南开管理评论
南開管理評論
남개관리평론
Nankai Business Review
2011年
5期
118~128
,共null页
股权集中度 股权性质 择时披露
股權集中度 股權性質 擇時披露
고권집중도 고권성질 택시피로
Ownership Structure; Nature of Ownership; Timing of Announcements
本文从股权集中度视角出发,分别探讨了国有控股公司和民营控股公司股权集中度对上市公司择时披露行为的影响。结果表明,对于国有控股公司股权集中度与管理层选择周末披露的概率呈正U型关系;对于民营控股公司股权集中度与管理层选择周末披露盈余公告的概率呈倒U型关系。进一步,由于我国民营上市公司控制链较长,终极控制权与现金流权分离问题严重,我们又从终极控制权,以及终极控制权与现金流权分离度角度研究了民营上市公司择时披露的影响因素。与股权集中度影响类似,我们发现在民营上市公司中,终极控制权持股比例与管理层选择周末披露盈余公告的概率呈倒U型关系,终极控制权与现金流权分离度与管理层选择周末披露盈余公告的概率呈正向关系。
本文從股權集中度視角齣髮,分彆探討瞭國有控股公司和民營控股公司股權集中度對上市公司擇時披露行為的影響。結果錶明,對于國有控股公司股權集中度與管理層選擇週末披露的概率呈正U型關繫;對于民營控股公司股權集中度與管理層選擇週末披露盈餘公告的概率呈倒U型關繫。進一步,由于我國民營上市公司控製鏈較長,終極控製權與現金流權分離問題嚴重,我們又從終極控製權,以及終極控製權與現金流權分離度角度研究瞭民營上市公司擇時披露的影響因素。與股權集中度影響類似,我們髮現在民營上市公司中,終極控製權持股比例與管理層選擇週末披露盈餘公告的概率呈倒U型關繫,終極控製權與現金流權分離度與管理層選擇週末披露盈餘公告的概率呈正嚮關繫。
본문종고권집중도시각출발,분별탐토료국유공고공사화민영공고공사고권집중도대상시공사택시피로행위적영향。결과표명,대우국유공고공사고권집중도여관리층선택주말피로적개솔정정U형관계;대우민영공고공사고권집중도여관리층선택주말피로영여공고적개솔정도U형관계。진일보,유우아국민영상시공사공제련교장,종겁공제권여현금류권분리문제엄중,아문우종종겁공제권,이급종겁공제권여현금류권분리도각도연구료민영상시공사택시피로적영향인소。여고권집중도영향유사,아문발현재민영상시공사중,종겁공제권지고비례여관리층선택주말피로영여공고적개솔정도U형관계,종겁공제권여현금류권분리도여관리층선택주말피로영여공고적개솔정정향관계。
This paper investigates the effects of ownership structure on the timing of earnings announcements during the period from 2004 t0 2008.The results indicate that the effect of ownership structure on the timing of announcement is different in state owned firms and that of family firms.The probability of earnings announcement on weekend is a convex function of ownership concentration in state owned enterprises,this results can be explained that alignment effect dominants entrenchment effect in lower ownership concentration firms and the domination position becomes weak as the increasing of ownership concentration till the entrenchment effect dominant alignment effect.On contrary,we find that the probability of earnings announcements on weekend is a concave function of ownership concentration in private owned enterprises,which indicate that entrenchment effect dominant the alignment effect in lower ownership concentration family firms,and the alignment effect dominant the entrenchment effect in higher ownership concentration family firms.Further,as the long control right chain in Chinese family firms and the serious separation of cash flow right and control right,we investigate the effects of ultimate owners＇ control right and the deviation between control right and cash flow right on the timing of announcement in family owned firms,we find that the effect of ultimate control right on weekend earnings announcement is a U shape relation,and the separations of control right and cash flow right is positively related to weekend earnings announcements.Our research contributes to the literature on earnings announcement timing from ownership structure perspective,and provides implication for understanding of the reasons of choosing earnings announcement on holiday.
