交叉上市、股权结构与盈余质量的关系研究

发布时间：2018-01-15 06:08

本文关键词：交叉上市、股权结构与盈余质量的关系研究　出处：《浙江财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国资本市场还不够完善,与强势有效市场的标准还相去甚远,因而会计信息的重要性不言而喻。企业的所有者、债权人以及其他利益相关者都将通过会计信息来了解企业的状况,获取有价值的信息。高质量的会计盈余信息不仅有助于评估企业真实的收益,而且能够监督管理者的行为,提防道德风险的下降。但所有权与经营权的分离,管理者或多或少地运用较为隐秘的会计方法以及操纵真实的会计交易等方式,粉饰报表,使得会计信息失真成为一大现象。盈余质量作为会计信息的重要指标,在相关者利用会计信息的决策中起到很大的参考意义,更直接的说,对盈余质量的分析将显著缓解市场中由于委托代理关系带来的信息不对称性的问题,为投资者更加精准地预测被投资单位的经营状况提供可靠依据。自2014年起,我国正式将企业年度检验改为年度报告公示制度,这一改进使更多的投资者能有效快速的获取企业的财务状况,因而对于企业会计盈余质量的研究将更具实际价值。盈余质量问题的产生根源在于不完善的公司治理结构。作为公司的产权基础的股权结构,是企业管理的核心部分,对盈余质量有着先天性的决定作用。按照股东的持股比例以及股东的类型出发,可将股权结构分为股权集中度与股权构成两方面。有效的股权结构,将有助于会计信息披露的真实性,保障会计盈余信息质量。此外,我国上市公司股权结构有其特殊性,选择合适的股权结构进而提高企业的的盈余质量是相当重要的。同时,伴随着经济全球化的发展,国际间资本的流动加快,更多的企业倾向于选择在多个不同的资本市场实现上市,形成交叉上市。交叉上市给企业的治理结构带来很大影响,从而影响企业的盈余质量。因此,交叉上市行为对股权结构与盈余质量之间的相关性会产生深刻的影响,以及面对更严格的资本市场监管,交叉上市企业的股权结构是否会得到进一步的优化,这些方面都是值得学者进一步研究的。但可以肯定的是交叉上市将降低企业的盈余管理,这与交叉上市的企业处于更加严格监督环境是分不开的。因而本文将着重探讨交叉上市、股权结构与盈余质量三者之间的相关关系。本文从有效市场理论、委托代理理论以及信息不对称理论三个角度出发探讨股权结构对盈余质量的影响,为不同股权结构对企业盈余质量的影响方向给予解释。同时,又通过流动性假说、投资者假说、信息披露假说以及市场分割假说等理论分析了企业交叉上市的动因。基于这些理论基础,本文选取2012-2015年间在A+H股实现交叉上市的企业作为研究样本,并且采用一对一配比的方法(企业所处行业相同、样本年份一致、相匹配企业年末总资产规模相近)选取了同样数量的仅在A股市场上市的公司作比较对象,进而提出假设并进行实证分析。本文选取股权集中度、股权构成作为研究的解释变量,以盈余质量变量作为因变量,以是否实现交叉上市作为本文的调节变量,同时设置公司规模、净资产收益率、资产负债率作为本文的控制变量。通过多元回归分析比较A+H股交叉上市企业与纯A股上市企业的股权结构对企业盈余质量的影响差异,并研讨产生结果不一致的原因。实证结果表明:对于股权结构中的股权制衡度、公众股持股比例、法人股持股比例以及管理层持股比例指标,交叉上市在股权结构与盈余质量关系中起到了正向向调节作用;对于股权集中度以及国有股持股比例两个指标,公司交叉上市行为对两者的关系起到了反向调节作用。基于研究结论,本文在最后给出相应的建议:(1)降低大股东持股比例,助力企业内部权力制约与平衡;(2)适当降低国有股持股比例,推动股东类型多样化;(3)提高法人持股比例,加强股东专业知识掌握力度;(4)加强企业股票流动性,提高公众股持股比例;(5)积极推动股权激励制度,提高管理层持股比例;(6)完善资本市场,推动交叉上市发展。
[Abstract]:China's capital market is still not perfect, and the strong efficient market standard is also far from the importance of accounting information is self-evident. Business owners, creditors and other stakeholders will use the accounting information to understand the situation of enterprises, to obtain valuable information. High quality accounting information is not only helpful to evaluate the real business returns, and can supervise the management behavior, decrease the moral risk. But beware of the separation of ownership and management, management mode, using accounting methods more or less secretive and manipulation of the real accounting transactions whitewash statements, the distortion of accounting information has become a major phenomenon. As an important indicator of earnings quality of accounting information play, great reference significance by using accounting information in their decision-making, more directly, analysis of earnings quality will significantly slow Solution market due to information asymmetry caused principal-agent problems, for investors to more accurately predict is to provide a reliable basis for investment unit operating conditions. Since 2014, China's official corporate annual inspection to the annual report of the public system, this improvement enables more investors can quickly obtain financial enterprises the status, so research on accounting earnings quality will be more valuable. Causes of earnings quality is the imperfect corporate governance structure. The ownership structure as the foundation of the property rights of the company, is the core part of enterprise management, has a decisive role on congenital earnings quality. According to the proportion of shareholders and the type of shareholders can be divided into the ownership structure, ownership concentration and ownership structure in two aspects. The ownership structure effectively, will be conducive to the accounting information disclosure of the real Security, the quality of accounting information. In addition, the ownership structure of Chinese listed companies has