终极股权结构对盈余持续性影响的实证研究
发布时间：2018-08-13 14:55
【摘要】：股权分置改革对于中国资本市场发展的重大意义毋庸置疑。它改变了我国上市公司的主要股权结构。股权结构的重大变革将怎样影响上市公司的控制权配置和决策制定?上市公司权力配置的改变又将怎样影响公司的盈余持续性?“一股独大”与“股权制衡”哪个能更贴切的表达我国上市公司股权结构现状?解答这些问题是本论文的主要研究目的。 在企业财务体系中,会计盈余这一指标反映了企业的盈利能力,在资本市场中具有对资源进行配置的作用,但是会计盈余的这些作用要想真正发挥,需要满足会计盈余是具有持续性的。有关盈余持续性的研究也已引起了我国学者的关注,但研究点多在关于盈余持续性对股票定价的影响及盈余持续性计量的相关研究。但却较少的涉及盈余持续性的影响因素。 基于此,本文结合我国特有国情,以终极控制权为研究视角,探讨终极股权结构对我国上市公司盈余持续性的影响,以求更加深入理解并能够正确解释公司盈余持续性差异的真正原因,为上市公司完善股权结构、提高盈余质量提供政策建议。 本文采用实证研究的方法,考虑会计准则的一致性,选取2007——2010年上市公司A股市场数据为样本,剔除了金融行业和期间出现亏损及存在缺失值的公司,在盈余持续性线性检验模型E1+1=β0+βE1+ε1+1的基础上,将第t期的利润总额E1借助于利润表分为营业利润和非营业利润、借助于现金流量表分为现金流量成分和应计利润成分,并对应计利润成分采用Jones模型分解为正常应计成分和非正常应计成分分别构建模型,采用分组回归分析方法考察所有样本公司的盈余持续性。同时,以2010年样本公司中的营业利润占利润总额的比重衡量盈余持续性并将其作为被解释变量,采用量化的股权指标作为解释变量并选取恰当的控制变量进行了回归分析,进一步研究终极股权结构对我国上市公司盈余持续性的影响。根据理论分析和实证检验,本文得到以下结论：终极控股股东持股比例对上市公司盈余持续性产生反向的影响；如果终极控股股东的身份性质界定为国有股,则盈余持续性较低；终极股权制衡度越高,盈余持续性越高。与终极控股股东为非国有股东相比,当终极控股股东为国有股东时,上市公司终极控股股东持股比例对盈余持续性具有更大的反向影响,上市公司股权制衡度对盈余持续性的正向影响程度较小。假设得到了验证。本文的主要研究内容安排如下： 第一部分,绪论。本部分在介绍了本文的研究背景、研究意义的基础上,继而介绍了本文所采用的研究方法及其主要的研究内容。最后,在此介绍完相关的框架结构后,介绍了本文的创新与不足等。 第二部分,文献综述。首先介绍了盈余持续性目前的研究状况,继而对股权结构对盈余持续性影响进行了文献的综述。笔者认为目前有关盈余持续性的研究角度还不是很全面,已有不同学者根据不同的适用背景和角度研究了盈余持续性的定义和度量方法,却较少涉及从股权结构、公司治理结构等制约因素的角度进行研究。基于此,本文对终极股权结构对盈余持续性产生的影响进行研究,以期通过完善股权结构,进而达到提高上市公司会计盈余持续性的目的。 第三部分,对有关概念进行界定。主要对盈余持续性、终极股权结构、终极股权结构对盈余持续性影响进行概念界定。 第四、五部分,为本文的研究设计和研究的实证结果。这是全文的重点。这部分将介绍文章的研究假设和研究模型的构建、研究所需的数据来源、样本选取过程、样本的描述性特征以及根据所介绍的研究模型、研究方法以及实证研究结果展开分析。 第六部分,进一步检验。为了弥补上一章中的实证变量没有量化和未考虑交叉项的不足,本部分以2010年样本公司中的营业利润占利润总额的比重对盈余持续性进行计量,并将其作为被解释变量,采用量化的股权指标作为解释变量并选取恰当的控制变量进行了回归分析。 第七部分,研究结论及相关的政策建议。本部分将对文章的主要发现进行归纳。笔者从股权结构角度提出提高我国盈余持续性的建议。
[Abstract]:The reform of non-tradable shares is undoubtedly of great significance to the development of China's capital market. It has changed the main ownership structure of Listed Companies in China. How will the major changes in the ownership structure affect the allocation of control rights and decision-making of listed companies? How will the change in the allocation of power affect the persistence of earnings of listed companies? " Which is more appropriate to express the present situation of the ownership structure of Listed Companies in China? Answering these questions is the main purpose of this paper.
