股权集中度、现金股利与上市公司盈余质量的实证研究

Empirical Study of Equity Concentration,Cash Dividends and the Earnings Quality of Listed Companies

从会计信息质量的内生性出发,实证研究了股权集中度代表的公司治理水平差异下,现金股利与盈余质量间的相关关系。选取2002~2011年沪、深两地主板上市公司现金分红数据为研究对象,采用盈余持续性衡量公司盈余质量,并实证检验股权集中度差异下,现金股利与盈余质量的相关关系。研究结果表明：派发高现金股利的公司,盈余质量优于不派发现金股利的公司,而在部分高现金股利派发率公司中,由于存在股权集中度高、内部人控制等公司治理程度不完善等因素,使现金股利发放并未完全反映盈余质量水平。股权集中度影响了现金股利传递盈余质量的信号作用。

Based on the endogenous quality of accounting information,we analyzed the relationship between cash dividends,equity concentration and earnings quality of Chinese listed companies between 2002~2011,and discussed the dividend distribution motivation to explore the mechanism between cash dividends payment policy and earnings quality.Our study find that overall,companies with better earnings quality pay more cash dividends than that of the non-payment company.There is no evidence that equity concentration affects the relationship between cash dividends payout and earning quality in higher dividend company.Because of weak corporation governance,equity concentration affects the signal transmission function between cash dividends payout policy and earning quality.