【摘要】：股權分置改革對于中國資本市場發(fā)展的重大意義毋庸置疑。它改變了我國上市公司的主要股權結構。股權結構的重大變革將怎樣影響上市公司的控制權配置和決策制定?上市公司權力配置的改變又將怎樣影響公司的盈余持續(xù)性?“一股獨大”與“股權制衡”哪個能更貼切的表達我國上市公司股權結構現(xiàn)狀?解答這些問題是本論文的主要研究目的。 在企業(yè)財務體系中,會計盈余這一指標反映了企業(yè)的盈利能力,在資本市場中具有對資源進行配置的作用,但是會計盈余的這些作用要想真正發(fā)揮,需要滿足會計盈余是具有持續(xù)性的。有關盈余持續(xù)性的研究也已引起了我國學者的關注,但研究點多在關于盈余持續(xù)性對股票定價的影響及盈余持續(xù)性計量的相關研究。但卻較少的涉及盈余持續(xù)性的影響因素。 基于此,本文結合我國特有國情,以終極控制權為研究視角,探討終極股權結構對我國上市公司盈余持續(xù)性的影響,以求更加深入理解并能夠正確解釋公司盈余持續(xù)性差異的真正原因,為上市公司完善股權結構、提高盈余質(zhì)量提供政策建議。 本文采用實證研究的方法,考慮會計準則的一致性,選取2007——2010年上市公司A股市場數(shù)據(jù)為樣本,剔除了金融行業(yè)和期間出現(xiàn)虧損及存在缺失值的公司,在盈余持續(xù)性線性檢驗模型E1+1=β0+βE1+ε1+1的基礎上,將第t期的利潤總額E1借助于利潤表分為營業(yè)利潤和非營業(yè)利潤、借助于現(xiàn)金流量表分為現(xiàn)金流量成分和應計利潤成分,并對應計利潤成分采用Jones模型分解為正常應計成分和非正常應計成分分別構建模型,采用分組回歸分析方法考察所有樣本公司的盈余持續(xù)性。同時,以2010年樣本公司中的營業(yè)利潤占利潤總額的比重衡量盈余持續(xù)性并將其作為被解釋變量,采用量化的股權指標作為解釋變量并選取恰當?shù)目刂谱兞窟M行了回歸分析,進一步研究終極股權結構對我國上市公司盈余持續(xù)性的影響。根據(jù)理論分析和實證檢驗,本文得到以下結論：終極控股股東持股比例對上市公司盈余持續(xù)性產(chǎn)生反向的影響；如果終極控股股東的身份性質(zhì)界定為國有股,則盈余持續(xù)性較低；終極股權制衡度越高,盈余持續(xù)性越高。與終極控股股東為非國有股東相比,當終極控股股東為國有股東時,上市公司終極控股股東持股比例對盈余持續(xù)性具有更大的反向影響,上市公司股權制衡度對盈余持續(xù)性的正向影響程度較小。假設得到了驗證。本文的主要研究內(nèi)容安排如下： 第一部分,緒論。本部分在介紹了本文的研究背景、研究意義的基礎上,繼而介紹了本文所采用的研究方法及其主要的研究內(nèi)容。最后,在此介紹完相關的框架結構后,介紹了本文的創(chuàng)新與不足等。 第二部分,文獻綜述。首先介紹了盈余持續(xù)性目前的研究狀況,繼而對股權結構對盈余持續(xù)性影響進行了文獻的綜述。筆者認為目前有關盈余持續(xù)性的研究角度還不是很全面,已有不同學者根據(jù)不同的適用背景和角度研究了盈余持續(xù)性的定義和度量方法,卻較少涉及從股權結構、公司治理結構等制約因素的角度進行研究。基于此,本文對終極股權結構對盈余持續(xù)性產(chǎn)生的影響進行研究,以期通過完善股權結構,進而達到提高上市公司會計盈余持續(xù)性的目的。 第三部分,對有關概念進行界定。主要對盈余持續(xù)性、終極股權結構、終極股權結構對盈余持續(xù)性影響進行概念界定。 第四、五部分,為本文的研究設計和研究的實證結果。這是全文的重點。這部分將介紹文章的研究假設和研究模型的構建、研究所需的數(shù)據(jù)來源、樣本選取過程、樣本的描述性特征以及根據(jù)所介紹的研究模型、研究方法以及實證研究結果展開分析。 第六部分,進一步檢驗。為了彌補上一章中的實證變量沒有量化和未考慮交叉項的不足,本部分以2010年樣本公司中的營業(yè)利潤占利潤總額的比重對盈余持續(xù)性進行計量,并將其作為被解釋變量,采用量化的股權指標作為解釋變量并選取恰當?shù)目刂谱兞窟M行了回歸分析。 第七部分,研究結論及相關的政策建議。本部分將對文章的主要發(fā)現(xiàn)進行歸納。筆者從股權結構角度提出提高我國盈余持續(xù)性的建議。
[Abstract]:The reform of non-tradable shares is undoubtedly of great significance to the development of China's capital market. It has changed the main ownership structure of Listed Companies in China. How will the major changes in the ownership structure affect the allocation of control rights and decision-making of listed companies? How will the change in the allocation of power affect the persistence of earnings of listed companies? " Which is more appropriate to express the present situation of the ownership structure of Listed Companies in China? Answering these questions is the main purpose of this paper.
