多元化的盈余质量效应:中国上市公司的证据

公司多元化会带来更大的信息不对称和更高的代理成本,预期将表现为较低的盈余质量。采集2000～2008年中国资本市场的面板数据,选择盈余管理、应计质量、盈余稳健性、盈余价值相关性、盈余持续性和资产减值计提水平六个盈余质量指标对此假设进行了检验。实证结果发现,相对地区多元化,行业多元化具有显著的盈余质量效应,公司行业多元化程度越高,则其盈余质量越低,表现为更高的操纵性应计、更低的稳健性水平及更低的盈余价值相关性。这为多元化的代理成本与多元化折价找到了新的证据与解释,证券市场监管部门应更加关注多元化公司的盈余质量及其盈余管理动机、方式和影响。

Diversified Earning Quality Effect: An Evidence of China's Listed Company

Diversification expects to have significant accounting consequences.It will bring much more information asymmetry and higher agency cost between senior managers and segment managers of the company as well as between outside investors and internal management,which leads to lower earning quality.This paper employs the panel data of China’s capital market during the years from 2000 to 2008,and uses six proxy variables of earning quality,including earning management,accrual quality,conservatism,value relevance,persistence,the level of write-downs,to test the hypothesis.The empirical results show that,compared with geographic diversification companies,industrial diversification has a significant effect upon earning quality,the industrial diversification companies are more likely to have higher discretionary accruals,lower level of accounting conservatism and lower value relevance.This study gives a new evidence and explanation for agency cost and the diversification discount puzzle.The regulatory department on the securities market should pay more concern to the earning quality in diversified companies as well as their motives,modes and influences of earning quality.