政府最终控制、控股股东行为与财务报告透明度——中国A股市场上市公司的经验证据

以中国沪深两市A股上市公司2004—2006年间的2940个公司年度为样本,以财政部发布的《企业会计准则———基本准则》和FASB发布的第2号公告中的会计信息质量特征为基础,对财务报告透明度进行度量,分析政府最终控制、控股股东行为对财务报告透明度的影响。研究发现:控股股东掏空行为显著降低了财务报告透明度;国家最终控制的上市公司的财务报告更不透明,并且政府干预动机越强,财务报告透明度越低;财务报告透明度与最终控股股东的所有权比例呈U型变化,与其他股东的制衡能力呈同向变化。

Government Control, Controlling Shareholders' Behavior,and Financial Reporting Transparency:On China A-share Listed Companies

The impact of government control and controlling shareholders′ behavior on financial reporting transparency are studied based on 2940 samples from listed firm over the period between 2004 and 2006.The empirical results indicate that tunneling behavior significantly decreases financial reporting transparency.The state-owned listed companies have less transparent financial reports.The more government intervention is,the lower financial reporting transparency of the listed company is.The proportion of control right of ultimate shareholders has a significantly negative relation with financial reporting conservatism.The relation between cash flow rights held by the ultimate controlling shareholder and financial reporting transparency shows ’U-shaped’ curve.