| 股权结构与择时披露 |
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| 引用本文： | 王艳艳,于李胜.股权结构与择时披露[J].南开管理评论,2011,14(5). |
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| 作者姓名： | 王艳艳 于李胜 |
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| 作者单位： | 1. 厦门大学管理学院财务系
2. 厦门大学管理学院会计系 |
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| 基金项目： | 教育部人文社科青年项目(09YGC790164); 国家自然科学基金项目(70972114)资助 |
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| 摘 要： | 本文从股权集中度视角出发,分别探讨了国有控股公司和民营控股公司股权集中度对上市公司择时披露行为的影响。结果表明,对于国有控股公司股权集中度与管理层选择周末披露的概率呈正U型关系;对于民营控股公司股权集中度与管理层选择周末披露盈余公告的概率呈倒U型关系。进一步,由于我国民营上市公司控制链较长,终极控制权与现金流权分离问题严重,我们又从终极控制权,以及终极控制权与现金流权分离度角度研究了民营上市公司择时披露的影响因素。与股权集中度影响类似,我们发现在民营上市公司中,终极控制权持股比例与管理层选择周末披露盈余公告的概率呈倒U型关系,终极控制权与现金流权分离度与管理层选择周末披露盈余公告的概率呈正向关系。
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| 关 键 词： | 股权集中度 股权性质 择时披露 |
The Effect of Ownership Structure on the Timing of Announcements |
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| Wang Yanyan,Yu Lisheng.The Effect of Ownership Structure on the Timing of Announcements[J].Nankai Business Review,2011,14(5). |
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| Authors: | Wang Yanyan Yu Lisheng |
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| Institution: | Wang Yanyan,Yu Lisheng School of Management,Xiamen University |
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| Abstract: | This paper investigates the effects of ownership structure on the timing of earnings announcements during the period from 2004 t0 2008.The results indicate that the effect of ownership structure on the timing of announcement is different in state owned firms and that of family firms.The probability of earnings announcement on weekend is a convex function of ownership concentration in state owned enterprises,this results can be explained that alignment effect dominants entrenchment effect in lower ownership ... |
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| Keywords: | Ownership Structure Nature of Ownership Timing of Announcements |
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