (CSI 300) in 2013, and employs the demography of board members as composite diversity index to explore its effect on REM. The findings of the study show a negative relationship between board diversity and REM. Firms with higher board diversity are less likely to manage earnings through sales manipulation. Further analysis indicates that centralized age of board member and big size of board reduce REM. Moreover, a negative relationship exists between CSR and REM, particularly for firms with well-developed CSR tending to constrain REM through reduction of discretionary expenditures. Furthermore, there exists negative moderating effect of duality on the relationship between CSR and REM. The contribution of the study, in addition to supplementing the existing management literature of the boardroom, provides practical reference for executives of China companies on their policies for the boardroom mechanism.

並列關鍵字

board diversity ； corporate social responsibility ； real earnings management

參考文獻

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