基于治理效率视角的公司治理与盈余质量关系研究
|
摘要
本文以2003—2007年中国上市公司为研究样本,检验了公司治理与盈余质量的相关关系。与现有研究不同的是：本文从代理冲突程度和业绩表现两个维度来表征治理效率,考察了治理效率差异条件下公司治理对盈余质量的影响。本文研究发现当考察代理冲突程度差异时,代理冲突程度差异会影响公司治理与盈余质量的相关关系。在高代理冲突下,公司治理对盈余质量有着显著的影响,而在低代理冲突下,公司治理对盈余质量的影响则不再明显。当考察业绩表现差异时,业绩表现差异会影响公司治理与盈余质量的相关关系。在低业绩水平下,公司治理对盈余质量有着显著的影响,而在高业绩水平下,公司治理对盈余质量的影响则不再明显。当同时考察代理冲突程度、业绩表现差异时,代理冲突程度和业绩表现共同影响公司治理治理与盈余质量的相关关系,其中业绩表现起主导作用。在低业绩水平的情况下,无论代理冲突程度高低,公司治理均对盈余质量有着显著的影响。而在高业绩水平的情况下,公司治理与盈余质量的相关关系则并不明显。
This paper explores the inherent connections between corporate govemance and earnings quality of A-share listed companies in China from 2003 to 2007. Different from the existing research,this paper under the conditions of two dimensions of governance efficiency (agency conflicts and performance) to investigate the association between of corporate governance and earnings quality. This study found the level of the agency conflicts would affect the relationship between corporate governance and earnings quality.In the group of high-agency conflicts, corporate governance has the remarkable influence to the earnings quality, while in the group of low-agency conflicts, the affect is not obvious; the level of the performance would affect the relationship between corporate governance and earnings quality, in the group of low-performance, corporate governance has the remarkable influence to the earnings quality, while in the group of high performance, the affect is not obvious; When investigate the level of the agency conflicts and the level of the performance at the same time, the level of agency conflicts and level of the performance will effect the relationship of corporate governance and earnings quality together, the performance will plays a leading role. In the case of low-performance, regardless of the degree of agency conflicts, the corporate governance has a significant impact on the earnings quality. In the case of the high-performance, the relationship of corporate governance and earnings quality is not obvious.
This paper explores the inherent connections between corporate govemance and earnings quality of A-share listed companies in China from 2003 to 2007. Different from the existing research,this paper under the conditions of two dimensions of governance efficiency (agency conflicts and performance) to investigate the association between of corporate governance and earnings quality. This study found the level of the agency conflicts would affect the relationship between corporate governance and earnings quality.In the group of high-agency conflicts, corporate governance has the remarkable influence to the earnings quality, while in the group of low-agency conflicts, the affect is not obvious; the level of the performance would affect the relationship between corporate governance and earnings quality, in the group of low-performance, corporate governance has the remarkable influence to the earnings quality, while in the group of high performance, the affect is not obvious; When investigate the level of the agency conflicts and the level of the performance at the same time, the level of agency conflicts and level of the performance will effect the relationship of corporate governance and earnings quality together, the performance will plays a leading role. In the case of low-performance, regardless of the degree of agency conflicts, the corporate governance has a significant impact on the earnings quality. In the case of the high-performance, the relationship of corporate governance and earnings quality is not obvious.
