终极控股、制度环境与信息披露质量及其经济后果——来自中国家族上市公司的经验证据
Ultimate Holding Characteristics,Institutional Environment, Quality of Information Disclosure and Their Economic Consequences——Evidence from the Chinese Familial Listed Companies
作者：向锐;章成蓉;干胜道;
Author：
收稿日期： 年卷（期）页码：2012,(01):-104-112
期刊名称：四川大学学报(哲学社会科学版)
Journal Name：Journal of Sichuan University (Social Science Edition）
关键字：终极控股特征;制度环境;信息披露质量;经济后果
Key words：
基金项目：中央高校基金科研业务费资助项目(2009SCU11097);;
四川省审计厅科研基金项目(201110A);;
教育部新世纪优秀人才支持计划(NCET-08-0384)的阶段性成果之一
中文摘要
以深交所2004-2007年期间的家族上市公司为样本,考察终极控股特征、制度环境与公司信息披露质量之间的关系。研究发现,家族控股企业现金流权对信息披露质量有显著为正的影响,现金流权与控制权的分离度对信息披露质量有显著为负的影响;市场化程度、法治水平对公司信息披露质量有显著为正的影响,而政府干预程度对公司信息披露质量没有显著的影响;现金流权与控制权的分离度与公司信息披露质量之间负相关关系会受到制度环境(市场化程度、政府干预程度、法治水平)的影响而变弱。而研究发现,公司信息披露质量对债务资本成本有显著为负的影响,对公司价值有显著为正的影响。
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