国有企业混合所有制改革、财务报告可读性与会计盈余价值相关性  

Mixed Ownership Reform Financial Report Readability and Value-Relevance of Accounting Earnings Mixed Ownership Reform,Financial Report Readability and Value-Relevance of Accounting Earnings

作　　者：吴祖光[1] 桑潇 WU Zu-guang;SANG Xiao(School of Management and Economics,Xi'an University of Technology,Xi'an 710054,China)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054

出　　处：《数学的实践与认识》2023年第12期13-30,共18页Mathematics in Practice and Theory

基　　金：国家社会科学基金“竞争性国有企业混合所有制改革动力鸿沟、融合机制与效果评价”(19BGL065)。

摘　　要：财务报告因专业术语晦涩难懂、篇幅冗长变得越来越复杂而受到广泛批评,复杂财务报告的经济后果受到学术界和实务界关注.文章以我国混合所有制改革试点企业为样本,研究发现:1)财务报告可读性越差,盈余的价值相关性越低;2)混合所有制改革能够强化盈余价值相关性与财务报告可读性之间的正向关系.进一步还发现,股权融合能够提高企业价值、盈余价值相关性并正向调节财务报告可读性与企业价值之间的正向关系,但提高民营资本持股比例对企业价值、盈余价值相关性以及财务报告可读性与价值之间关系的影响并不明显.提高股权融合程度在改善信息传递效率方面要优于提高民营资本持股比例.混合所有制改革中需要提高股权融合度,而不是仅仅增加民营资本的比例.Financial report has been widely criticized for its obscure terminology and great length.The economic consequences of complex financial reports are concerned by academia and practice,but the research on the economic consequences of complex financial report is still rare.Taking the pilot enterprises of mixed ownership reformation as samples,this paper empirically tests the impact of readability of financial reports on the value relevance of earnings and the effect of mixed ownership reform.We find that:1)the better the readability of financial report,and the higher the value-relevance of earnings;2)mixed ownership reform strengthen the positive relationship between the readability of financial report and the valuerelevance of earnings.Furthermore,equity integration can improve corporate value,valuerelevance of earnings and positively moderate the positive relationship between readability of financial reports and corporate value.However,the ratio of private equity doesn't have the same effect.Increasing the degree of equity integration is better than increasing the proportion of private capital holdings in improving the efficiency of information transmission.The reform of mixed ownership needs to improve the degree of equity integration,rather than just increasing the proportion of private equity.

关 键 词：财务报告可读性 盈余价值相关性 混合所有制改革 股权融合度 信息传递效率 

分 类 号：F275[经济管理—企业管理] F276.1[经济管理—国民经济] F271