股权结构、可操控性应计利润和股价信息含量——基于我国上市公司的实证分析

Ownership Structure, Discretionary Accruals and Information Value of Stock Price——Empirical Analysis based on China's Listed Companies

资本市场近几年出现的公司丑闻都与盈余管理有关,以我国上市公司2008~2012年的数据为样本,遵循“股权结构-盈余管理行为-股票价值”的研究思路,从上市公司股权结构入手,分析我国资本市场对可操控性应计利润的定价能力。实证结果显示,可操控性应计利润与股价正相关,能被市场正确识别并定价;股权适度集中会增加可操控性应计利润的股价信息含量;终极控股股东两权分离度对可操控性应计利润的股价信息含量有显著负影响;终极控股股东性质对可操控性应计利润的没有显著影响。

The scandals of capital market appeared in recent years are all most related to earnings management. Using the sample of 2008-2012 non-financial companies listed in Shanghai and Shenzhen stock exchanges, we begin with corporate ownership structure of China＇s listed companies to analyze the pricing identification power of the China＇s capital market by following the idea of ＂ownership structure - earnings management - stock value＂. Empirical results show that in China, discretionary accruals are positively related to stock price with high significance, which means that the market can identify and price correctly; moderate concentration of equity will increase the information value of stock price of discretionary accruals; the separation of voting rights and cash flow rights has significant negative impact on the information value of stock price of discretionary accruals; and shareholder properties has no impact on the information value of stock price of discretionary accruals.