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標題: 中國家族企業對盈餘資訊內涵之研究
The impact of family business on the Informativeness of Earnings in Chinese listed firms
作者: Wei-Chun Chen
關鍵字: the informativeness of earnings;family business;political connection;legal environment;盈餘資訊內涵;家族企業;政治關聯;法制環境
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中國於1978年進行全面改革後,經濟發展速度驚人,企業型態也由原本主要為國家控股的公司慢慢轉型成私營企業。因為中國本身文化背景因素,民營企業又大多為家族所把持,故本篇以中國民營家族企業 (family business)為研究對象,希望了解在擁有特殊政經背景下的中國,家族企業在盈餘資訊內涵上與其他民營企業有何不同。本文以2004年至2012年間於深圳及上海交易所發行A股的上市公司為研究樣本,利用盈餘反映係數(ERC)探討家族企業與盈餘資訊內涵之間的關聯。為進一步了解中國政治關係對於家族企業之影響,亦將管理階層具政治關聯性的變數納入。最後由於中國地區法律制度差異甚大,故以討論法制環境完善程度的影響,相較於先進的歐美國家,期許能在資訊較不透明的中國,對其盈餘品質提供進一步的證據。本文之實證結果發現,當企業為家族所掌控時,由於具有利益一致性的效果,故其盈餘資訊內涵較佳。除此之外,本文也發現當公司管理階層具政治聯結時,因受到政治關係的保護,導致所報導的盈餘資訊性較不好。在法律制度方面,本文未獲得支持。
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