引文
[1]白重恩等,2005,中国上市公司治理结构的实证研究,《经济研究》,第2期,第81-91页。
[2]蔡宁、梁丽珍,2003,公司治理与财务舞弊关系的经脸分析,《财经理论与实践》,第24卷第6期,第80-84页。
[3]曹廷求、孙文祥和于建霞,2004,资本结构、股权结构、成长机会与公司绩效,《南开管理评论》,第7卷第1期,第57-63页。
[4]陈汉文、林志毅、严晖,1999,公司治理结构与会计信息质量——由“琼民源”引发的思考,《会计研究》,第5期,第28-30页。
[5]陈俊、陈汉文,2007,公司治理、会计准则执行与盈余价值相关性——来自中国证券市场的经验证,《审计研究》,第2期,第45-52页。
[6]陈晓、陈小悦、刘钊,1999,A股盈余报告的有用性研究——来自上海、深圳股市的实证证据,《经济研究》,第6期,第21-28页。
[7]陈信元、陈冬华和朱凯,2004,股权结构与公司业绩：文献回顾与未来研究方向,《中国会计与财务研究》,第6卷第4期。
[8]陈信元、黄俊,2007,政府干预、多元化经营与公司业绩,《管理世界》,第1期,第98-103页。
[9]程小可,2006,上市公司盈余质量分析与评价,大连：东北财经出版社。
[10]程小可等,2004,年度盈余披露的及时性与市场反应——来自沪市的证据,《审计研究》,第2期,第48-53页。
[11]崔学刚,2004,上市公司财务信息披露：政府功能与角色定位,《会计研究》,第1期,第33-38页。
[12]储一昀、谢香兵,2008,业务复杂度、股权特征与董事会结构,《财经研究》,第34卷第3期,第132-143页。
[13]杜兴强、周泽将,2007,会计信息质量与公司治理：基于中国资本市场的进一步经验证据,《财经论丛》,第3期,第71-79页。
[14]樊纲、王小鲁和朱恒鹏,2007,《中国市场化指数：各地区市场化相对进程2006年报告》,北京：经济科学出版社。
[15]冯根福、韩冰和闫冰,2002,中国上市公司股权集中度变动的实证分析,《经济研究》,第8期,第12-18页。
[16]葛家澍,2004,财务会计概念框架研究的比较与综评,《会计研究》,第6期,第3-10页。
[17]侯晓红,2006,上市公司盈余质量的六维分析,《财会月刊》,第9期,第61-62页。
[18]李汉军、张俊喜,2006,上市企业治理与绩效间的内生性程度,《管理世界》,第5期,第121-127页。
[19]李明辉,2005,代理成本的计量,《生产力研究》,第10期,第243-245页。
[20]李维安,2001,中国公司治理原则与国际比较,北京：中国财政经济出版社。
[21]李延喜等,2007,薪酬激励、董事会监管与上市公司盈余管理,《南开管理评论》,第10卷第6期,第55-61页。
[22]李卓、宋玉,2007,上市公司股利政策与盈余质量关系的实证研究,《中大管理研究第2卷(第2期)：第,89-110页。
[23]梁杰、王璇和李进中,2004,现代公司治理结构与会计舞弊关系的实证研究,《南开管理评论》,第7卷第6期,第47-51页。
[24]林钟高、吴利娟,2004,公司治理与会计信息质量的相关性研究,《会计研究》,第8期,第65-71页。
[25]刘汉民,2002,所有制、制度环境与公司治理效率,《经济研究》,第6期,第63-68页。
[26]刘立国、杜莹,2003,公司治理与会计信息质量关系的实证研究,《会计研究》,第2期,第28-36页。
[27]刘芍佳、孙霈和刘乃全,2003,终级产权论、股权结构及公司绩效,《经济研究》,第4期,第51-62页。
[28]柳木华,2003,美国注册会计师行业监管新举措——解读《2002年萨班斯——奥克斯利.法案》,《审计与经济研究》,第18卷(第1期),第40-43页。
[29]陆建桥,1999,中国亏损上市公司盈余管理实证研究,《会计研究》,第9期,第25-35页。
[30]孟卫东、陆静,2000,上市公司盈余报告披露的特征及其信息含量,《经济科学》,第5期,第76-83页。
[31]潘琰、辛清泉,2004,所有权、公司治理结构与会计信息质量——基于契约理论的现实思考,《会计研究》,第4期,第19-23页。
[32]乔旭东,2003,上市公司会计信息披露与公司治理结构的互动：一种框架分析,《会计研究》,第5期,第46-49页。
[33]孙爱军、陈小悦,2002,关于会计盈余的信息含量的研究——兼论中国股市的利润驱动特性,《北京大学学报(哲学社会科学版)》,第39卷(第1期),第16-28页。
[34]孙晖、李峰,2006,上市公司盈余质量评价系统的建立与应用研究,《辽宁工学院学报》,第8卷(第6期),第46-51页。
[35]孙永祥,2002,《公司治理结构：理论与实证研究》,上海：上海人民出版。
[36]田利辉,2005,国有产权、预算软约束和中国上市公司杠杆治理,《管理世界》,第7期,第123-128页。
[37]佟岩、王化成,2007,关联交易、控制权收益与盈余质量,《会计研究》,第4期,第75-82页。
[38]王化成、佟岩,2006,控股股东与盈余质量——基于盈余反应系数的考察,《会计研究》,第2期,第66-74页。
[39]王化成等,2007,公司治理与盈余质量：基于中国上市公司的实证研究,《中国软科学》,第11期,第122-128页。
[40]王志台,2000,上海股市盈余持续性的实证研究,《财经研究》,第26卷(第5期),第43-48页。
[41]魏明海,2005,会计信息质量经验研究的完善与应用,《会计研究》,第3期,第28-35页。
[42]吴联生、刘慧龙,2008,中国审计实证研究：1999-2007,《审计研究》,第2期,第36-46页。
[43]吴清华、王平心,2007,公司盈余质量：董事会微观治理绩效之考察——来自我国独立董事制度强制性变迁的经验证据,《数理统计与管理》,第1期,第30-40页。
[44]夏立军,2003,盈余管理计量模型在中国股票市场的应用研究,《中国会计与财务研究》,第2期,第94-154页。
[45]徐晓阳,2001,会计信息与公司质量,厦门大学博士学位论文。
[46]严若森,2005,公司治理成本的构成与公司治理效率的最优化研究,《会计研究》,第2期，第59-63页。
[47]张国华、陈方正,2006,我国上市公司盈余管理与董事会特征相关性实证研究,《技术经济与管理研究》,第2期,第42-44页。
[48]张继袖、陆宇建,2007,控股股东、政府补助与盈余质量,《财经问题研究》,第4期,第41-47页。
[49]张兆国、刘晓霞和邢道勇,2009,公司治理结构与盈余管理——来自中国上市公司的经验证据,《中国软科学》,第1期,第122-133页。
[50]赵景文,2006,公司治理质量与盈余质量,《南开管理评论》,第9卷第5期,第15-21页。
[51]赵宇龙、王志台,1999,我国证券市场“功能锁定”现象的实证研究,《经济研究》,第9期,第56-63页。
[52]赵宇龙,1998,会计盈余披露的信息含量——来自上海股市的经验证据,《经济研究》,第7期,第41-49页。
[53]朱松,2006,最终控制人特征与盈余信息含量,《中国会计与财务研究》,第8卷第1期。
[54]Adams, R. and Mehran, H.,2002, Board Structure and Banking Firm Performance, Working Paper, Federal Reserve Bank of New York.
