股权性质与公司业绩——基于盈余管理基础上的经验分析

Ownership Property and Corporate Performance──An Empirical Analysis Based on Earnings Management

文章从盈余管理的角度对股权性质与公司业绩的关系进行了考察,我们发现上市公司盈余管理程度的差异将会影响我们对这一问题的判断。法人控股公司盈余管理程度明显高于国家控股公司;剔除盈余管理影响后的业绩比较没有差异;股权性质发生变更后公司盈余管理程度也发生变化。我们的结论证明,不考虑会计信息质量这一前提很容易导致我们对企业经营业绩做出错误判断。

This paper investigates the relationship between ownership property and corporate performance from the perspective of earnings management. We find that earnings management can affect our estimate of the corporate performance. Firms controlled by legalperson shareholders have higher earnings management than firms controlled by government, and the performance does not differ much after eliminating the influence of earnings management, and the earnings management also changes after the ownership transfers. Our conclusion testifies that we will make wrong judgment if we neglect the accounting information quality.