交叉上市、公司治理与会计盈余质量研究

发布时间：2018-01-24 05:51

本文关键词： 交叉上市会计盈余质量公司治理约束假说　出处：《吉林大学》2013年硕士论文　论文类型：学位论文

【摘要】：截止到2010年底，，共有63家企业同时在沪深证券交易所（A股）和境外发达国家和地区的资本市场(香港、美国、新加坡、英国）上市。随着交叉上市企业规模的增大，与非交叉上市企业相比，这类企业在自身的盈余质量、公司治理情况、企业价值等方面都反映出一定的群体特点。随着对交叉上市行为研究的深入，出现了若干从公司治理角度研究交叉上市这一资本市场行为的成果。以约束假说作为主要理论依据，交叉上市能够改善公司治理。由于我国企业在交叉上市地点、路径以及首发溢价方面都与国外企业存在显著差异，并且部分国外学者质疑约束假说的有效性。所以，有必要以我国企业为样本，研究交叉上市对公司治理水平的影响。鉴于盈余管理的普遍存在，而投资者保护程度与盈余管理行为密切相关，本文从会计盈余质量入手，检验交叉上市企业会计盈余质量是否高于非交叉上市企业，进而探讨交叉上市对我国企业公司治理水平的影响。本文以可操纵性应计利润作为衡量企业会计盈余质量的指标，选取2006—2011年间在AH股交叉上市和仅在A股上市企业为样本，进行描述性分析和多元回归分析，检验了交叉上市，会计盈余质量与公司治理之间的关系。研究结果表明：交叉上市企业的会计盈余质量优于仅在A股上市的企业的会计盈余质量，即中国的A股上市公司可以通过交叉上市增强外部治理约束，进而提高公司治理水平。另外，企业交叉上市后的会计盈余质量会呈波动性下降趋势,近两年趋于平稳，证明我国企业交叉上市对盈余质量的影响有限。第一章对研究背景与研究意义进行了阐述，第二章梳理了国内外关于交叉上市，公司治理和会计盈余质量的相关文献，熟悉相关研究方向和已有成果，并探寻新的方向；第三章阐述了相关理论基础，并提出本文研究假设；第四章进行研究设计，确定本文的样本、变量模型，并进行实证研究，通过描述性分析和以及回归分析等方法对问题进行分析，并得出实证研究结果；第五章结合实证研究结果得出本文结论。
[Abstract]:As of end of 2010, there are 63 enterprises in Shanghai and Shenzhen Stock Exchange (A shares) and overseas developed countries and regions of the capital markets (Hong Kong, the United States, Singapore). With the increase of the scale of cross-listed enterprises, compared with non-cross-listed enterprises, this kind of enterprises in their own earnings quality, corporate governance. Corporate value and other aspects reflect certain group characteristics. With the in-depth study of cross-listing behavior. There have been some achievements in the capital market behavior of cross-listing from the perspective of corporate governance. Cross-listing can improve corporate governance on the basis of constraint hypothesis. Since there are significant differences between Chinese firms and foreign firms in the cross-listing location, path and IPO premium, and some foreign scholars question the validity of constraint hypothesis. It is necessary to study the impact of cross-listing on corporate governance with Chinese enterprises as a sample. In view of the widespread existence of earnings management, the degree of investor protection is closely related to earnings management behavior. Starting with the quality of accounting earnings, this paper examines whether the quality of accounting earnings of cross-listed enterprises is higher than that of non-cross-listed enterprises, and then probes into the influence of cross-listing on the corporate governance level of Chinese enterprises. This paper takes accrual profit of maneuverability as an index to measure the quality of accounting earnings and selects cross-listed AH shares and A-share listed enterprises as samples from 2006 to 2011. Descriptive analysis and multiple regression analysis were carried out to test cross-listing. The relationship between accounting earnings quality and corporate governance. The results show that the quality of accounting earnings of cross-listed enterprises is better than that of only A-share listed enterprises. That is, the A-share listed companies in China can enhance the external governance constraints through cross-listing, and then improve the corporate governance level. In addition, the quality of accounting earnings after cross-listing will show a downward trend of volatility. The stable trend in recent two years proves that cross-listing of Chinese enterprises has limited influence on earnings quality. The first chapter describes the research background and significance, the second chapter combs the domestic and foreign literature on cross-listing, corporate governance and accounting earnings quality, familiar with the relevant research direction and existing results. And explore new directions; The third chapter expounds the relevant theoretical basis and puts forward the hypotheses of this paper. Chapter 4th carries on the research design, determines the sample, the variable model, and carries on the empirical research, through the descriptive analysis and as well as the regression analysis method carries on the analysis to the question, and obtains the empirical research result; Chapter 5th draws the conclusion of this paper combined with the results of empirical research.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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