[55]Baginski, S.P., Lorek, K.S., Willinger, G.L. and Branson, B.C.,1999, The Relationship Between Economic Characteristics and Alternative Annual Earnings Persistence Measures, The Accounting Review,74,105-120.
[56]Bagnoli, M., Kross, W. and Watts, S.G.,2002, The Information in Management's Expected Earnings Reported Date:A Day Late, A Penny Short, Journal of Accounting Research,40, 1275-1296.
[57]Ball, R., Kothari, P. and Robin, A.,2000, The Effect of International Institutional Factors on Properties of Accounting Earnings, Journal of Accounting and Economics,29,1-55.
[58]Ball, R., Robin, A. and Wu, J.S.,,2003, Incentives versus standards:properties of accounting income in four East Asian countries, Journal of Accounting and Economics,36,235-270.
[59]Barth, M., Cram, D. and Nelson, K.,2001, Accruals and the prediction of future csh flows, The Accounting Review,76:27—58.
[60]Basu, S.,1997, The Conservation Principle and The Asymmetric Timeliness of Earnings, Journal of Accounting and Economics,24:3—37.
[61]Beasley, M.S.,1996, An Empirical Analysis of Relation Between Board of Director Composition and Financial Statement Fraud, The Accounting Review,71(4),443—465.
[62]Bebchuk, L. A., Kraakman, R.H. and Triantis, G.G.,2000, Stock Pyramids, Cross-Ownership, and Dual Class Equity:The Creation and Agency Costs of Separating Control from Cash Flow Rights, Working Paper, Harvard University.
[63]Berle, A. and Means, G.,1932, The Modern Corporation and Private Property, New York: Mc-Millan.
[64]Boone, A., Field, L,. Karpoff, J., and Raheja, C.G.,2007, The Determinants of Corporate Board Size and Composition:An Empirical Analysis, Journal of Financial Economics, 85:66—101.
[65]Bushman, R., Chen, Q., Engel, E., and Smith, A.,2004, Financial Accounting Information, Organizational Complexity, and Corporate Governance Systems. Journal of Accounting and Economics,37(2):167—201.
[66]Chaganti, R.S., Mahajan, V. and Sharma, S.,1985, Corporate Board Size, Composition, and Corporate Failures in Retailing Industry, Journal of Management Studies,22,400-417.
[67]Chtourou, S., Beard, J. and Courteau, L.,2001, Corporate Governance and Earnings Management, Working Paper, University of Sfax, University of Laval, and Free University of Bozen-Bolzano.
[68]Claessens, S., Djankov, S., Fan, J.P.H. and Lang, L.H.P.,2002, Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, The Journal of Finance,57,2741-2771.
[69]Claessens, S., Djankov, S. and Lang, L.H.P.,2000, The Separation of Ownership and Control in East Asian Corporations, Journal of Financial Economics,58,81-112.
[70]Coase, R.,1937, The Nature of the Firm, Economica,4 (16),386-405.
[71]Coles, J.L., Daniel, N.D., and Naveen, L.,2008, Boards:Does One Size Fit All? Journal of Financial Economics,87:329—356.
[72]Collins, D., Maydew, E.L., and Weiss, I.S,1997, Changes in the Value-Relevance of Earnings and Book Values over the Past Forty Years, Journal of Accounting and Economics 24:39—67.
[73]Collins, W. and Kothari, S.,1989, An Analysis of Intertemporal and Crosssectional Determinants of Earnings Response Coefficients, Journal of Accounting and Economics,11, 143-181.
[74]Core, J.E., Holthausen, R., and Larcker, D.,1999, Corporate Governance, Chief Executive O□cer Compensation, and Firm Performance, Journal of Financial Economics 51:371—406.
[75]DeAngelo, L.,1986, Accounting Numbers as Market Valuation Substitutes:A Study of Management Buyouts of Public Stockholders, The Accounting Review,61,400-420.
[76]Dechow, P.M,1994, Accounting Earnings and Cash Flows as Measures of Firm Performance:the Role of Accounting Accruals, Journal of Accounting and Economics,18, 3-42.
