股权结构与会计信息质量——以熵权法所构建的会计信息质量指数为基础的经验研究

Quality of Accounting Information and Stockholder Structure

采用熵权法构建会计信息质量指数作为综合会计信息质量的替代变量,考察会计信息质量与股权结构之间的关系。实证结果表明,会计信息质量与股权集中度、股权制衡度、第一类机构投资者所占比例显著正相关;与第二类投资者及股东大会执行效率显著负相关;与股票流通比例和控制权争夺之间则不存在显著的相关关系。

This paper, using the data of the listed firms during 2002 - 2004 in the Chinese Securities Market and using method of entropy to construct index of quality of accounting information to measure the difference of quality of accounting information, analyzes the relation of the quality of accounting information and stockholder struc- ture. We find that, the percentage of the first big stockholder, the balance power of several big stockholders and the percentage of the first-type institutional investor positively relate to quality of accounting information. The second type institutional investor and the efficiency of stockholder meeting negatively associate to the quality of accounting information. The percentage of liquidity of stock and contention of control right has no relation with the quality of accounting information.