境外上市、投资者监督与盈余质量

被引：36

作者：

沈红波 ^{[1
]}

廖冠民 ^{[2
]}

廖理 ^{[1
]}

机构：

[1] 清华大学经济管理学院

[2] 中央财经大学会计学院

来源：

世界经济 | 2009年 / 03期

关键词：

境外上市; 捆绑作用; 盈余质量;

D O I：

10.19985/j.cnki.cassjwe.2009.03.008

中图分类号：

F831.51 []; F224 [经济数学方法];

学科分类号：

020202 ; 0701 ; 070104 ;

摘要：

本文依据中国境内存在主要针对境外投资者的B股市场这一制度特征来考察境外上市如何改善公司盈余质量,以推断境外上市发挥捆绑效应的具体作用机制。我们选择1998～2004年中国资本市场中AH股、AB股以及配对的A股公司为研究样本,检验发现,AH股和AB股公司按国内会计准则所报告盈余的质量都高于A股公司,但AH股和AB股公司的盈余质量并不存在显著差异。检验结果表明,中国公司境外上市具有捆绑效应。鉴于AB股与A股公司的主要差异及AB股与AH股公司的共同之处都在于投资者群体,因此可以推断境外上市具有捆绑效应的主要作用机制是投资者监督。本文的结论支持市场约束带来的声誉捆绑比法律捆绑更为有效的观点。

引用

页码：72 / 81

页数：10

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