| 股权集中度、现金股利与上市公司盈余质量的实证研究 |
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| 引用本文： | 南晓莉,刘井建.股权集中度、现金股利与上市公司盈余质量的实证研究[J].大连理工大学学报(社会科学版),2014,35(4):33-38. |
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| 作者姓名： | 南晓莉 刘井建 |
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| 作者单位： | 大连理工大学管理与经济学部,辽宁大连,116024 |
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| 基金项目： | 国家自然科学基金项目:“外部治理环境、利益相关者声誉与上市公司盈余管理”，辽宁省社会科学规划基金项目:“辽宁省中小企业科技金融创新与金融支持对策研究” |
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| 摘 要： | 从会计信息质量的内生性出发,实证研究了股权集中度代表的公司治理水平差异下,现金股利与盈余质量间的相关关系。选取2002~2011年沪、深两地主板上市公司现金分红数据为研究对象,采用盈余持续性衡量公司盈余质量,并实证检验股权集中度差异下,现金股利与盈余质量的相关关系。研究结果表明：派发高现金股利的公司,盈余质量优于不派发现金股利的公司,而在部分高现金股利派发率公司中,由于存在股权集中度高、内部人控制等公司治理程度不完善等因素,使现金股利发放并未完全反映盈余质量水平。股权集中度影响了现金股利传递盈余质量的信号作用。
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| 关 键 词： | 现金股利 盈余质量 股权集中度 |
Empirical Study of Equity Concentration,Cash Dividends and the Earnings Quality of Listed Companies |
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| NAN Xiao-li,LIU Jing-jian.Empirical Study of Equity Concentration,Cash Dividends and the Earnings Quality of Listed Companies[J].Journal of Dalian University of Technology(Social Sciences),2014,35(4):33-38. |
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| Authors: | NAN Xiao-li LIU Jing-jian |
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| Institution: | NAN Xiao-li, LIU ding-jian ( Faculty of Management and Economics, Dalian University of Technology, Dalian 116024, China ) |
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| Abstract: | Based on the endogenous quality of accounting information,we analyzed the relationship between cash dividends,equity concentration and earnings quality of Chinese listed companies between 2002~2011,and discussed the dividend distribution motivation to explore the mechanism between cash dividends payment policy and earnings quality.Our study find that overall,companies with better earnings quality pay more cash dividends than that of the non-payment company.There is no evidence that equity concentration affects the relationship between cash dividends payout and earning quality in higher dividend company.Because of weak corporation governance,equity concentration affects the signal transmission function between cash dividends payout policy and earning quality. |
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| Keywords: | cash dividends earnings quality equity concentration |
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