股权分置、控股股东流通权利与公司盈余质量  

Dual-Class Shares System,the Right of Circulation of Controlling Shareholders and Earnings Quality of Listed Companies

作　　者：陆宇建[1] 张继袖 

机构地区：[1]南开大学商学院,天津300071 [2]渤海证券研究所,天津300061

出　　处：《山西财经大学学报》2009年第4期75-82,共8页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金(项目号:70472051);南开大学人文社会科学校内青年项目(项目号:NKQ08016)资助

摘　　要：文章以我国资本市场股权分置改革为背景,研究控股股东实现流通权利的行为——增减持上市公司股份与上市公司盈余质量的关系。利用配对样本研究发现,控股股东增减持股份对上市公司的盈余质量无显著影响,增持行为不会改善盈余质量,减持行为也不会降低盈余质量,但被控股股东增持的上市公司,其盈余质量要好于被控股股东减持的上市公司。文章建议,中小投资者不必过度恐慌控股股东的增减持行为,因为增减持行为不会影响上市公司的盈余质量,中小投资者应该坚持价值投资,做好自我保护。Based on the reform of dual - class shares system of Chinese capital market, this paper studies the relationship between the purchasing and selling behaviors of controlling shareholders and the earnings quality. Using of paired sample, the paper finds that the controlling shareholders purchasing and selling shares has no significant impact on earnings quality. It also finds that the samples of purchasing shares have high earnings quality, which means earnings quality of the companies that the controlling shareholders purchase shares from the capital market is highly orginal and earnings quality of the companies that the controlling shareholders sell shares from the capital market is low originally. Outside investors should not be concerned about the share increase or reduction of controlling shareholders excessively because the behavior doesn＇t affect earnings quality of listed companies. Instead, they should research whether their holding shares have investing value and insist on the value investments.

关 键 词：股权分置改革 控股股东 股份增减持 盈余质量 

分 类 号：F830.91[经济管理—金融学]