摘要
大股东主导下的信息披露行为,很大程度上体现了股东之间的利益冲突。本文基于终极产权理论追溯上市公司的最终控制性股东,分析了家族控制权的特征及其对信息披露质量的影响。结果表明:控制权特征的不同将导致家族上市公司的信息披露质量存在差异;且当家族控制权超过一定界限时,公司治理的内外部制衡因素同时失效,无法对公司的信息披露质量产生显著影响。
As the suppliers of public information, controlling shareholders have significant impact on the quality of information disclosure. Based on a sample of companies listed at Shenzhen Stock Exchange from 2005 to 2007, this paper traces back to the ultimate controlling shareholders of these companies and explores the influences of the characteristics of the control right on the quality of information disclosure with the ordered Logistic regression analysis. The research shows that when family acquires their control right through indirect methods, they tend to disclose less information, and the relationship between the proportion of ownership and the information disclosure of family firms is showed as a shape of reverse U. Furthermore, the way to achieve the control right influences the quality of information disclosure in the case of a strong control, while the internal restrictive function and the external multiple shareholders do not work well.
出处
《财会通讯（下）》
2012年第1期115-119,161,共5页
Communication of Finance and Accounting
基金
教育部新世纪优秀人才支持计划(项目编号:NCET-06-0565)
国家自然科学基金"上市公司定期报告管理层讨论与分析信息披露理论与实证研究"(项目编号:G0205-70572092)
教育部人文社会科学重点研究基地重大项目"上市公司财务信息披露质量研究"(项目编号:07JJD630009)的资助
