商业研究

商业研究

• 商经理论 • 上一篇    下一篇

双重股权结构、机构投资者权力与会计信息质量 ——基于“主动”和“被动”的两权分离

杜媛，狄盈馨   

  1. （中国海洋大学 管理学院，山东 青岛 266100）
  • 收稿日期:2020-07-07 出版日期:2020-10-19
  • 作者简介:杜媛（1979-），女，山东烟台人，中国海洋大学管理学院副教授，研究方向：股权结构与公司治理；狄盈馨（1996-），女，山东淄博人，中国海洋大学管理学院硕士研究生，研究方向：股权结构与公司治理。
  • 基金资助:
    国家社科基金项目“基于利益相关者集体选择的中国双重股权结构研究”，项目编号：16BGL076；国家社科基金重点项目“竞争性国有企业混合所有制改革的现实困难与理论突破”，项目编号：16AJL007。

Dual-Class Share Structure, Institutional Investors′ Rights and Accounting Information Quality：Based on the “Active” and “Passive” Separation of Cash Flow Rights from Voting Rights

DU Yuan, DI Ying-xin   

  1. (College of Management,Ocean University of China,Qingdao 266100,China)
  • Received:2020-07-07 Online:2020-10-19

摘要： 如何提高双重股权公司的会计信息质量是我国监管层对新兴双重股权公司的关注重点，本文以美国2010-2018年双重股权结构公司为样本，探讨内外部两类股东的两种两权分离对会计信息质量的影响。研究发现：双重股权公司中高控制权股东投票权与现金流权的主动分离会降低会计信息质量，而机构投资者虽然存在被动的两权分离，但也能缓解双重股权对会计信息质量的负向影响，且其现金流权的作用效果要优于投票权；利益较独立的和持股时间相对较长的机构投资者的现金流权、更高比例的投票权，能够更有效地缓解两权分离对会计信息质量的负向影响。

关键词: 双重股权结构, 两权分离, 会计信息质量, 机构投资者

Abstract: How to improve the accounting information quality of dual-class share companies is the focus of our regulatory authorities on emerging dual-class share companies.Based on the sample of dual-class share structure companies in the United States from 2010 to 2018, this paper discusses the effects that the internal and external shareholders′ separation of cash flow rights from voting rights on accounting information quality.It is found that the active separation of cash flow rights from voting rights of shareholders with high control rights in dual-class share structure companies would indeed reduce accounting information quality, although institutional investors have passive separation of two rights, they can also alleviate the negative impact of dual-class share on accounting information quality, and the effect of cash flow rights is better than that of voting rights;the cash flow rights and higher proportion of voting rights of institutional investors with independent interests and relatively long holding time can more effectively alleviate the negative impact of the separation of two rights on accounting information quality.

Key words: dual-class share structure, separation of cash flow rights from voting rights, accounting information quality, institutional investors