共有股东与盈余持续性

摘要/Abstract

摘要： 某公司在同一行业持有多家上市公司的股份,那么该公司就是同一行业中众多公司的共有股东。由于共有股东持股同一行业多家公司的股份,因而其具有独特的信息集成优势,能影响其所持股份的公司的会计信息处理过程,缓解产品市场的竞争和经营环境的不确定性,进而可影响其所持股份的公司的盈余持续性。以2007—2018年中国A股上市公司为研究对象,探析了共有股东对盈余持续性的影响,研究表明：共有股东显著提升了其持有股份的公司的盈余持续性。进一步的影响渠道分析发现：共有股东是通过降低盈余管理与业绩波动两个路径而提升盈余持续性的。

关键词: 共有股东, 盈余持续性, 盈余管理, 业绩波动性

Abstract: If one company holds the shares of a number of listed companies in the same industry, this company is then one of the joint shareholders of many companies in the same industry. Because the joint shareholders hold the shares of many companies in the same industry, they possess the unique advantage of information integration, which can affect the accounting information process of the companies of which they hold shares, relieve the competition of the product markets and the uncertainty of the business environment, and further affect the earnings persistence of the companies of which they hold shares. Taking China’s A-share listed companies from 2007 to 2018 as research objects, this paper explores and analyzes the impact of the joint shareholders on the earnings persistence. The findings show that the joint shareholders can significantly improve the earnings persistence of the companies of which they hold shares. The results of further analysis of the influencing channels indicate that the joint shareholders can improve the earnings persistence through two paths, i.e., reducing both earnings management and performance fluctuation.

Key words: joint shareholders, earnings persistence, earnings management, performance volatility

中图分类号:

F272.1

严苏艳. 共有股东与盈余持续性[J]. 当代财经, 2021, 0(12): 137-148.

YAN Su-yan. Joint Shareholders and Earnings Persistence[J]. Contemporary Finance & Economics, 2021, 0(12): 137-148.

