论文总字数：26604字

摘 要

近年来，有许多公司采用二元股权结构在海外上市，比如京东、百度、新浪微博等等。这使得我国的资本市场流失了大批优秀企业。毋庸置疑，二元股权结构已经在国外的资本市场得到了一定的发展，但是对于二元股权结构是否适合我国市场的发展，它到底是利是弊是需要研究与实践的。二元股权结构是由于公司的管理层既想要通过融资来壮大和发展公司又想要保持住对公司的控制权之间的矛盾而产生的,它通常会发行A、B两种股票，A种股票是一股包含多个投票权，而B种股票一股只有一个投票权，通常A股不对外发行，掌握在少数人的手中，也就是说它帮了少数人(一般是创始人)维持了或者说加强了对于公司的控制。这不得不说是二元股权结构的一大优势。但同时它的弊端也是不容忽视的，公司管理层会比较注重自身的利益，而损害中小股东的利益。公司的发展与公司的控制人本身有着极大的关系，控制人掌握着绝对的权利，一旦出现问题难以被发现，容易出现公司体制僵化，更难以获得融资。而为了获得更多的资金来发展和壮大自身，公司会选择对财务报表进行修饰，进行选择性披露。这时对于公司所给出的给投资者的信息，它的质量不言而喻。会计信息是投资者在进行投资决策时重要组成部分，是投资者从始至终一直关注的焦点，这些年暴露出的会计信息造假的行为更让人对于会计信息质量的关注到达新水平。本文从新兴的二元股权结构出发研究其对于公司会计信息质量的影响，为我国国内发展二元股权结构作为一些参考。

本文选择了我国的一些二元股权结构的公司在2018年到2020年之间的公司财务数据作为样本，采取定性与定量分析相结合的研究方法，即对其进行相应的理论分析和实证分析，具体研究了二元股权结构下控制权与现金流权分离的现象对上市公司所披露出的会计信息质量的影响。首先，本文简单的描述了相关概念及相关的理论，其次对国内外的学者的相关研究结果进行了归纳总结，从中发现本文应采用的研究方法，由此可以提出本文研究框架。最后，再通过运用描述性统计分析和多元线性回归分析共同分析样本数据，得出二元股权结构对会计信息质量的具体的影响。通过本文的研究分析，得出了以下几点结论：其一，如果公司管理层投票权比例越高，公司的会计信息质量会相应的下降。其二，机构投资者投票权比例提高，公司的会计信息质量也会提高。其三，管理层投票权比例与现金流权比例差额越大，上市公司的会计信息质量越低。综上所述，本文的研究结果表明二元股权结构公司的会计信息质量是需要关注的。

关键词：二元股权结构；会计信息质量；盈余管理；现金流权；控制权

The Influence of Dual Ownership Structure on The Quality of Accounting Information

Abstract

In recent years, many companies have used binary share structure to get listed overseas, such as Jingdong, Baidu, sina weibo and so on. There is no doubt that dual share structure has been developed in foreign capital markets, but whether dual share structure is suitable for the development of China"s market, and whether it is good or bad needs to be studied and practiced. Bual share structure is generated by the contradiction between the management of A company"s desire to expand and develop the company through financing and the desire to maintain the control over the company. It usually issues two kinds of shares: A stock contains multiple voting rights, while B stock has only one voting right. Usually, A shares are not issued to the public and are in the hands of A few people. That is, it helps a few people (usually the founders) maintain or strengthen control of the company. This has to be said to be a binary share structure one of the advantages. But at the same time, its disadvantages can not be ignored, the company controller will pay more attention to their own interests, will be more likely to damage the interests of minority shareholders. The development of a company has a great relationship with the controller of the company itself. Once there are problems, it is more difficult to find them, and the company system is likely to become rigid, and it is more difficult to obtain financing. In order to obtain more funds to develop and expand itself, the company will modify its financial statements and make selective disclosure. At this time, we need to analyze and study the quality of the information the company provides to investors. Accounting information is an important part of investors" investment decisions, and it has been the focus of investors" attention from the beginning to the end. The behavior of accounting information fraud exposed in recent years makes people pay more attention to the quality of accounting information to reach a new level. This paper starts from the emerging dual share structure to study its impact on the quality of corporate accounting information, as some reference for the development of dual share structure in China.

This paper selects the corporate financial data of some companies with dual ownership structure in China from 2018 to 2020 as samples, and adopts the research method of combining qualitative and quantitative analysis, that is, carries out the corresponding theoretical analysis and empirical analysis. This paper specifically studies the effect of the separation of control rights and cash flow rights on the quality of accounting information disclosed by listed companies under the dual shareholding structure. First of all, this paper simply describes the relevant concepts and theories, and then summarizes the relevant research results of scholars at home and abroad to find out the research methods that should be adopted in this paper, thus putting forward the research framework of this paper. Finally, through the use of descriptive statistical analysis and multiple linear regression analysis to analyze the sample data, the dual ownership structure of the specific impact on the quality of accounting information. Through the research and analysis of this paper, the following conclusions can be drawn: First, if the proportion of voting rights of the company"s management is higher, the quality of accounting information of the company will decline accordingly. Secondly, with the increase of the voting power of institutional investors, the quality of corporate accounting information will also be improved. Third, the greater the difference between the management voting power ratio and the cash flow right ratio, the lower the quality of accounting information of the listed company. In conclusion, the research results of this paper show that the quality of accounting information of dual-share structure companies needs to be paid attention to.

Keywords: Dual ownership structure; Quality of accounting information; Earnings management;

Cash flow rights; Control

目 录

摘 要 I

Abstract II

第一章　绪　　论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.3 研究内容及方法 2

1.4 论文框架 2

第二章 相关理论回顾与文献综述 3

2.1 相关理论回顾 3

2.1.1 二元股权结构的概念 3

2.1.2 二元股权结构的特点 3

2.1.3 会计信息质量的概念和特征 4

2.1.5 信息不对称理论 4

2.2 相关文献综述 5

2.2.1 国外对于二元股权结构与会计信息质量研究 5

2.2.2 国内研究对于二元股权结构与会计信息质量研究 5

2.2.3 文献评述 6

第三章 理论分析与研究设计 7

3.1 理论分析 7

3.1.1 投票集中度与会计信息质量 7

3.1.2 管理层现金流权比例与会计信息质量 8

3.1.3 管理层投票权比例与现金流权比例差额与会计信息质量 8

3.1.4 机构投资者投票权比例与会计信息质量 8

3.2 研究设计 8

3.2.1 变量的定义 8

3.2.2 模型构建 9

3.2.3 样本的选择和数据来源 10

第四章 实证结果与分析 13

4.1 相关性分析 13

4.2 多元线性回归分析 13

4.2.1 管理层投票比例与会计信息质量 13

4.2.2 管理层所持有的股东现金流权份额与会计信息质量 14

4.2.3 管理层投票权比例和现金流权差额与会计信息质量 15

4.2.4 机构投资者投票权比例与会计信息质量 15

4.3 稳健性检验 16

第五章结论、建议与不足 18

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