员工持股、代理成本与企业财务信息质量

IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Zongmin Li
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引用次数: 0

摘要

本文基于2014 - 2023年中国a股上市公司数据,系统考察了员工持股计划(ESOPs)对财务信息质量的影响机制和作用路径。研究发现:员工持股计划显著提高了财务信息质量;员工持股计划通过降低代理成本间接减少盈余管理行为;在第一大股东持股比例较高的企业中,员工持股计划对盈余管理的抑制作用显著增强。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Employee stock ownership, agency costs and corporate financial information quality
This paper systematically examines the impact mechanism and action pathways of Employee Stock Ownership Plans (ESOPs) on the quality of financial information based on data from Chinese A-share listed companies from 2014 to 2023. The study finds that: ESOPs significantly enhance the quality of financial information; ESOPs indirectly reduce earnings management behaviors by lowering agency costs; and in enterprises with a relatively high proportion of shares held by the largest shareholder, the inhibitory effect of ESOPs on earnings management is significantly strengthened.
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来源期刊
Finance Research Letters
Finance Research Letters BUSINESS, FINANCE-
CiteScore
11.10
自引率
14.40%
发文量
863
期刊介绍: Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance
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