중국기업의 기업지배구조가 기업가치에 미치는 영향

Purpose: In general, profit adjustment has a positive effect on companies by increasing the corporate value or the moderating effect of profits on listed companies. Therefore, in order to analyze corporate value both quantitatively and qualitatively in rapidly developing China, it is important to empirically analyze how corporate governance by earnings management affects the corporate value of Chinese companies. Research design, data, and methodology: An empirical analysis was conducted using data from the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2014 to 2019 to determine the impact of corporate governance on corporate value from earnings management by Chinese companies listed on the exchanges. Results: Empirical analysis shows that the ratio of outside directors, which is a proxy variable for corporate governance, and the regression coefficient of the interaction variable between manager compensation and earnings management had a statistically significant negative effect. On the other hand, the regression coefficient of the interaction variable of earnings management and the largest shareholder’s share, which is a proxy variable for corporate governance, had a positive relationship with corporate value, but was not significant. Conclusions: This study is expected to provide useful information that improves the governance structure of Chinese companies that develop both quantitatively and qualitatively by analyzing the impact on corporate value from cross-regulation variables between corporate governance and profit adjustment by using data from rapidly developing Chinese companies listed on the exchanges.