客户关系交易、外部监督与盈余持续性

Customer Relationship Transactions,External Supervision and Earnings Persistence

以2010~2015年A股上市公司为研究样本,研究客户关系交易如何影响盈余持续性以及机构投资者持股与"四大"审计等外部监督机制如何调节客户关系交易对盈余持续性的影响问题。研究发现,客户关系交易规模越大,盈余持续性越高,而且,"四大"审计和机构投资者持股进一步强化了客户关系交易与盈余持续性的显著关系。研究结果表明,保持稳定的关系交易,极大提升了公司的盈余持续性,而且在这个过程中,展示了"四大"审计的价值增值功能和机构投资者持股的公司治理效应。

With 2010 to 2015 A-share listed companies as research samples,this paper studieshow customer relationship trade affect earnings persistence and how does an external oversight mechanism,such as institutional investors＇ holdings and＂bigfour＂audits,regulate the impact of customer relationship transactions on earnings persistence.The study found that the greater the size of customer relationship transactions,the lower the persistence of earnings,moreover,the＂big four＂audit and institutional investor holdings further reinforce the significant relationship between customer relationship transactions and earnings persistence.The results show that the stable relationship between the transaction,which greatly enhance the company＇s earnings persistence,and in the process,showing the＂big four＂audit value-added features and the effect of institutional investors holding for corporate governance.