公司治理对盈余质量的影响--来自中国上市公司的经验证据  

The Effects of Corporate Governance on Earnings Quality:Evidence from Chinese Listed Companies

作　　者：刘洪渭[1,2] 荣蓬[2] 

机构地区：[1]东南大学经济管理学院 [2]山东大学管理学院

出　　处：《山东大学学报（哲学社会科学版）》2010年第1期24-31,共8页Journal of Shandong University(Philosophy and Social Sciences)

摘　　要：公司治理理论的一个重要观点是上市公司的治理质量越高,会计盈余对投资者的决策有用性越强。使用会计盈余的信息含量作为衡量盈余质量高低的判断标准,基于南开大学中国上市公司治理指数将样本公司分为公司治理好的公司和公司治理差的公司,使用盈余-报酬模型,选取我国深、沪市2005年、2006年符合条件的上市公司为样本,运用描述性统计、回归分析等方法对公司治理与盈余质量之间的关系进行实证研究。统计结果表明,公司治理好的公司与公司治理差的公司的盈余信息含量确实存在显著差异:公司治理越好,盈余变化的反应系数越大,即盈余信息含量越高。An important view of the theories of corporate governance is that better quality of corporate governance structure of a well-established company enhances the earnings quality. This study investigates the empirical rela- tionship between corporate governance and earnings quality using data of Chinese listed companies. Based on the revised return models and using the data for Chinese listed companies on its A-share market for 2005 and 2006, our study presents the following findings： corporate governance changes in earnings for firms with high quality governance are quality has a significant effect on earnings quality; more value-relevant than those for firms with poor quality governance. Such findings imply that due to information asymmetry between the inside management and the outside investors, corporate governance quality is essential to earnings quality. The research results are conducive to regulators in reconsidering the relationship between corporate governance quality and earnings quality. It could also help outside investors in making sound investment decisions and may reduce information asymmetry and avoid the problem of adverse selection.

关 键 词：公司治理 盈余质量 盈余反应系数 

分 类 号：F275[经济管理—企业管理]