이익조정과 이사회 독립성이 기업가치에 미치는 영향

Abstract

[Purpose]This study analyzed the effect of earnings management and the independence of the board of directors on corporate value for listed companies in China, respectively, and further analyzed whether the independence of the board of directors have additional moderating effects in the relationship between earnings management and corporate value. [Methodology]In this study, in order to verify the hypothesis, the corporate value is measured by TobinQ, and the earnings management is measured by the absolute value of the discretionary amount estimated as the modified－Jones model. In addition, the independence of the board of directors is measured by the ratio of outside directors in the board of directors. The samples used for empirical analysis in this study consisted of 13,466 corporate－annual samples from 2014 to 2019, with A－share listed companies on the Shenzhen Stock Exchange and Shanghai Stock Exchange as the objects. [Findings]The analysis results of this study are summarized as follows. First, earnings management showed a statistically significant negative relationship with corporate value. Second, the independence of the board of directors also showed a significant positive relationship with corporate value. Third, the independence of the board of directors had a positive moderating effect on the relationship between financial ratio and corporate value. [Implications]This research studied the relationship between earnings management and corporate value, the relationship between the independence of the board of directors and corporate value, and then analyzes whether the independence of the board of directors will make a difference between the relationship between earnings management and corporate value on Chinese listed companies.