参考文献

[1] Sloan R.G. Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?[J]. The Accounting Review, 1996, 71(3): 289-315.
[2] Richardson S.A., Sloan R. G., Soliman M. T., Tuna . Accrual Reliability, Earnings Persistence and Stock Prices[J]. Journal of Accounting and Economics, 2005, 39(3): 437-485.
[3] Fairfield P.M., Whisenant S., Yohn T. L. The Differential Persistence of Accruals and Cash Flows for Future Operating Income Versus Future Profitability[J]. Review of Accounting Studies, 2003, 8(2-3): 221-243.
[4] 林翔, 陈汉文. 增长、盈余管理和应计持续性[J]. 中国会计评论,2005, (1): 117-140.
[5] 张国清, 赵景文. 资产负债项目可靠性、盈余持续性及其市场反应[J]. 会计研究, 2008, (3): 51-57.
[6] 彭韶兵, 黄益建, 赵根. 信息可靠性、企业成长性与会计盈余持续性[J]. 会计研究, 2008, (3): 43-50.
[7] 孙世攀, 徐霞, 汪冬梅. 盈余持续性与公司治理实证研究——来自沪深上市公司的经验证据[J]. 科技与管理, 2011, (1): 40-45.
[8] 宋建波, 高升好, 关馨姣. 机构投资者持股能提高上市公司盈余持续性吗?——基于中国A股上市公司的经验证据[J]. 中国软科学, 2012, (2): 128-138.
[9] 李姝, 梁郁欣, 田马飞. 内部控制质量、产权性质与盈余持续性[J]. 审计与经济研究, 2017,(1):23-37.
[10] 宫义飞, 谢元芳. 内部控制缺陷及整改对盈余持续性的影响研究:来自A股上市公司的经验证据[J]. 会计研究, 2018, (5): 75-82.
[11] 谢盛纹, 刘杨晖. 高管权力、产权性质与盈余持续性[J]. 华东经济管理, 2015, (12): 112-117.
[12] 窦欢,陆正飞. 大股东代理问题与上市公司的盈余持续性[J]. 会计研究, 2017, (5): 32-39.
[13] Call A.C., Hewitt M., Shevlin T., Yohn T. L. Firm-Specific Estimates of Differential Persistence and Their Incremental Usefulness for Forecasting and Valuation[J]. The Accounting Review, 2016, 91(3): 811-833.
[14] He J.J., Huang J. Product Market Competition in a World of Cross-Ownership: Evidence from Institutional Blockholdings[J]. Review of Financial Studies, 2017, 30(8): 2674-2718.
[15] Azar J., Schmalz M.C., Tecu I. Anti-Competitive Effects of Common Ownership[J]. The Journal of Finance, 2018, 73(4): 1513-1565.
[16] Elhauge E.. How Horizontal Shareholding Harms Our Economy and Why Antitrust Law Can Fix It[DB/OL]. (2020-04-10)[2021-09-20]. Social Science Research Network, http://ssrn.com/abstract_id=3293822.
[17] Jung M.J. Investor Overlap and Diffusion of Disclosure Practices[J]. Review of Accounting Studies, 2013, 18(1): 167-206.
[18] Park J., Sani J., Shroff N., White H.Disclosure Incentives When Competing Firms Have Common Ownership[J]. Journal of Accounting and Economics, 2019, 67(2-3): 387-415.
[19] López A.N. L., Vives X. Overlapping Ownership, R&D Spillovers, and Antitrust Policy[J]. Journal of Political Economy, 2019, 127(5): 2394-2437.
[20] Antón M., Ederer F., Giné M., Schmalz M.. Innovation: The Bright Side of Common Ownership?[DB/OL]. (2021-03-25)[2021-09-25]. Social Science Research Network, http://ssrn.com/abstract_id=3099578.
[21] Edmans A., Levit D., Reilly D.Governance under Common Ownership[J]. Review of Financial Studies, 2019, 32(7): 2673-2719.
[22] He J.J., Huang J., Zhao S. Internalizing Governance Externalities: The Role of Institutional Cross-Ownership[J]. Journal of Financial Economics, 2019, 134(2): 400-418.
[23] Abarbanell J., Bushee B.J. Fundamental Analysis, Future Earnings, and Stock Prices[J]. Journal of Accounting Research, 1997, 35(1): 1-24.
[24] Barth M., Cram D., Nelson K.Accruals and the Prediction of Future Cash Flows[J]. The Accounting Review, 2001, 76(1): 27-58.
[25] Dechow P.M., Dichev I. D. The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors[J]. The Accounting Review, 2002, 77(4): 35-59.
[26] Doyle J., Ge W., McVay S. Accruals Quality and Internal Control over Financial Reporting[J]. The Accounting Review, 2007, 82(5): 1141-1170.
[27] Dechow P., Ge W., Schrand C.Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences[J]. Journal of Accounting and Economics, 2010, 50(2-3): 344-401.
[28] Richardson S.A., Sloan R. G., Soliman M. T., Tuna I. R. The Implications of Accounting Distortions and Growth for Accruals and Profitability[J]. The Accounting Review, 2006, 81(3): 713-743.
[29] Li V.The Effect of Real Earnings Management on the Persistence and Informativeness of Earnings[J]. The British Accounting Review, 2019, 51(4): 402-423.
[30] Palepu K.G., Healy P. M., Bernard V. L. Business Analysis and Valuation[M]. Cincinati: South-Western College Publishing, 2000: 51-99.
[31] Graham J.R., Harvey C. R., Rajgopal S. The Economic Implications of Corporate Financial Reporting[J]. Journal of Accounting and Economics, 2005, 40(1): 3-73.
[32] Roychowdhury S.Earnings Management through Real Activities Manipulation[J]. Journal of Accounting and Economics, 2006, 42(3): 335-370.
[33] 方红星, 金玉娜. 高质量内部控制能抑制盈余管理吗?——基于自愿性内部控制鉴证报告的经验研究[J]. 会计研究, 2011, (8): 53-60.
[34] Hou K., Dijk M.A., Zhang Y. The Implied Cost of Capital: A New Approach[J]. Journal of Accounting and Economics, 2012, 53(3): 504-526.
[35] So E.C. A New Approach to Predicting Analyst Forecast Errors: Do Investors Overweight Analyst Forecasts?[J]. Journal of Financial Economics, 2013, 108(3): 615-640.
[36] Li K.K., Mohanram P. Evaluating Cross-Sectional Forecasting Models for Implied Cost of Capital[J]. Review of Accounting Studies, 2014, 19(3): 1152-1185.
[37] 温忠麟, 张雷, 侯杰泰, 刘红云. 中介效应检验程序及其应用[J]. 心理学报, 2004, (5): 614-620.