我国上市公司收益质量评价指标体系构建研究

上市公司收益质量决定着上市公司的股票价格,高质量的收益是公司可持续发展的动力,是股东获取投资报酬、广大投资者判断企业获利能力和发展前景的依据,同时也时候公司偿还债务的保证.本文通过对上市公司收益质量的现状研究,根据指标体系构建原则,构建出一套较完整的收益质量评价指标体系,为上市公司能够获得较高收益质量提供了依据.     

投资者情绪、风险承担与股票收益

本文从整体投资者情绪和投资者情绪分歧两个维度,考察投资者情绪截面特征对股票定价的影响,并探究投资者情绪对股票定价的影响机制。一方面,分别使用投资者情绪横截面均值和方差表征整体投资者情绪和投资者情绪分歧,并构建同时包含整体投资者情绪和投资者情绪分歧的资产定价模型。另一方面,使用沪深A股上市公司2007—2020年面板数据,实证检验上述理论模型的结论。理论和实证研究表明,整体投资者情绪和投资者情绪分歧均显著正向影响股票收益,两者的交互作用负向影响股票收益;整体投资者情绪和投资者情绪分歧均显著提高风险承担水平,而风险承担水平的提高会增加股票收益,即风险承担在投资者情绪对股票收益的影响中起到了中介作用。     

上市公司中小投资者权益保护制度绩效的实证检验

我国上市公司终极控股股东利用对上市公司的控制权,普遍通过非公平关联交易、违规信息披露、市场操纵等方式获取控制权私人收益,非法侵害中小投资者的合法权益。从上市公司股权结构等角度,通过逻辑回归分析,分别对股权分置改革时期、后股权分置时期中国上市公司中小投资者权益保护制度的绩效进行实证检验,这为制定保护中小投资者权益的政策提供了实证依据。     

技术多元化、创新绩效与公司投资价值——来自我国高科技行业的证据

采用负二项回归和面板数据双向固定效应模型,实证检验了技术多元化对我国高科技行业上市公司创新绩效的影响,发现技术多元化虽能促进专利数量的增加,却导致了专利质量的下降。接着从专利数量和质量两个维度出发,探讨其对上市公司股票收益的作用,发现专利数量越多,股票收益反而越低;专利质量对股票收益有正向作用。最后考察了机构投资者持股是否有利于资本市场对企业专利价值的认同,结论是压力抵抗型机构投资者持股越多,专利质量对公司股票收益的促进作用越大;而压力敏感型机构投资者产生的作用恰恰相反。     

上市公司信息披露对债务融资的影响分析

信息披露是上市公司向投资者和社会公众沟通的桥梁,银行借款是现阶段我国企业债务融资的主要途径。对上市公司而言,提高信息披露质量能否使企业在债务融资中获得实质性收益,这一问题的探讨有助于发掘信息披露的激励作用,达到促使上市公司自愿提高信息披露质量的目的。     

上市公司收益质量的影响因素及优化措施

在当代经济生活中,投资者、企业管理当局、监管机构在很大程度上依靠企业公布的财务报告收益来了解企业的经营成果、盈利能力和发展前景,但在目前的财务信息报告制度下,会计收益只能反映收益的数量水平,而难以反映收益的真实质量。本文在收益质量的涵义、特征的基础上对上市公司收益质量的影响因素进行了分析,并提出优化措施。     

上市公司收益质量的影响因素及优化措施

在当代经济生活中,投资者、企业管理当局、监管机构在很大程度上依靠企业公布的财务报告收益来了解企业的经营成果、盈利能力和发展前景,但在目前的财务信息报告制度下,会计收益只能反映收益的数量水平,而难以反映收益的真实质量。本文在收益质量的涵义、特征的基础上对上市公司收益质量的影响因素进行了分析,并提出优化措施。     

公众投资者利益保护法律问题浅析

目前公众投资者利益保护存在的主要问题是大股东滥用其控股地位侵犯公众投资者利益,国家监管部门对公众投资者保护不力。公众投资者利益保护问题的存在是我国证券市场开始时的定位造成的,保护公众投资者的法律法规不完善,上市公司制度有结构性缺陷。完善公众投资者利益保护需要维持市场大盘稳定,完善股市规则,提高上市公司质量,建立股票红利的分配机制。     