In the financial system of an enterprise, the index of accounting surplus reflects the profitability of the enterprise and plays a role in the allocation of resources in the capital market. However, if these functions of accounting surplus are to be truly played, it is necessary to satisfy that the accounting surplus is sustainable. However, most of the research focuses on the impact of earnings persistence on stock pricing and the measurement of earnings persistence, but less on the influencing factors of earnings persistence.
Based on this, this paper discusses the impact of ultimate ownership structure on earnings persistence of Listed Companies in China from the perspective of ultimate control rights, in order to better understand and correctly explain the real causes of earnings persistence differences, and to provide policies for listed companies to improve the ownership structure and improve earnings quality. Suggestion.
Taking the consistency of accounting standards into account, this paper chooses the A-share market data of listed companies from 2007 to 2010 as the sample, excludes the loss and missing value companies in the financial industry and the period. On the basis of the linear test model of earnings persistence E1+1=beta 0+beta E1+epsilon 1, the total profit E1 of the period T is utilized. The profit statement is divided into operating profit and non-operating profit. The cash flow statement is divided into cash flow component and accrued profit component. Jones model is used to decompose the accrued profit component into normal accrual component and abnormal accrual component to construct models respectively. The grouping regression analysis method is used to investigate the earnings persistence of all sample companies. At the same time, we measure earnings persistence by the proportion of operating profit to total profits of sample companies in 2010 and take it as an explanatory variable, use quantitative equity indicators as explanatory variables and select appropriate control variables for regression analysis, and further study the effect of ultimate ownership structure on earnings persistence of Listed Companies in China. According to theoretical analysis and empirical test, this paper draws the following conclusions: the proportion of ultimate controlling shareholders has a reverse impact on earnings persistence of listed companies; if the identity of ultimate controlling shareholders is defined as state-owned shares, the earnings persistence is lower; the higher the degree of ultimate equity checks and balances, the higher the earnings persistence. Compared with non-state-owned shareholders, when the ultimate controlling shareholders are state-owned shareholders, the proportion of ultimate controlling shareholders has a greater negative impact on earnings persistence, and the degree of equity checks and balances has a smaller positive impact on earnings persistence.
The first part is the introduction. On the basis of introducing the research background and significance of this paper, this part then introduces the research methods and main research contents adopted in this paper. Finally, after introducing the related frame structure, this part introduces the innovation and shortcomings of this paper.
The second part is literature review. Firstly, this paper introduces the current research situation of earnings persistence, and then reviews the impact of ownership structure on earnings persistence. Based on this, this paper studies the impact of ultimate ownership structure on earnings persistence, in order to improve the ownership structure and then achieve the purpose of improving the accounting earnings persistence of listed companies.
The third part defines the concepts of earnings persistence, ultimate ownership structure and ultimate ownership structure on the impact of earnings persistence.
This part will introduce the research hypothesis and the construction of the research model, the data sources needed for the research, the process of sample selection, the descriptive characteristics of the sample, and the development of the research model, research methods and the empirical results. Open the analysis.
In order to make up for the lack of quantification and cross-item in the empirical variables in the previous chapter, this part measures earnings persistence with the proportion of operating profit in total profit in 2010 as the explanatory variable, and adopts quantitative equity index as the explanatory variable. The appropriate control variables were used for regression analysis.
The seventh part is the conclusion of the study and relevant policy recommendations. This part will summarize the main findings of this article. The author puts forward suggestions to improve the persistence of China's earnings from the perspective of ownership structure.
【學位授予單位】：東北財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F233;F832.51;F224

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