无实际控制人与盈余价值相关性  

Non-actual Controllers and the Value Relevance of Earnings

作　　者：田昆儒 李颜苏 薛坤坤[2] TIAN Kun-ru;LI Yan-su;XUE Kun-kun(School of Accountancy,Tianjin University of Finance and Economics,Tianjin,300222,China;School of Business,Zhengzhou University,Zhengzhou,Henan,450001,China)

机构地区：[1]天津财经大学会计学院,天津300222 [2]郑州大学商学院,河南郑州450001

出　　处：《经济管理》2024年第6期143-163,共21页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金青年项目“董事会权力结构、决策类型与企业投资效率研究”(72002205)。

摘　　要：随着我国多层次资本市场体系的基本成型,股权结构逐渐多元化,无实际控制人现象在证券市场逐渐增多,备受广大投资者关注。无实际控制人引发公司治理模式重构,对企业盈余价值相关性产生何种影响呢?本文以2007—2021年沪深A股非金融类上市公司为研究对象,检验无实际控制人对盈余价值相关性的影响。研究发现,无实际控制人能够显著降低盈余价值相关性。机制检验表明,企业处于无实际控制人状态增加了企业代理成本、盈余操纵及经营风险,从而降低了盈余价值相关性。高管越轨式冒险行为增强了无实际控制人对盈余价值相关性的负面影响。相较于存在控股股东的无实际控制人而言,无控股股东的无实际控制人降低了盈余价值相关性。无实际控制人状态下,前十大股东存在强势关联关系导致企业盈余价值相关性下降,前三大、前五大股东中国有股权参股能够提升盈余价值相关性。本文的研究结论为改善无实际控制人企业盈余信息质量提供了经验证据,同时为完善现代化企业制度,防范无实际控制人治理风险提供了重要启示。The actual controller,a“key minority”in listed companies,plays a crucial role in improving the level of corporate governance and enhancing the quality of listed companies.With the basic establishment of China’s multi-level capital market,corporate ownership structure has become increasingly diversified,and the emergence of companies without actual controllers has attracted significant attention from investors.This phenomenon is more common in developed western capital markets,where listed companies typically exhibit highly dispersed ownership structures.To a certain extent,the growing number of Chinese companies without actual controllers is a natural phenomenon in the process of the capital market’s transition from the“emerging and switching”stage to the mature market.Companies without an actual controller exhibit different forms,including absolutely dispersed equity type,relatively dispersed equity type,shareholder balance type,and upper-level shareholders without actual controller type.The non-actual controllers lead to the restructuring of corporate governance models,which exerts a certain impact on corporate behavior.Based on the above considerations,what impact do non-actual controllers have on the value relevance of earnings?Based on the perspective of corporate value relevance,this paper chooses the China’s A-share non-financial listed companies from 2007 to 2021 as samples to examines the impact of non-actual controllers on value relevance of earnings.The research findings indicate that the net earnings of non-actual controllers companies have less value relevance than that of companies with actual controllers.The mechanism test shows that the non-actual controllers increase agency problems between shareholders and executives as well as raise operating risks,thereby reducing the relevance of earnings value.Senior executives’deviant risk-taking behavior significantly enhances the negative impact of having non-actual controllers on the value relevance.The net earnings of non-actual controll

关 键 词：无实际控制人 盈余价值相关性 代理问题 企业风险 

分 类 号：F275[经济管理—企业管理]