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以2007—2013年我国沪深两市上市公司管理层特征和财务指标的非平衡面板数据为经验证据,探讨检验管理层权力与公司盈余价值相关性的关系及其在高质量审计视角下的差异性。结果显示:管理层权力越大,公司盈余价值相关性越弱。高质量的审计会显著削弱它们之间的关系,这种削弱作用主要表现在国际“四大所”和具有行业专门化的事务所审计的样本公司中。这一研究结果为研究管理层权力的经济后果提供了新的证据,可为完善公司治理结构和外部监督机制提供经验参考。
Based on the empirical evidence from the unbalanced panel data of management characteristics and financial indicators of the listed companies in Shanghai and Shenzhen in 2007-2013, this paper explores the relationship between the management power and the company’s earnings value and their differences in high-quality auditing Sex. The result shows that the greater the management power, the weaker the correlation of the company’s earnings value. High-quality audits will significantly weaken the relationship between them, this weakening mainly in the international “four big ” and sample companies with industry-specific audit firm. The results of this study provide new evidence for studying the economic consequences of management power and provide an empirical reference for improving the corporate governance structure and external oversight mechanisms.