公司治理與盈餘品質關聯性之探究—以中國集團企業為例

Abstract

本研究旨在檢視影響中國集團企業盈餘品質之因素，包含最終控制人身分、控制股東的現金權與投票權偏離程度，以及集團企業經理人員具政治背景與否等因素。實證結果顯示，最終控制人為地方政府之集團企業，其盈餘品質並未顯著低於最終控制人為中央政府的集團企業；民營集團企業的盈餘品質顯著低於國有集團企業；有控制權與現金權偏離之集團企業，其盈餘品質並未顯著低於無兩權偏離之集團企業；經理人員具政治背景所在的集團企業，其盈餘品質亦未顯著低於經理人員不具政治背景之集團企業。

This paper examines factors which affect the earnings quality of business groups in China. The empirical results indicate that the earnings quality of business groups whose controlling shareholders are local governments is insignificantly different from the business groups whose controlling shareholders are central governments. The results also indicate that the earnings quality of private business group is significantly lower than that of stated-owned business groups. We also find that the wedge between cash flow rights and voting rights is insignificantly associated with the earnings quality of business groups. Moreover, CEO’s political connection is insignificantly associated with the earnings quality of business groups.