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    題名: 政治關聯性對盈餘品質之影響 : 以中國企業為實證
    其他題名: The effect of political connection on earnings quality : evidence from China
    作者: 潘旻青;Pan, Min-Ching
    貢獻者: 淡江大學會計學系碩士班
    孔繁華
    關鍵詞: 股權分置;公司治理;政治關聯;盈餘品質;split-share structure;corporate governance;Political Connection;earnings quality
    日期: 2011
    上傳時間: 2011-12-28 18:23:16 (UTC+8)
    摘要: 中國大陸是為一個新興市場,其成長及賴以作投資決策之會計品質也多所為人關注。但中國市場因為計畫經濟及特殊的政經環境,形成國有企業的政治關聯性及股權分置現象,而此獨特之股權結構也衍生公司治理不彰及會計品質低落諸多問題,故2005年中國政府開始股權分置改革,希望藉由此一變革,降低其政治關聯性,改善國有企業績效及會計品質。本研究以中國大陸市場A股公司資料檢視政治關聯性及盈餘品質之關聯性,並研究在股權分置改革之後,其政治關聯性與會計盈餘品質改變之狀況。
    研究方法由四個構面作政治關聯性對盈餘品質的影響,分別是盈餘的持續性、應計項目的估計錯誤、盈餘管理及盈餘穩健性。本研究使用線性迴歸作中國上市公司盈餘持續性及盈餘穩健性的測試,另外使用Modified Jones Model檢視中國公司盈餘管理程度,最後,由未來現金流量變化之殘差作應計項目估計錯誤的檢測,並以四大方式綜合評估中國上市公司在2003年至2009年總體之盈餘品質,以及2005年股權分置改革前後之盈餘品質改變情況。
    結果發現,政治關聯性會使盈餘持續性之迴歸結果中現金流量及應計項目係數均呈現負數,盈餘呈現出較不持續的現象而盈餘穩健性迴歸也呈現較不穩健的負數結果。在股權分置改革過後,應計項目之估計錯誤的現象及盈餘管理程度都微幅的下降。顯示政治關聯性與盈餘品質是反向相關,而股權分置改革的確減輕了政治關聯性會使會計資訊透明度降低的情況。
    China is an emerging market in which people are more concerned for the growth and accounting qualities to make investing decisions. China’s identical political economic environment and the planned economy have resulted in public sector firms with strong political connections and split share structure of SOEs(state-owned enterprises). Consequently, the unique equity structures of SOEs brought up problems such as poor corporate governance and accounting qualities. However, the government of China has acknowledged the severe problems and has managed to reform the split-share structure in year 2005 as a way to reduce the political connections, improve public sector performance as well as improve the accounting qualities of the SOEs. The study investigates the relationship between political connections and earnings qualities by examining the data of China A-share listed firms. By employing earnings persistence, estimation error, earnings management and conservatism proxies, this study is able to investigate the impact which the split-share structure has imposed on the political connections and earnings qualities in the post reforming period. The result shows that the political connections of listed firms leads to lower earnings persistence and earnings conservatism, and the estimation error level and earnings management behavior lowers down after the reform. These evidences suggest that political connection is significantly and negatively related to earnings qualities. In addition, the empirical results indicate that split-share structure reform has effects on mitigating the low accounting transparency that is caused by political connections of firms.
    顯示於類別:[會計學系暨研究所] 學位論文

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