终极控制权、现金流权与盈余质量——来自我国A股上市公司的实证研究

Ultimate Control Rights,Cash Flow Rights and Earnings Quality——Empirical Study from Chinese A-share Listed Companies

以2004—2007年我国A股上市公司为样本,实证研究了终极控制权、现金流权与盈余质量的关系。研究结果表明,股权分置改革之前,现金流权与盈余质量显著负相关;股权分置改革之后,现就流权与盈余质量显著正相关。终极控制权与盈余质量变现为显著的负相关。两权分离度和控制链层级在总体上显著降低了盈余质量,国有终极控制的样本公司的盈余质量好于私人终极控制的样本公司。本文的研究结论为设计和制定上市公司信息披露制度提供了有价值的经验证据,同时也证明了股权分置改革取得了预期的效果,一定程度上提高了中小股东的受保护程度。

This paper made empirical research for the relationship between ultimate control fights, cash flow rights and earnings quality using Chinese A- share list companies from 2004 to 2007 as samples. The results showed that a significant negative correlation was taken on between cash flow rights and earnings quality before non - tradable - share reform, and a significant positive correlation after non- tradable-share reform. Ultimate control rights and earnings quality is generally manifested as a significant negative correlation. Separation of the two fights and the hierarchy of controlling chain generally and significantly reduce the quality of earnings, and the earnings quality of the state - owned ultimate control companies is better than that of private ultimate control companies. This conclusion provides valuable empirical evidence for the design and formulation of information disclosure system of listed companies, and it also shows that the non - tradable - share reform has achieved the desired results; the level of protection for small and medium shareholders has been improved to some extent.