证券立法导向与执法机制对公司治理水平影响的实证研究

治理水平改善是提高上市公司质量进而促进证券市场健康发展的基石.本文利用世界75个国家(地区)的数据分析证券法上的投资者利益保护和执法机制对上市公司治理水平改善的影响.研究结果发现:其他条件一定,无论是改进书面立法还是执法活动,都能对上市公司治理水平改善起到积极作用;与书面立法相比较,执法活动对公司治理水平改善的作用更为显著;如果综合考虑立法和执法因素,立法层面投资者诉讼权利的保障则显得相对重要,信息披露和董事责任的强化规定对上市公司治理水平的改善并没有明显作用.     

投资者法律保护的评价研究

证券市场的发展在很大程度上取决于对股东和债权人的法律保护程度.对投资者法律保护的评价一方面有助于投资者保护自己的合法权益,另一方面也有助于促进企业关注投资者保护,提高公司治理水平和公司绩效.本文从国家、地区和上市公司三个层面,对投资者法律保护评价的研究文献进行综述,尤其探讨了国内投资者法律保护的研究进展,并提出了未来的研究方向,从而为建立和完善投资者法律保护的评价体系提供参考.     

Is knowledge powerful? Evidence from financial education and earnings quality

Previous studies emphasize the importance of investor legal protection on financial reporting quality. We argue that investors’ awareness of their legal rights and understanding of the financial products play complementary roles. Financially well-educated investors are more likely to be able to understand investment-related information and less likely to be tricked, hence can pressure managers to eschew misappropriate behavior. This paper explores the role of investor financial education as a corporate governance mechanism in the context of earnings quality. Using data from 43 countries during the sample period of 1994–2012, we find that earnings quality is higher in countries with better financial education after controlling for various institutional environments. Interestingly, the positive effect of financial education on earnings quality exists only in countries with stronger investor legal protection, indicating a complementary role of financial education. Our study provides evidence on the role of financial education in investor protection.     

The effect of earnings quality and country-level institutions on the value relevance of earnings

This study investigates the relationship between the value relevance of earnings and earnings quality across countries. We find that there is a stronger relationship between earnings quality and the value relevance of earnings in countries with high investor protection than in countries with weak investor protection. We also find that the association between the value relevance of earnings and earnings quality is higher when a country’s information environment is less opaque. Overall, our study documents evidence on international differences in the ability of stock prices to capture useful accounting information, consistent with the notion that the returns-earnings association reflects not only the quality of accounting earnings but also the informativeness of stock prices.     

The Effect of IFRS Adoption and Investor Protection on Earnings Quality Around the World

This study examines the effects of mandatory IFRS adoption and investor protection on the quality of accounting earnings in forty-six countries around the globe. The results suggest that earnings quality increases for mandatory IFRS adoption when a country's investor protection regime provides stronger protection. This study extends the current literature that shows that accounting practices are influenced by country-level macro settings. The results highlight the importance of investor protection for financial reporting quality and the need for regulators to design mechanisms that limit managers' earnings management practices.     

投资者保护与财务会计信息质量

根据投资者保护的分析框架,不同地区对投资者的保护程度会对公司会计政策和行为产生影响,对于投资者保护较弱的地区,财务会计系统可能成为补偿弱投资者保护负面影响的一种替代机制。本文使用来自我国内地31个地区911家A股上市公司2001—2004年的数据为样本进行考察,利用各地区市场化进程数据构建各地区的投资者保护程度变量,使用会计盈余反映经济收益的非对称及时性衡量财务会计信息的质量,证据一定程度上表明来自投资者保护较弱地区的上市公司更愿意提供较高质量的财务会计信息,以补偿弱投资者保护带来的负面效应。     

Cost of Capital for Exempt Foreign Private Issuers: Information Risk Effect or Earnings Quality Effect? It Depends