[77]Dechow, P.M., Sloan, R.G. and Sweeney, A.P.,1995, Detecting Earnings Management, The Accounting Review,70,193-225.
[78]Dechow, P.M., Sloan, R.G. and Sweeney, A.P.,1996, Causes and Consequences of Earnings Manipulation:An Analysis of Firms Subject to Enforcement Actions by the SEC, Contemporary Accounting Research,13,1-36.
[79]Dechow, P.M., Kothari, S.P. and Watts, R.L.,1998, The Relation Between Earnings and Cash Flows, Journal of Accounting and Economics,25:133—168.
[80]Dechow, P.M. and Dichev, I.D.,2002, The Quality of Accruals and Earnings:The Role of Accrual Estimation Errors, The Accounting Review(Supplement),77:35—59.
[81]Demsetz, H. and Lehn, K.,1985, The Structure of Corporate Ownership:Causes and Conse-quences, Journal of Political Economy 93:1155—1177.
[82]De Soto, Hernando,1989, The other path:The invisible revolution in the Third Worlds, New York:Harper and Row Publishers.
[83]Demsetz, H., and Villalonga, Belen.,2001, Ownership structure and corporate performance, Journal of Corporate Finance,7:209—233.
[84]Denis, D.J., and Sarin, A.,1999, Ownership and Board Structures in Publicly Traded Corporations, Journal of Financial Economics,52:187—223.
[85]Denis, D., and McConnell, J.J.,2003, International corporate governance, Journal of Financial and Quantitative Analysis,38:1—36.
[86]Dey, A.,2005, Corporate Governance and Financial Reporting Credibility, Working Paper, The University of Chicago.
[87]Dey, A.,2008, Corporate Governance and Agency Conflicts, Journal of Accounting Research,46(5):1143—1180.
[88]Easton, P.D. and Zmijewski, M.,1989, Crosssectional Variation in the Stock Market Response to Accounting Earnings Announcements, Journal of Accounting and Economics,11, 117-141.
[89]Edward B.D. and Jung, K.,2001, Japanese Corporate Groupings (Keiretsu) and the Informativeness of Earnings, Journal of International Financial Management and Accounting, 12 (2),133-159.
[90]Faccio, M.,2006, "Politically Connected Firms", The American Economic Review,96 (1): 370—386.
[91]Fama, E. and Jensen, M.C.,1983, Separation of Ownership and Control, Journal of Law and Economics,26 (2),301-325.
[92]Fan, J.P.H., and Wong, T.J.,2002, Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia, Journal of Accounting and Economics,33:401—425.
[93]Fan, J.P.H. and Wong, T.J.,2002, Do External Auditors Perform A Corporate Governance Role in Emerging Markets? Evidence from East Asia, Working Paper, Hong Kong University of Science and Technology.
[94]Finger, C.A.,1994, The Ability of Earnings to Predict Future Earnings and Cash Flow, Journal of Accounting Research,32,210-223.
[95]Francis, J., Huang, A., H., Rajgopal, S., and Zang, A.Y.,2004b, CEO Reputation and Earnings Quality,working paper, Duke University.
[96]Francis, J., LaFond, R., Olsson, P. and Schipper, K.,2004a, Costs of Equity and Earnings Attributes, The Accounting Review,79(4):967—1010.
[97]Francis, J., LaFond, R., Olsson, P. and Schipper, K.,2005, The Market Pricing of Accruals Quality, Journal of Accounting and Economics,39:295—327.
[98]Francis, J., Schipper, K. and Vincent, L.,2005, Earnings and Dividends Inform-ativeness When Cash Flow Rights are Separated from Voting Rights, Journal of Accounting and Economics,39,329-360.
[99]Francis, J., Olsson, P. and Schipper, K.,2002, The Market Pricing of Earnings Quality, working paper, Duke University.
[100]Francis, J., and Schipper, K.,1999, Have financial statements lost their relevance? Journal of Accounting and Economics,37:319—332.
[101]Gabrielsen, G, Gramlich, J., and Plenborg, T.,2002, Managerial Ownership, Information Content of Earnings, and Discretionary Accruals In A NonUS Setting, Journal of Business
Finance and Accounting,29(7-8):967—988.
[102]Gillan, S.L.,2006, Recent Developments in Corporate Governance:An Overview, Journal of Corporate Finance,12:381—402.
[103]Gillian, H., Yeo, H., Patricia, M., Tan, S., Ho, K.W., and Chen, S.S.,2002, Corporate Ownership Structure and the Informativeness of Earnings, Journal of Business Finance and Accounting,29(7-8):1023—1046.
[104]Givoly, D. and Palmon, D.,1982, Timeliness of Annual Earnings Announcements:Some Empirical Evidence, The Accounting Review,157,486-508.
[105]Goel, A.M. and Thakor, A.V.,2000, Rationality, Overconfidence, and Leadership, Working Paper, Michigan Business School.
