“母凭子贵”能奏效吗?——基于盈余持续性的视角

Does“Mother Depends on the Child”Work?Based on the Perspective of Earnings Sustainability

以2007—2019年我国A股上市公司为样本,考察“子强母弱”型集团对公司盈余持续性的影响。研究发现,“子强母弱”型集团显著降低了上市公司盈余持续性水平,反映出“母凭子贵”的目标难以实现。作用机制检验结果表明,“子强母弱”型集团通过提升企业内部的代理成本和财务风险降低了盈余持续性水平。进一步研究显示,高质量内部控制、注册会计师审计以及高媒体关注度均会弱化“子强母弱”型集团与盈余持续性之间的负向关系。研究结论揭示了“子强母弱”型集团影响上市公司盈余持续性的机理,为认识“子强母弱”型集团在债券违约事件和实现经济高质量发展过程中所扮演的角色提供了经验证据。

Using A-share listed companies in Shanghai and Shenzhen from 2007 to 2019 as samples,this study examines the impact of a“strong subsidiary and weak parent”group on the sustainability of company earnings.Research has found that the“strong subsidiary and weak parent”type of group significantly reduces the sustainability level of earnings for listed companies,indicating that the goal of“mother depends on the child”is difficult to achieve.The test results of the mechanism of action indicate that the“strong subsidiary and weak parent”type group reduces the level of earnings sustainability by increasing the agency cost and financial risk within the enterprise.Further research has shown that high-quality internal controls,certified public accountant audits,and high media attention can weaken negative relationship between“strong subsidiary and weak parent”group and earnings sustainability.The research conclusion reveals the mechanism of the“strong subsidiary and weak parent”type group affecting the sustainability of earnings of listed companies,providing empirical evidence for understanding the role of“strong subsidiary and weak parent”type groups in bond default events and the process of achieving high-quality economic development.