In the financial system of an enterprise, the index of accounting surplus reflects the profitability of the enterprise and plays a role in the allocation of resources in the capital market. However, if these functions of accounting surplus are to be truly played, it is necessary to satisfy that the accounting surplus is sustainable. However, most of the research focuses on the impact of earnings persistence on stock pricing and the measurement of earnings persistence, but less on the influencing factors of earnings persistence.
Based on this, this paper discusses the impact of ultimate ownership structure on earnings persistence of Listed Companies in China from the perspective of ultimate control rights, in order to better understand and correctly explain the real causes of earnings persistence differences, and to provide policies for listed companies to improve the ownership structure and improve earnings quality. Suggestion.
Taking the consistency of accounting standards into account, this paper chooses the A-share market data of listed companies from 2007 to 2010 as the sample, excludes the loss and missing value companies in the financial industry and the period. On the basis of the linear test model of earnings persistence E1+1=beta 0+beta E1+epsilon 1, the total profit E1 of the period T is utilized. The profit statement is divided into operating profit and non-operating profit. The cash flow statement is divided into cash flow component and accrued profit component. Jones model is used to decompose the accrued profit component into normal accrual component and abnormal accrual component to construct models respectively. The grouping regression analysis method is used to investigate the earnings persistence of all sample companies. At the same time, we measure earnings persistence by the proportion of operating profit to total profits of sample companies in 2010 and take it as an explanatory variable, use quantitative equity indicators as explanatory variables and select appropriate control variables for regression analysis, and further study the effect of ultimate ownership structure on earnings persistence of Listed Companies in China. According to theoretical analysis and empirical test, this paper draws the following conclusions: the proportion of ultimate controlling shareholders has a reverse impact on earnings persistence of listed companies; if the identity of ultimate controlling shareholders is defined as state-owned shares, the earnings persistence is lower; the higher the degree of ultimate equity checks and balances, the higher the earnings persistence. Compared with non-state-owned shareholders, when the ultimate controlling shareholders are state-owned shareholders, the proportion of ultimate controlling shareholders has a greater negative impact on earnings persistence, and the degree of equity checks and balances has a smaller positive impact on earnings persistence.
The first part is the introduction. On the basis of introducing the research background and significance of this paper, this part then introduces the research methods and main research contents adopted in this paper. Finally, after introducing the related frame structure, this part introduces the innovation and shortcomings of this paper.
The second part is literature review. Firstly, this paper introduces the current research situation of earnings persistence, and then reviews the impact of ownership structure on earnings persistence. Based on this, this paper studies the impact of ultimate ownership structure on earnings persistence, in order to improve the ownership structure and then achieve the purpose of improving the accounting earnings persistence of listed companies.
The third part defines the concepts of earnings persistence, ultimate ownership structure and ultimate ownership structure on the impact of earnings persistence.
This part will introduce the research hypothesis and the construction of the research model, the data sources needed for the research, the process of sample selection, the descriptive characteristics of the sample, and the development of the research model, research methods and the empirical results. Open the analysis.
In order to make up for the lack of quantification and cross-item in the empirical variables in the previous chapter, this part measures earnings persistence with the proportion of operating profit in total profit in 2010 as the explanatory variable, and adopts quantitative equity index as the explanatory variable. The appropriate control variables were used for regression analysis.