[106]Healy, P.M.,1985, The Effect of Bonus Schemes on Accounting Decisions, Journal of Accounting and Economics,7,85-107.
[107]Henry, D.,2009, Agency costs, ownership structure and corporate governance compliance:A private contracting perspective, Pacific-Basin Finance Journal, Available online 29 May 2009.
[108]Hermalin, B.E., and Weisbach, M.S.,2003, Boards of Directors as an Endogenously Determined Institution:A Survey of the Economic Literature, Economic Policy Review, 9:7—26.
[109]Hermalin, B.E., and Weisbach, M.S.,1988, The Determinants of Board Composition, The Rand Journal of Economics,19(4):589-606.
[110]Himmelberg C.P., Hubbard R.G., and Palia, D.,1999, Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance, Working paper,Uni versity of Georgia, Columbia University.
[111]Jensen, M.,1993, The Modern Industrial Revolution,Exit, and the Failure of Internal Control System, The Journal of Finance,48 (3),831-880.
[112]Jensen, M. and Meckling, W.H.,1976, Theory of Firm:Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics,3 (1),305-360.
[113]Jensen, M.,1986, Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review 76:323—329.
[114]Johnson, S., La Porta, R., Lopez-de-Silanes, F. and Shleifer, A.,2000, Tunnelling, American Economics Review,90,22-27.
[115]Jones, J.J.,1991, Earnings Management During Important Relief Investigations, Journal of Accounting Research,29,193-228.
[116]Jones,J.,1999, Earnings Management During Important Relief Investigationgs, Journal of Accounting Research,29:193—228.
[117]Kang, S. and Sivarama krishnan, K.,1995, Issues in Testing Earnings Management and an Instrumental Variable Approach, Journal of Accounting Research,33,353-367.
[118]Klein, A.,1998, A Firm Performance and Board Committee Structure, Journal of Law and Economics,41,275-303.
[119]Klein, A.,2002, Economic Determinants of Audit Committee Independence, The Accounting Review 77:435—52.
[120]Klapper, L., and Love, I.,2004, Corporate Governance, Investor Protection, and Performance in Emerging Markets., Journal of Corporate Finance,10:703—728.
[121]Kormendi, R. and Lipe, R.,1987, Earnings Innovation, Earnings Persistence and Stock Return, Journal of Business,60,323-345.
[122]Kothari, S., Leone,A., and Wasley, C.,2005, Performance matched discretionary accrual measures, Journal of Accounting and Economics,39(1):163—197.
[123]Kross, W. and Schroeder, D.A.,1984, An Empirical Investigation of the Effect of Quarterly Earnings Announcement timing on stock returns, Journal of Accounting Research,22, 153-176.
[124]La Porta, R., Lopez-de-Silanes, F. and Shleifer, A.,1999a, Corporate Ownership around the World, Journal of Finance,54,471-518.
[125]La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W.,1998, Law and Finance, Journal of Political Economy,106 (6),1113-1155.
[126]Larcker, D.F., Richardson,S.A., and Tuna, I.,2007, Corporate Governance, Accounting Outcomes, and Organizational Performance, The Accounting Review,82:963—1008.
[127]Lasfer, M.,2002, Board Structure and Agency Costs, Working paper, City University.
[128]Lev, B. and Thiagarajan, S.R.,1993, Fundamental Information Analysis, Journal of Accounting Research (Autumn),190-215.
[129]Linck, J.S., Netter, J.M., and Yang, T.,2008, The Determinants of Board Structure, Journal of Finacial Economics,87:308—328.
[130]Lipe, R. and Kormendi, R.,1994, Mean Reversion in Annual Earnings and its Implications for Security Valuation,Review of Quantitative Finance and Accounting,4(1),27-46.
[131]Lipton, M. and Lorch, J.,1992, A Model Proposal for Improved Corporate Governance, Business Lawyer,48,59-77.
[132]Lorek, K.S. and Willinger, G.L.,1996, A Multivariate Time-Series Prediction Model for Cash-Flow Data, The Accounting Review,71,81-101.
[133]McConnell, J. and Servaes, H.,1990, Additional Evidence on Equity Ownership and Corporate Value, Journal of Financial Economics,27,595-612.
[134]McKnight, P.J. and Weir, C.,2009, Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies:a panel data analysis, Quarterly Review of Economics and Finance,49:139—158.
[135]McNichols, M.,2000, Research Design Issues in Earnings Management Studies, Journal of Accounting and Public Policy,19:313—345.
[136]McNichols, M.F.,2002, Discussion of "the quality of accruals and earnings:the role of accrualestimation errors", The Accounting Review(Supplement),77:61—69.
[137]Monks, R. and Minow, N.,1995, Corporate Governance, New York:Blackwell Publishing.
[138]Morck, R., Shleifer, A. and Vishny, R.,1988, Management Owership and Market Valuation: An Empirical Analysis, Journal of Financial Economics,20,293-315.
[139]Nitkin, M.R.,2007, An investigation of the association between governance quality and accrual-based earnings quality, Boston University, Doctor of Business Administration.
