掏空、公司治理与盈余质量

本文以2002年度国内上市公司为研究对象，以控制权与现金流量权的分离为掏空程度衡量指标，分析了控股股东的掏空行为对上市公司盈余质量的影响。以岭回归为研究方法控制了模型中的多重共线性问题后，本文发现：控制权与现金流量权的分离显著地影响了上市公司的盈余质量，分离程度越高，盈余质量越低，而当上市公司附属于企业集团时，盈余质量的降低更为明显。此外，本文还发现，有效的公司治理有助于改善上述现象。

Tunneling,Corporate Governance and Earnings Quality

Based on the data of listed companies of 2002,this paper analyses how the controlling owners' tunneling activities,measured by the separation of their voting rights from cash flow rights,affect the list companies' earnings quality.Using the ridge regression to control the effect of Multiple Colinearity,this paper reveals:earnings quality decreases with the extent to which the owner's voting rights exceed her cash flow rights and becomes more deteriorated when the company belongs to a group,while effective c...