终极产权性质、第一大股东对盈余质量的影响分析

以我国2006年底已经实施了股改的深沪两地A股上市公司2007～2008年的经验数据为样本,采用收益-盈余模型检验了终极产权性质、第一大股东与盈余质量之间的关系,研究发现:对于已经实施了股改的上市公司,股权仍然相对集中;当上市公司属于国家终极控制时,盈余质量会较高;第一大股东持股比例与盈余质量正相关;第一大股东对上市公司董事会的控制能力与盈余质量正相关;其他大股东对控股股东的制衡能力对盈余质量的影响不显著.

The Influences of the Ultimate Ownership and the Largest Shareholder on the Earnings Quality

Appling the return-earnings regression on the data of China's listed companies from 2007 to 2008 which have implemented the equity division reform before the end of 2006,the paper explores the influences of the ultimate ownership and the largest shareholder on the earnings quality.Our findings indicate that the equity of these firms are still relatively centralized-control;and when the firms' ultimate ownerships are belong to the state,their earnings quality are usually high;and the largest shareholding per...