【作者】 荣蓬；

【导师】 刘洪渭；

【作者基本信息】 山东大学 ， 会计学， 2008， 硕士

【摘要】 由于盈余质量的研究对象是会计盈余的信息含量,而会计信息与公司治理有着密切的联系。高质量的会计信息是公司治理的基石,充分、完善的会计信息系统在减少信息不对称、控制逆向选择及道德风险方面发挥着重要作用,使公司治理能够有效运作,使社会资源得到有效配置。近几年中国会计界引起社会广泛的关注,随着我国资本市场的发展及目前火爆的牛市大盘,以及与此相对的不断曝光的上市公司会计造假丑闻,使越来越多的投资者在进行投资决策分析时多了一分谨慎,对上市公司治理质量的关注也不再只停留在表面上的财务报告的盈余数量,开始把更多的注意力转向对会计盈余信息含量的分析上。随着我国加入世贸组织及货币市场的发展,2006年我国财政部为与国际会计准则趋同以及进一步完善和提高我国的会计信息质量而发布了新会计准则与会计制度,近两年来上市公司披露的会计信息质量,尤其是会计盈余质量受到了前所未有的关注。本文根据中国股市的历史数据,结合公司治理机制综合性指标与盈余质量两个议题,在股权分置改革和实施新会计准则之背景下,从信息含量的角度出发,证明我国盈余信息具有价值相关性,而且我国上市公司的治理质量越高,增量盈余对投资者的决策有用性越强。本文首先阐述了公司治理机制和盈余质量的涵义及其相关理论文献,接着从规范分析的角度探讨了二者之间的相互关系。然后在构建计量模型的基础上,选取我国深、沪市2005年、2006年符合条件的上市公司为样本,运川描述性统计、回归分析等方法对公司治理与盈余质量之间的关系进行实证研究。统计结果表明,高、低治理质量公司的盈余信息含量确实存在显著差异:公司治理质量越高,盈余变化的反应系数越大,即盈余信息含量越高。公司治理质量高低对盈余质量有显著影响,而公司治理质量高低显著地影响了盈余变化的反应系数,公司治理质量高低并没有显著地影响到盈余水平的反应系数。由此可见,外部投资者对高治理质量公司的盈余增长持肯定态度,因而相应地调高了对公司的估值水平,而对低治理质量公司的盈余增加却持怀疑态度,并未因这些公司盈余增加而变更其估值水平。最后,本文提出了完善公司治理结构的政策建议,从完善会计制度、加强企业内部治理机制以及加强信息披露程度等方面对上市公司进行改进,希望能提出一些改善我国的上市公司的公司治理方面的对策,以进一步规范上市公司的会计行为。更多还原

【Abstract】 Since Berle and Mean(1932) consider separation hypothesis between the ownership and controlling right and the investigation of agency theory about theory of the firm by Jensen and Meckling(1976),the method of separation of ownership and controlling right is widely adopted by some modern companies. In addition,in the wave of some large financial frauds,the well corporate structure has become a highly attentive issue.This study argues that whether the quality of corporate governance structure of a well-established company is able to enhance the earnings quality.This study investigates the effect of quality of corporate governance on the earnings quality in Chinese listed companies by an empirical research.The sample of companies is from 2005 to 2006 fiscal year.It’s including many observations to use multiple regression model for empirical analysis.Based on the revised return models and using the data of 2005 and 2006 of China A-share stock markets,the empirical results present 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.The findings support that,in the case of asymmetrical information between the executive and investors,the quality of corporate governance is essential to the earnings quality.This research result can help regulator reconsider the relationship between the quality of corporate governance structure and the earnings quality.It aslo can help outside investors to do investment decision, could reduce the information asymmetry and avoid questions of adverse selection.更多还原