外資企業盈餘品質影響因素之探究—以中國為例

Abstract

本研究之目的為檢視外資持股之中國上市公司是否相較於非外資持股之公司擁有較佳之盈餘品質。本文亦探討董事會對盈餘品質之影響。本研究以2006年至2010 年中國A股上市公司為樣本進行檢測。 本研究之實證結果指出，相較於非外資持股之公司，外資持股之公司有較佳之盈餘品質。我們亦發現具有較大董事會規模的公司，其盈餘品質較佳。然而，相較於董事會無外籍董事之公司，董事會有外籍董事之公司，其盈餘品質並未顯著較佳。綜言之，外資持股公司之盈餘品質水準較高。

The objective of this study is to examine whether Chinese listed firms with foreign ownership have superior earnings quality than other firms without foreign ownership. Furthermore, we examine how board structure affects the earnings quality.In this paper, we focus on A-shares of listed companies from 2006-2010. The empirical results indicate that firms with foreign ownership have better earnings quality than those without foreign ownership. We also find that the earnings quality of firms with large board is better than that of firms with small board. Despite lacking of significance, the appointment of foreign director may have positive impact on earnings quality. Overall, the earnings quality is high for firms with foreign ownership.