连锁股东提高会计信息质量了吗?——基于治理协同的视角  

Do Chain Shareholders Improve the Quality of Accounting Information?From the Perspective of Governance Synergy

作　　者：耿伟良 GENG Weiliang(School of Business,Zhengzhou University of Aeronautics,Zhengzhou,Henan 450046)

机构地区：[1]郑州航空工业管理学院商学院,河南郑州450046

出　　处：《上海立信会计金融学院学报》2023年第1期74-88,共15页Journal of Shanghai Lixin University of Accounting and Finance

摘　　要：连锁股东为企业之间的信息传递与资源配置提供了便利渠道。学术界认为连锁股东对企业有“治理协同”和“操纵合谋”两种影响机制。文章从企业会计信息质量视角,以2015-2020年沪深A股上市公司为样本,就连锁股东对会计信息质量的影响进行了实证研究。研究发现,连锁股东可以降低企业盈余管理程度,提高会计信息质量,协同效应更为明显;异质性分析显示,与非国有企业相比,连锁股东在国有企业中能够更好地保证会计信息质量,更好地发挥“治理协同”效应;影响机制分析表明,在企业多元化经营战略背景下,拥有连锁股东的企业能够有效缓解由多元化经营带来的信息不对称问题,发挥连锁股东独有的协作优势,降低企业盈余管理的动机,使会计信息质量得到提升。进一步分析发现,连锁股东缓解了股东与管理者之间的代理问题,提升了会计信息质量。文章丰富了有关连锁股东经济后果的研究文献,为更好地利用连锁股东促进企业健康发展提供了经验证据。The existence of chain shareholders provides a convenient channel for information transmission and resource allocation between enterprises. The academics believe that chain shareholders have two influence mechanisms on enterprises: "governance synergy" and "manipulation and collusion". The author selects A-share listed companies in Shanghai and Shenzhen from 2015 to 2019 as research samples from the perspective of accounting information quality of enterprises, and empirically studies the impact of chain shareholders on accounting information quality. The results show that : chain shareholders can reduce the degree of earnings management, improve the quality of accounting information, and the synergy effect is more obvious. Heterogeneity analysis shows that,compared with non-state-owned enterprises, chain shareholders in state-owned enterprises can better ensure the quality of accounting information, and better play the "governance synergy" effect;The analysis of influence mechanism shows that under the background of enterprise diversification strategy, enterprises with chain shareholders can effectively alleviate the problem of information asymmetry caused by diversification, play the unique cooperation advantage of chain shareholders, reduce the motivation of earnings management, and improve the quality of accounting information. The results of further analysis show that chain shareholders improve the quality of accounting information by alleviating the agency problem between shareholders and managers. The conclusion of this paper not only extends the research on the economic consequences of chain shareholders,but also provides empirical evidence for making better use of the economic phenomenon of chain shareholders to promote the development of companies.

关 键 词：连锁股东 会计信息质量 盈余管理 治理协同 操纵合谋 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]