上市公司经营业务分布是否影响盈余质量?——基于上市公司及其整体子公司相对业务规模的考察  

Does Business Distribution of Listed Companies Affect Earnings Quality? Evidence from Listed Companies and Relative Business Scale of Their Whole Subsidiaries

作　　者：张会丽[1] 陆正飞[2] 

机构地区：[1]北京师范大学经济与工商管理学院,北京100871 [2]北京大学光华管理学院,北京100875

出　　处：《财经研究》2012年第8期72-83,共12页Journal of Finance and Economics

基　　金：国家自然科学基金重点资助项目(71132004);国家自然科学基金面上资助项目(70972011);教育部人文社会科学青年基金资助项目(12YJC630287);中央高校基本科研业务费专项基金项目"中国公司治理分类指数系列"的资助

摘　　要：文章以2000-2009年我国A股上市公司为样本,以上市公司的整体子公司经营业务占集团业务的比重衡量子公司相对业务规模,考察"一控多"集团型上市公司的经营业务在母子公司上下级法人间的分布对上市公司整体盈余质量的影响。研究发现,子公司业务规模与公司整体盈余质量呈显著的负相关关系。具体而言,子公司业务规模越大,则公司整体的盈余管理程度越高、盈余反应系数越小。进一步的研究表明,母公司在集团中整体的控制水平能够显著降低子公司业务规模对盈余质量的负向影响。Using a sample of A-share listed companies in China from 2000 to 2009,this paper regards the proportion of whole business of subsid- iaries of listed companies in group business as relative business scale of sub- sidiaries and investigates the effect of business distribution of listed compa- nies as a group between parent company and subsidiaries on overall earnings quality of listed companies. It indicates that the business scale of subsidiaries is negatively related to overall earnings quality of listed companies, that is to say,larger business scale of subsidiaries results in higher degree of overall earnings management and smaller earnings response coefficient. Further study shows that the control level of parent company in the group can signif- icantly weaken the negative effect of business scale of subsidiaries on earn- ings quality.

关 键 词：子公司 相对业务规模 控股水平 盈余质量 

分 类 号：F230[经济管理—会计学]