政治联系、盈余质量与风险定价——基于中国民营上市公司的经验证据

Political Connections,Earnings Quality and Risk Pricing: An Evidence from China's Private Listed Enterprises

盈余质量是投资者风险定价的重要依据之一,而政治联系作为一种普遍存在的、非正式的制度安排,其对公司的盈余质量及其风险定价功能有何影响,是比较值得关注的问题。研究表明,同等条件下,拥有政治联系的民营上市公司,其盈余质量显著低于没有政治联系的公司,而且公司的政治联系越密切,其盈余质量水平越低。此外,公司政治联系的存在也会对其盈余质量的风险定价产生负面的影响。

Earnings quality is used as an important basis for risk pricing by investors.As a general and universal informal system arrangement,political connections may have an effect on earnings quality and its risk pricing function,which deserves a special attention.The study shows that with other conditions being equal,China＇s private listed firms with political connections have poorer earnings quality than their non-connected peers,and the more closely connected with the government,the poorer their earnings quality is.Besides,political connections have a negative effect on the risk pricing of earnings quality in private listed firms.