上市公司披露的会计信息是利益相关者作出投资决策的重要依据，也是公司向社 会公众传播利好消息的方式之一。近年来，“绿大地”、“万福生科”等案件层出不穷， 低质量的信息不仅损害了投资者的利益，还浪费了一定的经济资源。由于企业会计信 息的主要负责人是高层管理人员，因而企业披露的会计信息质量在很大程度上会受到 企业高管决策和行为的影响。学术界已经对企业会计信息披露质量影响因素进行了大 量的研究，但对企业薪酬激励和会计信息披露质量之间的关系尚未达成共识，且当前 研究多基于外生视角。因而，从内生视角来系统化地阐释薪酬激励机制对企业会计信 息披露质量的影响就显得尤为重要。本文从高管内生性的视角出发，实证检验了薪酬 激励对企业会计信息披露质量的影响以及高管团队特征的调节效应。 本文首先对企业会计信息披露质量、薪酬激励以及高管团队特征相关研究进行了 文献回顾与评述；其次，依据信息不对称理论、委托代理理论、管理层防御理论、高 层梯队理论以及激励理论提出了薪酬激励、高管团队特征与会计信息披露质量关系的 相关假设，选择了相关变量和模型。本文以2011-2016年我国深市A股主板上市企业 的经验数据为研究样本，分别验证了高管薪酬激励对会计信息披露质量的影响以及高 管团队平均年龄、女性比例和平均受教育程度对两者关系的调节效应；最后，根据实 证结果得出本文的结论，为上市公司提升会计信息披露质量提出建议。 本文研究结果表明：薪酬激励对企业会计信息披露具有提升作用，且这种作用受 到高管团队特征的影响，具体表现为高管团队的女性比例和受教育程度对薪酬激励和 会计信息披露质量之间存在一定的正向调节作用。因此，企业应当选拔合适人才，加 大薪酬激励程度，结合不同类型的高管团队特征，制定不同的激励措施，以提升激励 机制的有效性。 关键词：会计信息披露质量；薪酬激励；高管团队特征；调节效应 V Abstract The accounting information disclosed by listed companies is an important basis for stakeholders to make investment decisions, and it is also one of the ways for the company to spread good news to the public. In recent years, cases such as “Greenland Corporation” and “Wanfu Biotechnology” have emerged in an endless stream. Low quality of accounting information disclosure not only damages the interests of investors, but also wastes economic resources. Because the top management of the company is mainly responsible for corporate accounting information, the quality of accounting information disclosure is largely influenced by the decisions and behaviors of top management. Scholars have conducted a lot of research on the factors affecting the quality of accounting information disclosure, but they have not yet reached a consensus on the relationship between compensation incentives and the quality of accounting information disclosure, and current research is mostly based on exogenous perspectives. Therefore, it is particularly important to study the relationship between compensation incentives and quality of accounting information disclosure from an endogenous perspective. From the perspective of endogeneity, this paper empirically tests the effect of compensation incentives on the quality of accounting information disclosure and moderation effects of top-management team characteristics. Firstly, this paper induces and summarizes the relevant literature from the aspects of quality of accounting information disclosure, compensation incentives and top-management team characteristics. Secondly, based on asymmetric information theory, principal-agent theory, management entrenchment theory, upper echelons theory and incentive theory, this paper proposes the hypotheses about the relationship between compensation incentive, top- management team characteristics and quality of accounting information disclosure and selects relevant variables and models. Then, based on the data of A-share listed companies in Shenzhen Stock Exchange during 2011-2016, this paper examines the impact of compensation incentives on the quality of accounting information disclosure and the moderation effects of the average age, female proportion and average academic qualification of the top-management team. Finally we come to the conclusion by empirical results and then provide suggestions for listed companies to improve the quality of accounting information disclosure. The results of this paper show that higher compensation incentives will lead to the improvement of the quality of accounting information disclosure and the characteristics of top-management team will affect the effect of compensation incentives, specifically, the higher proportion of female and the higher level of education in the top-management team VI will optimize the effect. Therefore, companies should select suitable talents, increase the degree of compensation incentives, and they should develop different incentives for different types of top-management team to enhance the effectiveness of incentives. Key words: Compensation Incentives; Top-management Characteristics; Quality of Accounting Information Disclosure; Moderation Effect VII 目 录 摘要 ................................................................................................................................. I Abstract ................................................................................................................................ III 第一章 绪论 ...................................................................................................................... - 1 - 1.1 研究背景及意义 ......................................................................................................... - 1 - 1.1.1 研究背景 .......................................................................................................... - 1 - 1.1.2 研究意义 .......................................................................................................... - 2 - 1.2 研究内容及方法 ......................................................................................................... - 3 - 1.2.1 研究内容 .......................................................................................................... - 3 - 1.2.2 研究方法 .......................................................................................................... - 4 - 第二章 研究现状及评述 .................................................................................................. - 7 - 2.1 会计信息披露质量的相关研究 ................................................................................. - 7 - 2.1.1 会计信息披露质量的概念界定 ...................................................................... - 7 - 2.1.2 会计信息披露质量的衡量 .............................................................................. - 8 - 2.1.3 会计信息披露质量影响因素的研究现状 .................................................... - 11 - 2.2 薪酬激励的相关研究 ............................................................................................... - 15 - 2.2.1 薪酬激励的概念界定 .................................................................................... - 15 - 2.2.2 薪酬激励的研究现状 .................................................................................... - 15 - 2.3 高管团队特征的相关研究 ....................................................................................... - 16 - 2.3.1 高管团队特征的概念界定 ............................................................................ - 16 - 2.3.2 高管团队特征的研究现状 ............................................................................ - 16 - 2.4 薪酬激励、高管团队特征和会计信息披露质量的相关研究 ............................... - 17 - 2.5 文献评述 ................................................................................................................... - 18 - 2.6 本章小结 ................................................................................................................... - 19 - 第三章 理论分析及研究假设 ........................................................................................ - 21 - 3.1 理论分析 ................................................................................................................... - 21 - 3.1.1 信息不对称理论 ............................................................................................ - 21 -