金字塔结构对自愿性信息披露程度的影响:来自家族控股上市公司的经验验证被引量：97

Pyramidal Ownership and Voluntary Information Disclosure:Empirical Evidence from Chinese Family Controlled Listed Corporations

原文传递

导出

摘要本文通过构建简单的理论模型研究了金字塔所有权结构对上市公司自愿性信息披露的影响,并以2002—2004年我国家族控股上市公司为样本进行了实证检验。研究发现终极控制人为了获取私人利益而倾向于抑制对外披露私人信息,即终极控制人的控制权和现金流权分离度越大、终极控制权比例越高,上市公司自愿性信息披露程度越低,而董事会在一定程度上起到了监督终极控制人行为的积极作用。 This paper studies the impact of pyramidal ownership structure on voluntary disclosure with the simple theoretical model and empirically examines the theoretical analysis results based on the sample of family controlled corporations from 2002 to 2004.The paper finds that the ultimate controlling shareholders will like to disclose less private information,that is the more divergence of the ultimate voting rights and cash flow rights and the larger ultimate voting rights,the lower level of voluntary disclosure will be.The board of directors has some active monitoring to the ultimate controlling shareholders.

作者马忠吴翔宇

机构地区北京交通大学经济管理学院

出处《会计研究》 CSSCI 北大核心 2007年第1期44-50,共7页 Accounting Research

基金中国会计学会计重点科研课题(2003KJA024) 北京交通大学"十一五"重大科研基金教育部人文社科基金资助项目的阶段性成果

关键词金字塔结构自愿性信息披露家族控股上市公司

分类号 F233 [经济管理—会计学]

引文网络
相关文献

参考文献10

1崔学刚.公司治理机制对公司透明度的影响——来自中国上市公司的经验数据[J].会计研究,2004(8):72-80. 被引量：266
2赖建清，吴世农．2005．我国上市公司最终控制人的现状研究，中国科技论文在线http: //www. paper.edu. cn
3宋献中.论企业核心能力信息的自愿披露[J].会计研究,2006(2):47-52. 被引量：74
4张宗新，郭来生，季雷，张晓荣，廖士光．2004．上市公司自愿性信息披露的有效性研究，深圳证券交易所第六届会员单位、基金公司研究成果．
5Chau, C, erand K. , and Sidney J. Gray. 2002. Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore, The International Journal of Accounting 37, 247-265.
6Claessens, Stijn, Simeon Djankov, Joseph P. H. Fan, and Larry H. P. Lang. 2002. Disentangling the incentive and entrenchment effects of large shareholdings, the Journal of Finance 57 (6), 2741-2771.
7Dye, Ronald A.. 2001. An evaluation of "Essays on disclosure" and the disclosure literature in accounting, Journal of Accounting and Economics 32, 181 - 235.
8Fan, Joseph P. H. , and T. J. Wong.. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia, Journal of Accounting and Economics 33, 401 425:
9Francis, Jennifer, Katherine Schipper, and Linda Vincent. 2005. Earnings and dividend informativeness when cash flow rights are separated from voting rights, Journal of Accounting and Economics 39, 329 360.
10Healy, Paul M. , and Krishna G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature, Journal of Accounting and Economics 31, 405 -440.

二级参考文献26

1波特陈小悦（译）.竞争战略[M].北京:华夏出版社,1997..
2崔学刚朱文明.上市公司信息披露、公司特征与信息监管[A]..中国第二届实证会计国际研讨会交流论文[C].,2003..
3Simon S. M. Ho and Kar Shun Wang. 2001. A Study OF Relationship between Corporate Governance Structure and the Extent of Voluntary Disclosure.
4Inchausti. 1997. The influence of company characteristics and accounting regulation on information disclosed by Spanish firms.the European Accounting Review, 6:45 -68.
5Cooke, T. E.. 1989. Disclosure in the corporate annual reports of Swedish companies. Accounting and Business Research ,19, Spring: 113-24.
6Jensen, M. C. , Meckling, W. H. , 1976. Theory of the firm, managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3, 305 -361.
7何卫东．2003．上市公司自愿性信息披露研究．深圳证券交易所综合研究所研究报告，No．0070
8张宗新，郭来生等．2003．上市公司自愿性信息披露的有效性研究．东北证券有限责任公司研究报告
9Amit R, Schoemaker P. 1993. Strategic assets and organizational rent. Strategic Management Journal, 14:33 - 46
10Chan K. G. , Gray S. J. 2002. Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore, The International Journal of Accounting, 37:247-265