企业集团内部市场对上市公司盈余质量影响的实证研究

集团内部市场对集团内上市公司盈余质量有着正反两个方面的影响,＂效率促进＂有利于盈余质量,而大股东＂掏空＂则会有损于盈余质量。根据交易内容把集团内部市场具体分为内部产品市场、内部资本市场、内部资产市场、内部担保市场和其他内部市场五个子市场,以中证800指数上市公司2004-2008年的财务数据作为检验样本进行实证分析,结果表明：企业集团内部市场本身的存在与会计盈余质量显著正相关。内部产品市场的交易规模与上市公司盈余质量显著正相关,而内部资本市场的交易规模与盈余质量显著负相关,其他几个内部子市场的交易规模与盈余质量呈现不显著的负相关。

The Empirical Research on the Influence of Internal Markets of Business Groups on Earnings Quality of Listed Companies

The internal market has a positive and negative role on earnings quality.＂Efficiency＂ is conducive to a surplus of earnings quality and＂tunneling＂ will be detrimental to the earnings quality.Based on the transactions the internal market is divided to five sub-market：internal product market,internal capital markets,internal asset markets,internal guarantee market and other internal market.Then,the article analyses the sample of annual reporting on CSI 800 index listed companies between 2004 and 2008.The empirical analysis shows that the existence of internal marker is significantly and positively related to earning quality.The size of trade in internal product market is significantly positively related to earnings quality and the size of trade in internal capital market is significantly and negatively related to earning quality,but other sub-market is slightly and negatively related to earnings quality of listed companies.