上市公司“出身”与盈余质量研究  

The "Origin" of Listed Companies and Earnings Quality

作　　者：王克敏[1] 廉鹏[2] 向阳[3] 

机构地区：[1]复旦大学管理学院 [2]吉林大学商学院 [3]申银万国证券股份有限公司

出　　处：《中国会计评论》2009年第1期3-28,共26页China Accounting Review

基　　金：国家自然科学基金项目(70872023;70632002);2006年教育部人文社会科学研究规划项目(06JA630016);上海市浦江人才计划;2008年度上海市社科规划项目(2008BJB019)资助

摘　　要：本文克服以往国有与民营上市公司盈余质量比较研究的局限性,考虑到国有股减持与股权分置改革的影响,以公司实际控制人属性与上市方式的交叉标准替代以控股股东属性或实际控制人属性的标准,确定上市公司的"出身";同时,考虑到中国股票市场为典型的"政策市"、"消息市",为克服以盈余与股票收益关系刻画盈余质量的局限性,以暂时性损失的持续性、可操控应计及应计质量刻画公司盈余质量,考察了上市公司"出身"对其盈余质量的影响。研究发现,在控制盈利能力、成长性、规模及所有权结构等条件下,当不考虑上市方式的影响时,国有上市公司的盈余质量更高;而在考虑上市方式的影响时,国有首发上市公司盈余质量最高,国有买壳上市公司及民营首发上市公司盈余质量次之,民营买壳上市公司盈余质量最差。As the progress of the reform of Chinese State-owned enterprises and the development of Chinese stock market, many SOEs are privatized, and the controlling owners of former SOEs have been changed. Meanwhile, more and more private firms register on the stock exchanges by back-door listing. Considering this institutional background, we define ＂origin＂ of a firm from two facets that combines the nature of ultimate controlling owner and listing channels, and then we investigate the impact of the ＂origin＂ of listed companies on earnings quality. This paper overcomes the limitation of past literature which studied the differences of earnings quality between state-owned and private listed companies in China. Instead of making the nature of controlling shareholders or ultimate controlling owner as only one classified standard, we intersect the nature of ultimate controlling owners and listing channels as the criterion to distinguish the ＂origin＂ of companies, and emphasis the impact of ＂origin＂ of listed companies on earnings quality. In our design, classified standard of ultimate controlling owners can avoid the classification errors caused by changes of controlling rights, and insufficient disclosure of controlling shareholders. In order to measurement of earnings quality, we use the persistence of transitory losses, discretionary accruals estimated by the modified Jones model in Dechow, Sweeny and Sloan （1995） and accruals quality used by Dechow and Dichev（2002） to avoid the significant meas- urement error of earnings quality which caused by inefficient stock market, by using earningsreturn model such as ERC and Basu（1997） model.. And then we compare earnings quality of each kind of companies＇ ＂origins＂. The findings suggest that, after controlling for profitability, growth, size and ownership structure, earnings quality of state-owned listed companies is higher in absence of listing channels; after incorporating the impact of listing channels, state-owned companies through IPOs ha

关 键 词：实际控制人属性 上市方式 首发上市 买壳上市 盈余质量 

分 类 号：F275[经济管理—企业管理]