[140]Peasnell, K., Pope, P., and Young, S.,2005, Board Monitoring and Earnings Management:Do Outside Directors Influence Abnormal Accruals? Journal of Business Finance and Accounting, 32(7),1311—1345.
[141]Penman, S. and Zhang, X.J.,2002, The Accounting Conservation, The Quality of Earnings
and Stock Returns, The Accounting Review,77:237—264.
[142]Pop, P.F. and Walker, M.,1999, International Differences in the Timeliness, Conservatism, and Classification of Earnings, Journal of Accounting Research,37,53-87.
[143]Romano, R.,2005, The Sarbanes Oxley Act and the Making of Quack Corporate Governance, Yale Law Journal 5:1521—1611.
[144]Schipper, K. and Vincent, L.,2003, Earnings Quality, Accounting Horizons (Supplement), 97-110.
[145]Schipper, K.,1989, Commentary On Earnings Management, Accounting Horizons, 4:91—102.
[146]Shleifer, A. and Vishny, R. W.,1994, Politicians and Firms, Quarterly Journal of Economics, 109(4):995—1025.
[147]Shleifer, A. and Vishny, R.,1986, Large Shareholders and Corporate Control, Journal of Political Economy,94,461-488.
[148]Sivaramakrishnan, S. and Yu, S.C.,2008, On the Association Between Corporate Governance and Earnings Quality, working paper, University of Houston.
[149]Skinner, D., and Sloan, R.,2002, Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio, Review of Accounting Studies 7:287—312.
[150]Smith, C, and Watts. R.,1992, The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies, Journal of Financial Economics 32:263—92.
[151]Spence, A.M.,1973, Job Market Signaling, The Quarterly Journal of Economics,87, 355-374..
[152]Stein,,J.,2000, Information Production and Capital Allocation:Decentralized Versus Hierarchical Firms, Working paper, Harvard University, Department of Economics.
[153]Tian, L.,2002, Government Shareholding and the Value China's Modern Firms, Working Paper, London Business School.
[154]Vafeas, N.,1999, Board Meeting Frequency and Firm Performance, Journal of Financial Economics,53,113-142.
[155]Warfield, T., Wild, J., and Wild, K.,1995, Managerial Ownership, Accounting Choices, and Informativeness of Earnings, Journal of Accounting and Economics,20:61—92.
[156]Watts, R. and Zimmerman, J.,1990, Positive Accounting Theory:A Ten Year Perspective, The Accounting Review 65:131—156.
[157]Wintoki, M.B., Linck, J.S., and Netter, J.M.,2007, Endogeneity and the dynamics of corporate governance, Working paper,University of Georgia.
[158]Xie, B., Davidson, W, and DaDalt, P.,2003, Earnings Management and Corporate Governance:the role of the board and the audit committee, Journal of Corporate Finance,9(3), 295—316.
[159]Yemack, D.,1996, Higher Valuation of Companies With a Small Board of Directors, Journal of Financial Economics,40:185—212.
[2]蔡宁、梁丽珍,2003,公司治理与财务舞弊关系的经脸分析,《财经理论与实践》,第24卷第6期,第80-84页。
[3]曹廷求、孙文祥和于建霞,2004,资本结构、股权结构、成长机会与公司绩效,《南开管理评论》,第7卷第1期,第57-63页。
[4]陈汉文、林志毅、严晖,1999,公司治理结构与会计信息质量——由“琼民源”引发的思考,《会计研究》,第5期,第28-30页。
