股权制衡的公司治理效应实证研究——基于经营活动现金流量波动的视角  

An Empirical Study of Governance Effects in Ownership Control Companies——From the Perspective of Cash Flow Fluctuations in Operating Activities

作　　者：朱德胜[1] 吴加臣[1] 

机构地区：[1]山东财经大学会计学院,山东济南250014

出　　处：《山东财政学院学报》2014年第5期81-86,共6页Journal of Shandong Finance Institute

基　　金：山东省社科规划会计专项"后金融危机时代企业财务风险防范研究"(11CKJJ11)

摘　　要：评价股权结构治理效应的优劣,不能仅关注公司业绩水平的高低,经营活动现金流量的稳定性等风险指标同样重要,而且股权制衡和股权制衡度对上市公司经营活动现金流量波动具有重要影响。研究结果表明:股权制衡、股权制衡度能够降低上市公司经营活动现金流量的波动程度;第一大股东为国有股东时,股权制衡度降低经营活动现金流量波动的效果更加明显。Evaluating the merits of the shareholding structure governance effects involves not only the perform- ance level of the company but also such risk indicators as the stability of cash flow fluctuations in operating activities while the ownership control and its degree exert vital influence on the cash flow fluctuations. The research findings show that the ownership control and its degree can reduce the degree of cash flow fluctuations in listed company＇ s operating activities and that the reducing effect on cash flow fluctuations becomes more significant when the shareholder is state-owned. largest

关 键 词：股权制衡 公司治理效应 现金流量 

分 类 号：F275.5[经济管理—企业管理]