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盈余持续性是盈余质量的重要特征,反映企业业绩的持续性状况。现有文献对上市公司社会资本经济后果的实证研究主要集中在经济利益和特权、经营行为、企业业绩价值、会计稳健性、盈余管理等方面,基本没有文献探讨上市公司社会资本对盈余持续性的影响。本文深入探讨了上市公司社会资本与盈余持续性之间的关系。研究表明,由于获取和维持社会资本需要成本,上市公司社会资本总体上降低了上市公司的盈余持续性。当我们区分上市公司的产权性质后,发现相比于国有上市公司,社会资本降低民营上市公司盈余持续性的程度更大。本文的研究结论丰富了社会资本和盈余质量的研究文献,也为上市公司的监管提供了进一步的经验证据。
Surplus sustainability is an important feature of earnings quality, reflecting the continuity of business performance. The existing literature empirical studies on the economic consequences of social capital of listed companies mainly focus on economic interests and privileges, business practices, corporate performance values, accounting conservatism, earnings management, there is no literature to explore the social capital of listed companies on earnings continuity influences. This article explores the relationship between listed companies’ social capital and earnings sustainability. Research shows that due to the cost of acquiring and maintaining social capital, the social capital of listed companies generally reduces the sustainability of the earnings of listed companies. When we distinguish the property rights of listed companies, we find that social capital reduces the persistence of earnings of private listed companies more than that of state-owned listed companies. The conclusion of this article enriches the research literature on social capital and earnings quality and provides further empirical evidence for the supervision of listed companies.