[5]陈俊、陈汉文,2007,公司治理、会计准则执行与盈余价值相关性——来自中国证券市场的经验证,《审计研究》,第2期,第45-52页。
[6]陈晓、陈小悦、刘钊,1999,A股盈余报告的有用性研究——来自上海、深圳股市的实证证据,《经济研究》,第6期,第21-28页。
[7]陈信元、陈冬华和朱凯,2004,股权结构与公司业绩：文献回顾与未来研究方向,《中国会计与财务研究》,第6卷第4期。
[8]陈信元、黄俊,2007,政府干预、多元化经营与公司业绩,《管理世界》,第1期,第98-103页。
[9]程小可,2006,上市公司盈余质量分析与评价,大连：东北财经出版社。
[10]程小可等,2004,年度盈余披露的及时性与市场反应——来自沪市的证据,《审计研究》,第2期,第48-53页。
[11]崔学刚,2004,上市公司财务信息披露：政府功能与角色定位,《会计研究》,第1期,第33-38页。
[12]储一昀、谢香兵,2008,业务复杂度、股权特征与董事会结构,《财经研究》,第34卷第3期,第132-143页。
[13]杜兴强、周泽将,2007,会计信息质量与公司治理：基于中国资本市场的进一步经验证据,《财经论丛》,第3期,第71-79页。
[14]樊纲、王小鲁和朱恒鹏,2007,《中国市场化指数：各地区市场化相对进程2006年报告》,北京：经济科学出版社。
[15]冯根福、韩冰和闫冰,2002,中国上市公司股权集中度变动的实证分析,《经济研究》,第8期,第12-18页。
[16]葛家澍,2004,财务会计概念框架研究的比较与综评,《会计研究》,第6期,第3-10页。
[17]侯晓红,2006,上市公司盈余质量的六维分析,《财会月刊》,第9期,第61-62页。
[18]李汉军、张俊喜,2006,上市企业治理与绩效间的内生性程度,《管理世界》,第5期,第121-127页。
[19]李明辉,2005,代理成本的计量,《生产力研究》,第10期,第243-245页。
[20]李维安,2001,中国公司治理原则与国际比较,北京：中国财政经济出版社。
[21]李延喜等,2007,薪酬激励、董事会监管与上市公司盈余管理,《南开管理评论》,第10卷第6期,第55-61页。
[22]李卓、宋玉,2007,上市公司股利政策与盈余质量关系的实证研究,《中大管理研究第2卷(第2期)：第,89-110页。
[23]梁杰、王璇和李进中,2004,现代公司治理结构与会计舞弊关系的实证研究,《南开管理评论》,第7卷第6期,第47-51页。
[24]林钟高、吴利娟,2004,公司治理与会计信息质量的相关性研究,《会计研究》,第8期,第65-71页。
[25]刘汉民,2002,所有制、制度环境与公司治理效率,《经济研究》,第6期,第63-68页。
[26]刘立国、杜莹,2003,公司治理与会计信息质量关系的实证研究,《会计研究》,第2期,第28-36页。
[27]刘芍佳、孙霈和刘乃全,2003,终级产权论、股权结构及公司绩效,《经济研究》,第4期,第51-62页。
[28]柳木华,2003,美国注册会计师行业监管新举措——解读《2002年萨班斯——奥克斯利.法案》,《审计与经济研究》,第18卷(第1期),第40-43页。
[29]陆建桥,1999,中国亏损上市公司盈余管理实证研究,《会计研究》,第9期,第25-35页。
[30]孟卫东、陆静,2000,上市公司盈余报告披露的特征及其信息含量,《经济科学》,第5期,第76-83页。
[31]潘琰、辛清泉,2004,所有权、公司治理结构与会计信息质量——基于契约理论的现实思考,《会计研究》,第4期,第19-23页。
[32]乔旭东,2003,上市公司会计信息披露与公司治理结构的互动：一种框架分析,《会计研究》,第5期,第46-49页。
[33]孙爱军、陈小悦,2002,关于会计盈余的信息含量的研究——兼论中国股市的利润驱动特性,《北京大学学报(哲学社会科学版)》,第39卷(第1期),第16-28页。
[34]孙晖、李峰,2006,上市公司盈余质量评价系统的建立与应用研究,《辽宁工学院学报》,第8卷(第6期),第46-51页。
[35]孙永祥,2002,《公司治理结构：理论与实证研究》,上海：上海人民出版。
[36]田利辉,2005,国有产权、预算软约束和中国上市公司杠杆治理,《管理世界》,第7期,第123-128页。
[37]佟岩、王化成,2007,关联交易、控制权收益与盈余质量,《会计研究》,第4期,第75-82页。
[38]王化成、佟岩,2006,控股股东与盈余质量——基于盈余反应系数的考察,《会计研究》,第2期,第66-74页。
[39]王化成等,2007,公司治理与盈余质量：基于中国上市公司的实证研究,《中国软科学》,第11期,第122-128页。
[40]王志台,2000,上海股市盈余持续性的实证研究,《财经研究》,第26卷(第5期),第43-48页。
[41]魏明海,2005,会计信息质量经验研究的完善与应用,《会计研究》,第3期,第28-35页。
[42]吴联生、刘慧龙,2008,中国审计实证研究：1999-2007,《审计研究》,第2期,第36-46页。
[43]吴清华、王平心,2007,公司盈余质量：董事会微观治理绩效之考察——来自我国独立董事制度强制性变迁的经验证据,《数理统计与管理》,第1期,第30-40页。
[44]夏立军,2003,盈余管理计量模型在中国股票市场的应用研究,《中国会计与财务研究》,第2期,第94-154页。
[45]徐晓阳,2001,会计信息与公司质量,厦门大学博士学位论文。
[46]严若森,2005,公司治理成本的构成与公司治理效率的最优化研究,《会计研究》,第2期，第59-63页。
[47]张国华、陈方正,2006,我国上市公司盈余管理与董事会特征相关性实证研究,《技术经济与管理研究》,第2期,第42-44页。
[48]张继袖、陆宇建,2007,控股股东、政府补助与盈余质量,《财经问题研究》,第4期,第41-47页。
[49]张兆国、刘晓霞和邢道勇,2009,公司治理结构与盈余管理——来自中国上市公司的经验证据,《中国软科学》,第1期,第122-133页。
[50]赵景文,2006,公司治理质量与盈余质量,《南开管理评论》,第9卷第5期,第15-21页。
[51]赵宇龙、王志台,1999,我国证券市场“功能锁定”现象的实证研究,《经济研究》,第9期,第56-63页。
[52]赵宇龙,1998,会计盈余披露的信息含量——来自上海股市的经验证据,《经济研究》,第7期,第41-49页。
[53]朱松,2006,最终控制人特征与盈余信息含量,《中国会计与财务研究》,第8卷第1期。
[54]Adams, R. and Mehran, H.,2002, Board Structure and Banking Firm Performance, Working Paper, Federal Reserve Bank of New York.
