Earnings Management When Managers and Auditors Are Alumni：Evidence from Listed Companies in China
- 2018年第11卷 
【中文摘要】选取2005～2015年沪深两市A股上市公司为样本，研究上市公司高管与签字注册会计师之间的校友关系对盈余管理的影响。研究发现，高管与签字注册会计师之间存在校友关系的上市公司，其应计盈余管理程度显著较低，而真实盈余管理程度明显较高。进一步研究发现，高管与项目负责人的校友关系导致上述效应更加显著；在市场化水平较高的地区，高管与签字注册会计师之间存在校友关系对上市公司真实盈余管理的影响更为明显。这些结果为校友关系影响外部审计提供了经验证据，为上市公司盈余管理方式选择提供来自校友关系视角的解析，提醒投资者和监管部门应该关注校友关系等裙带关系对盈余管理的影响。 【Abstract】Using a sample A-share listed companies in China from 2005 to 2015，this paper studies the effect of an alumni relation between managers and auditors on earnings management. The result shows that the companies in which managers and auditors are alumni have a lower level of accrual earnings management and a higher level of real earnings management. Further analysis shows that earnings management intensifies when managers and the audit project leader are alumni，and a higher level of marketization induces the companies that have an alumni relation between managers and auditors to choose real earnings management. This paper provides evidence about how the alumni relation between managers and auditors influences the independence of external audit，and sheds new light on the earnings management decisions made by listed companies from the perspective alumni relation. Our results imply that investors and regulators should pay more attention to the effect of nepotism between managers and auditors on earnings management.