股權分置改革能否改善中國上市公司的盈餘資訊內涵?(Does Nontradable Share Reform Improve the Informativeness of Earnings in China?)
Journal of Accounting Review, Volume 60, 2015
39 Pages Posted: 12 Mar 2015
Date Written: March 5, 2015
Abstract
Chinese Abstract: 中國證監會(CSRC)於2005年9月4號發布了「上市公司股權分置改革管理辦法」,將非流通股票(國有股和不可流通法人股)透過法定的程序,給予流通的權利。本研究以盈餘反應係數來衡量盈餘資訊內涵,探討中國股權分置改革(Nontradable Share Reform)對於公司盈餘資訊內涵是否有顯著的影響?本文進一步探討,上市公司的控制股東結構與各省份所處組織環境,在股權分置改革後,是否也會對公司的盈餘資訊內涵有不同程度的影響?實證結果指出在股權分置改革後,上市公司盈餘資訊內涵普遍提升。此外,不同的控制股東結構亦有不同的影響。研究結果發現,在股權分置制度改革後對於盈餘資訊內涵改善的效果,一般法人公司優於國有企業,而中央政府控制的國有公司優於地方政府控制的國有公司。最後,本研究亦證實在股改後,中國各地方法律環境的差異,也會影響盈餘資訊品質。
English Abstract: The paper investigates the impact of nontradable share reform (NSR) on informativeness of earnings in China. We use the earnings response coefficient as a proxy for the informativeness of earnings. In addition, we examine whether a firm’s controlling shareholder ownership structure and institutional features have differential influence on informativeness of earnings in the pre- and post-NSR periods. The empirical results show that the informativeness of earnings usually increases in the post-NSR periods. The informativeness of earnings in legal corporations is better than that in state-owned enterprises and the informativeness of earnings in central government-controlled companies are superior to that in local government-controlled companies. Moreover, we find that the institutional features have differential influence on informativeness of earnings in the post-NSR periods.
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Keywords: Nontradable share reform, controlling shareholders, institutional features, informativeness of earnings
JEL Classification: M48; M41
Suggested Citation: Suggested Citation