its particularity, the appropriate choice of ownership structure and improve enterprise's earnings quality is very important. At the same time, with the development of economic globalization, international capital flows accelerated, more and more enterprises tend to choose from a number of different the capital market listing, the formation of cross listing. Cross listing has great influence to the corporate governance structure, thus affecting the quality of corporate earnings. Therefore, cross listing behavior between ownership structure and earnings quality relationship will have a profound impact, and face more stringent supervision of capital market, whether the ownership structure of cross listing the enterprise will be further optimized, these are worthy of further study. But it is certain that the cross listing will reduce earnings management of enterprises, the In a more strict supervision environment is inseparable with the cross listed companies. So this paper will focus on the cross listing, the relationship between ownership structure and earnings quality of the three. From the efficient market theory, commissioned three aspects of agency theory and asymmetric information theory to explore the influence of ownership structure on earnings quality, explanation effect of different ownership structure on earnings quality direction. At the same time, through the liquidity hypothesis, investors hypothesis, information disclosure hypothesis and market segmentation hypothesis, analysis the motivation of cross listed companies. Based on these theories, this paper selects 2012-2015 years to achieve cross listed companies as research samples in the A+H shares, and a the ratio method (business the same year, the sample, to match the size of the total assets of enterprises at the end of the same or similar) Listed on the A stock market, the number of samples only compare objects, and then put forward the hypotheses and empirical analysis. This paper selects ownership concentration, ownership structure as the explanatory variable, the variable quality of earnings as the dependent variable, whether to cross listing as a moderator of this paper, and set the size of the company, return on net assets rate, asset liability ratio as control variables in this paper. The influence of ownership structure through multiple regression analysis and comparison of A+H shares cross listed companies with pure A A-share listed companies on earnings quality differences, and causes the result is not consistent with research. The empirical results show that: for the equity structure of the equity balance degree, the shareholding ratio of the public shares, legal person shares, management shareholding ratio index, cross listing on the relationship between ownership structure and earnings quality has played a positive role in the regulation of equity to set; The moderate and the proportion of state-owned shares two indicators, companies cross listing of the relationship between the two plays a negativemoderating effect. Based on the research conclusions, this paper gives some suggestions: (1) reduce the proportion of large shareholders, corporate internal power restriction and balance; (2) appropriate to reduce the proportion of state-owned shares. To promote the shareholder diversification; (3) improve corporate ownership, strengthen shareholder knowledge efforts; (4) strengthen the enterprise stock liquidity, improve the shareholding proportion of public shares; (5) actively promote equity incentive system, improve the management stake; (6) improve the capital market, promote the development of cross listing.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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