The seventh part is the conclusion of the study and relevant policy recommendations. This part will summarize the main findings of this article. The author puts forward suggestions to improve the persistence of China's earnings from the perspective of ownership structure.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224
本文编号：2181320
[Abstract]:The reform of non-tradable shares is undoubtedly of great significance to the development of China's capital market. It has changed the main ownership structure of Listed Companies in China. How will the major changes in the ownership structure affect the allocation of control rights and decision-making of listed companies? How will the change in the allocation of power affect the persistence of earnings of listed companies? " Which is more appropriate to express the present situation of the ownership structure of Listed Companies in China? Answering these questions is the main purpose of this paper.
In the financial system of an enterprise, the index of accounting surplus reflects the profitability of the enterprise and plays a role in the allocation of resources in the capital market. However, if these functions of accounting surplus are to be truly played, it is necessary to satisfy that the accounting surplus is sustainable. However, most of the research focuses on the impact of earnings persistence on stock pricing and the measurement of earnings persistence, but less on the influencing factors of earnings persistence.
Based on this, this paper discusses the impact of ultimate ownership structure on earnings persistence of Listed Companies in China from the perspective of ultimate control rights, in order to better understand and correctly explain the real causes of earnings persistence differences, and to provide policies for listed companies to improve the ownership structure and improve earnings quality. Suggestion.
Taking the consistency of accounting standards into account, this paper chooses the A-share market data of listed companies from 2007 to 2010 as the sample, excludes the loss and missing value companies in the financial industry and the period. On the basis of the linear test model of earnings persistence E1+1=beta 0+beta E1+epsilon 1, the total profit E1 of the period T is utilized. The profit statement is divided into operating profit and non-operating profit. The cash flow statement is divided into cash flow component and accrued profit component. Jones model is used to decompose the accrued profit component into normal accrual component and abnormal accrual component to construct models respectively. The grouping regression analysis method is used to investigate the earnings persistence of all sample companies. At the same time, we measure earnings persistence by the proportion of operating profit to total profits of sample companies in 2010 and take it as an explanatory variable, use quantitative equity indicators as explanatory variables and select appropriate control variables for regression analysis, and further study the effect of ultimate ownership structure on earnings persistence of Listed Companies in China. According to theoretical analysis and empirical test, this paper draws the following conclusions: the proportion of ultimate controlling shareholders has a reverse impact on earnings persistence of listed companies; if the identity of ultimate controlling shareholders is defined as state-owned shares, the earnings persistence is lower; the higher the degree of ultimate equity checks and balances, the higher the earnings persistence. Compared with non-state-owned shareholders, when the ultimate controlling shareholders are state-owned shareholders, the proportion of ultimate controlling shareholders has a greater negative impact on earnings persistence, and the degree of equity checks and balances has a smaller positive impact on earnings persistence.
The first part is the introduction. On the basis of introducing the research background and significance of this paper, this part then introduces the research methods and main research contents adopted in this paper. Finally, after introducing the related frame structure, this part introduces the innovation and shortcomings of this paper.
The second part is literature review. Firstly, this paper introduces the current research situation of earnings persistence, and then reviews the impact of ownership structure on earnings persistence. Based on this, this paper studies the impact of ultimate ownership structure on earnings persistence, in order to improve the ownership structure and then achieve the purpose of improving the accounting earnings persistence of listed companies.
The third part defines the concepts of earnings persistence, ultimate ownership structure and ultimate ownership structure on the impact of earnings persistence.
This part will introduce the research hypothesis and the construction of the research model, the data sources needed for the research, the process of sample selection, the descriptive characteristics of the sample, and the development of the research model, research methods and the empirical results. Open the analysis.
In order to make up for the lack of quantification and cross-item in the empirical variables in the previous chapter, this part measures earnings persistence with the proportion of operating profit in total profit in 2010 as the explanatory variable, and adopts quantitative equity index as the explanatory variable. The appropriate control variables were used for regression analysis.
The seventh part is the conclusion of the study and relevant policy recommendations. This part will summarize the main findings of this article. The author puts forward suggestions to improve the persistence of China's earnings from the perspective of ownership structure.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224
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