摘要
本文对公司治理结构对上市公司管理层盈利预测(或预告)行为的影响进行了实证分析。我们发现,地方国有企业和非国有法人控制的公司管理层更不倾向于提供盈利预测(或预告)。而中央部委和地方政府控制的公司,管理层更倾向于提供盈利预测(或预告)。由地方国有企业和非国有法人控制的公司,第一大股东比例越高,管理层越不倾向于自愿披露盈利预测。我们没有发现机构投资者、董事会规模和独立董事对盈利预测(或预告)有显著影响。而公司财务比例包括市账比、负债率和资产收益率对盈利预测(或预告)有显著影响。
This paper empirically examines the relationship between corporate governance structure and management earnings forecast or pre-announcement. We find that firms controlled by local SOEs and non-state legal persons are less likely to disclose management earnings forecast or pre-announcement. Firms controlled by central and local government are more likely to disclose management earnings forecast or pre-announcement. Among the firms controlled by local SOEs and non-state legal persons, as the largest shareholder＇s holding increases, a firm is less likely to disclose management earnings forecast or pre-announcement. There is no evidence that institutional investors, board size, and independent directors have impact on a firm＇s management earnings forecast or pre-announcement disclosure. A firm＇s financial performance, such as market-to-book ratio, leverage ratio and return on assets （ROA）, has significant impact on firm＇s management earnings forecast or pre-announcement disclosure.
出处
《中国会计评论》
2005年第2期241-252,共12页
China Accounting Review
关键词
公司治理
盈利预测
预告
股权结构
控制人
Corporate Governance, Earnings Forecast, Pre-announcement, Ownership