We examine whether the information risk accompanying Foreign Private Issuers' (FPIs) exemptions from the U.S. Securities and Exchange Commission (SEC) reporting requirements is associated with capital market penalties (measured by a higher cost of equity capital) and, further, the extent to which this information risk is mitigated by earnings quality. Our overall results indicate that exempt FPIs exhibit a higher cost of equity capital than reporting FPIs, and this relation still persists after controlling for earnings quality. Furthermore, we partition our sample into firms from strong and weak investor protection environments. Interestingly, similar to the results in Francis et al. (2008), for FPIs from strong investor protection regimes we find no difference in the cost of capital between exempt and filing FPIs, even after controlling for earnings quality. To the contrary, for FPIs from weak investor protection regimes, we find that the exemption is associated with a higher cost of equity capital, and that earnings quality does not significantly reduce the premium paid by these issuers.     

Does investor protection regime affect the effectiveness of outside directorship on the board?

Since the Sarbanes-Oxley Act was enacted in U.S., there has been a general tendency to globally harmonize regulations and practices of board governance. The purpose of this study is to compare among countries how well the board of directors constrains earnings management. Using a sample of firms from 23 countries, we document some evidence that higher outside directorship on the board is associated with lower earnings management in the international context. We also find that there is no significant difference in the effectiveness of board outside directorship in constraining earnings management between high and low investor protection countries. Our findings mitigate a concern that harmonized corporate governance in low investor protection countries may not work.     

Earnings management and investor protection: an international comparison

This paper examines systematic differences in earnings management across 31 countries. We propose an explanation for these differences based on the notion that insiders, in an attempt to protect their private control benefits, use earnings management to conceal firm performance from outsiders. Thus, earnings management is expected to decrease in investor protection because strong protection limits insiders’ ability to acquire private control benefits, which reduces their incentives to mask firm performance. Our findings are consistent with this prediction and suggest an endogenous link between corporate governance and the quality of reported earnings.     

Earnings quality and firm valuation: international evidence*

This study uses a sample of over 7000 firms in 38 countries to investigate the relation between firm valuation and earnings quality. We find a positive and significant relation between firm valuation and an aggregate earnings quality measure based on seven earnings attributes (accruals quality, persistence, predictability, smoothness, value relevance, timeliness, and conservatism). This relation is particularly strong for firms with greater investment opportunities and more need for external finance, and for firms in low investor protection countries. Thus, firms are able to compensate for a weak legal environment by adopting higher earnings quality standards, particularly when they need to gain access to global capital markets. Overall, our findings suggest that firms with higher earnings quality are valued more highly in stock markets, supporting the idea that investors require a premium for the information risk associated with lower‐quality earnings.     

Private Control Benefits and Earnings Management: Evidence from Insider Controlled Firms

We examine earnings management practices of insider controlled firms across 22 countries to shed light on the link between consumption of private benefits and earnings management. Insider controlled firms are associated with more earnings management than noninsider controlled firms in weak investor protection countries. Consistent with the private benefits motive, insider controlled firms with greater divergence between cash‐flow rights and control rights are associated with more earnings management in these countries. Growth opportunities attenuate the association between insider control and earnings management even in weak investor protection countries. We also find some weak evidence that insider controlled firms are associated with less earnings management in strong investor protection countries. Overall, our results highlight a strong link between private benefits consumption and earnings management.     

Investor protection,cross-listing and accounting quality

Using 42,808 firm-year observations from 32 countries around the world, we investigate whether cross-listing in the US is associated with better accounting quality, and whether investor protection moderates the effect of cross-listing on accounting quality. Our main results show firms that are cross-listed in the US exhibit more timely reporting of losses, greater tendency to manage earnings downward, and more value relevance of accounting numbers as compared to their domestic counterparts. Cross-listed firms originating from high investor protection jurisdictions, particularly in high anti-director rights and common law countries, exhibit greater tendency to recognise a more timely reporting of losses and to manage earnings downward but exhibit lower value relevance of earnings as compared to cross-listed firms domiciled in low anti-director rights and non-common law countries. These results suggest that the strength of investor protection in home country plays an important role in determining the quality of accounting numbers of cross-listed firms.