摘要
本文以2001—2013年沪深A股主板非金融业1343家上市公司为样本,采用Heckman(1979)两阶段方法实证检验上市公司进行委托理财业务对盈余波动性的影响。委托理财能降低上市公司的盈余波动性,起到稳定公司业绩的作用。本文提供了关于上市公司委托理财与盈余波动性的经验证据,丰富了国内学术界对该领域的研究文献,同时为上市公司管理委托理财业务、监管层监管上市公司委托理财提供一定的决策参考。
Based on 1343 non-financial firms listed on the Shanghai and Shenzhen Stock Exchanges during 2001-2013, using Heckman （ 1979 ） two-stage sample selection method, this paper explores the effect of entrusted investment on earnings volatility. We find that entrusted investment can decrease firms＇ earnings volatility and stabilize firms＇ financial performance. Our study provides empirical evidence for the impact of entrusted investment on earnings volatility, which not only enriches the literature in this field, but also provides support for China＇ s regulators on the supervision of listed companies＇ entrusted investment.
出处
《中国软科学》
CSSCI
北大核心
2016年第6期98-109,共12页
China Soft Science
基金
国家自然科学基金青年项目(71102122)
中国人民大学科研基金(15XNI010)
关键词
委托理财
公司治理
盈余波动性
entrusted investment
corporate governance
earnings volatility
