终极控股、制度环境与信息披露质量及其经济后果——来自中国家族上市公司的经验证据  

Ultimate Holding Characteristics,Institutional Environment, Quality of Information Disclosure and Their Economic Consequences——Evidence from the Chinese Familial Listed Companies

作　　者：向锐[1] 章成蓉[1] 干胜道[1] 

机构地区：[1]四川大学工商管理学院,四川成都610064

出　　处：《四川大学学报（哲学社会科学版）》2012年第1期104-112,共9页Journal of Sichuan University：Philosophy and Social Science Edition

基　　金：中央高校基金科研业务费资助项目(2009SCU11097);四川省审计厅科研基金项目(201110A);教育部新世纪优秀人才支持计划(NCET-08-0384)的阶段性成果之一

摘　　要：以深交所2004-2007年期间的家族上市公司为样本,考察终极控股特征、制度环境与公司信息披露质量之间的关系。研究发现,家族控股企业现金流权对信息披露质量有显著为正的影响,现金流权与控制权的分离度对信息披露质量有显著为负的影响;市场化程度、法治水平对公司信息披露质量有显著为正的影响,而政府干预程度对公司信息披露质量没有显著的影响;现金流权与控制权的分离度与公司信息披露质量之间负相关关系会受到制度环境(市场化程度、政府干预程度、法治水平)的影响而变弱。而研究发现,公司信息披露质量对债务资本成本有显著为负的影响,对公司价值有显著为正的影响。This paper empirically examines the relationships between the ultimate holding characteristics,institutional environment and quality of information disclosure based on the data consisting of Chinese Familial listed companies from Shenzhen Stock Exchange from 2004 to 2007.The results from our sample show that,cash flow rights has significantly positive impact on the quality of information disclosure;the separation of cash flow rights and control rights have significantly negative impact on the quality of information disclosure;marketization and law level have significantly positive impact on the quality of information disclosure,but government intervention has no significantly positive impact on the quality of information disclosure;institutional environment（marketability,government intervention and law level） weakens the negative relationship between the separation of cash flow rights and control rights and the quality of information disclosure.Moreover,this paper also empirically examines the relationships between the information disclosure quality and economic consequences.The results show that,the information disclosure quality has significantly negative impact on the cost of debt capital,but significantly positive impact on the corporate value.

关 键 词：终极控股特征 制度环境 信息披露质量 经济后果 

分 类 号：F830.91[经济管理—金融学]