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本文以2009-2012年间我国上市公司为样本,实证检验了上市公司股权集中程度对盈余质量的影响。结果表明上市公司股权集中程度越高,公司的盈余操纵程度越严重,即盈余质量越低。进一步研究表明,较好的外部治理环境加剧了股权集中度对上市公司的盈余管理程度的影响,意味着外部治理环境与上市公司盈余质量的替代效应加强了内部股权结构对盈余质量的作用。
This paper takes the listed companies in our country from 2009 to 2012 as a sample to test empirically the impact of the ownership concentration of listed companies on the earnings quality. The result shows that the higher concentration of ownership of listed companies, the more serious the company’s earnings manipulation, the lower the quality of earnings. Further research shows that the better external governance environment aggravates the impact of ownership concentration on the earnings management of listed companies, which means that the substitution effect of the external governance environment and the earnings quality of listed companies strengthens the effect of internal ownership structure on earnings quality.