公司治理质量与盈余质量——基于中国治理指数(CCGINK)的初步证据

本文依据南开大学公司治理研究中心公开的中国治理指数数据选择高治理质量公司,并根据自行计算的治理指数选择低治理质量公司,研究了公司治理高低对盈余质量的影响.基于收益-盈余模型,使用2002年和2004年的数据,本文发现(1)公司治理质量显著影响到了盈余质量,高治理质量公司的盈余反应系数显著高于低治理质量公司;(2)高治理质量公司的盈余变化较之低治理质量公司的盈余变化具有更为显著的价值相关性.

Corporate Governance Quality and Earnings Quality: An Empirical Research Based on CCGINK

This paper checks the effect of quality of corporate governance on the earnings quality. And selectes high quality governance firms according to the China Corporate Governance IndexesNK constructed and released by Corporate Governance Research Center, Nankai University. The author then constructs governance indexes personally using the Principal Component Analysis and selects the firms with low governance indexes as poor quality governance ones. Based on the return-earnings regressions and using the data of 2002 and 2004 of China A-share stock markets, the research presents the following findings (1) The quality of corporate governance has a significant effect on the earnings quality, and the Earnings Response Coefficients of firms with high quality governance are significantly bigger than those of firms with poor quality governance; (2) The change of earnings for high quality governance firms is more value-relevant than that of firms with poor quality governance.