[55]Baginski, S.P., Lorek, K.S., Willinger, G.L. and Branson, B.C.,1999, The Relationship Between Economic Characteristics and Alternative Annual Earnings Persistence Measures, The Accounting Review,74,105-120.
[56]Bagnoli, M., Kross, W. and Watts, S.G.,2002, The Information in Management's Expected Earnings Reported Date:A Day Late, A Penny Short, Journal of Accounting Research,40, 1275-1296.
[57]Ball, R., Kothari, P. and Robin, A.,2000, The Effect of International Institutional Factors on Properties of Accounting Earnings, Journal of Accounting and Economics,29,1-55.
[58]Ball, R., Robin, A. and Wu, J.S.,,2003, Incentives versus standards:properties of accounting income in four East Asian countries, Journal of Accounting and Economics,36,235-270.
[59]Barth, M., Cram, D. and Nelson, K.,2001, Accruals and the prediction of future csh flows, The Accounting Review,76:27—58.
[60]Basu, S.,1997, The Conservation Principle and The Asymmetric Timeliness of Earnings, Journal of Accounting and Economics,24:3—37.
[61]Beasley, M.S.,1996, An Empirical Analysis of Relation Between Board of Director Composition and Financial Statement Fraud, The Accounting Review,71(4),443—465.
[62]Bebchuk, L. A., Kraakman, R.H. and Triantis, G.G.,2000, Stock Pyramids, Cross-Ownership, and Dual Class Equity:The Creation and Agency Costs of Separating Control from Cash Flow Rights, Working Paper, Harvard University.
[63]Berle, A. and Means, G.,1932, The Modern Corporation and Private Property, New York: Mc-Millan.
[64]Boone, A., Field, L,. Karpoff, J., and Raheja, C.G.,2007, The Determinants of Corporate Board Size and Composition:An Empirical Analysis, Journal of Financial Economics, 85:66—101.
[65]Bushman, R., Chen, Q., Engel, E., and Smith, A.,2004, Financial Accounting Information, Organizational Complexity, and Corporate Governance Systems. Journal of Accounting and Economics,37(2):167—201.
[66]Chaganti, R.S., Mahajan, V. and Sharma, S.,1985, Corporate Board Size, Composition, and Corporate Failures in Retailing Industry, Journal of Management Studies,22,400-417.
[67]Chtourou, S., Beard, J. and Courteau, L.,2001, Corporate Governance and Earnings Management, Working Paper, University of Sfax, University of Laval, and Free University of Bozen-Bolzano.
[68]Claessens, S., Djankov, S., Fan, J.P.H. and Lang, L.H.P.,2002, Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, The Journal of Finance,57,2741-2771.
[69]Claessens, S., Djankov, S. and Lang, L.H.P.,2000, The Separation of Ownership and Control in East Asian Corporations, Journal of Financial Economics,58,81-112.
[70]Coase, R.,1937, The Nature of the Firm, Economica,4 (16),386-405.
[71]Coles, J.L., Daniel, N.D., and Naveen, L.,2008, Boards:Does One Size Fit All? Journal of Financial Economics,87:329—356.
[72]Collins, D., Maydew, E.L., and Weiss, I.S,1997, Changes in the Value-Relevance of Earnings and Book Values over the Past Forty Years, Journal of Accounting and Economics 24:39—67.
[73]Collins, W. and Kothari, S.,1989, An Analysis of Intertemporal and Crosssectional Determinants of Earnings Response Coefficients, Journal of Accounting and Economics,11, 143-181.
[74]Core, J.E., Holthausen, R., and Larcker, D.,1999, Corporate Governance, Chief Executive O□cer Compensation, and Firm Performance, Journal of Financial Economics 51:371—406.
[75]DeAngelo, L.,1986, Accounting Numbers as Market Valuation Substitutes:A Study of Management Buyouts of Public Stockholders, The Accounting Review,61,400-420.
[76]Dechow, P.M,1994, Accounting Earnings and Cash Flows as Measures of Firm Performance:the Role of Accounting Accruals, Journal of Accounting and Economics,18, 3-42.
[77]Dechow, P.M., Sloan, R.G. and Sweeney, A.P.,1995, Detecting Earnings Management, The Accounting Review,70,193-225.
[78]Dechow, P.M., Sloan, R.G. and Sweeney, A.P.,1996, Causes and Consequences of Earnings Manipulation:An Analysis of Firms Subject to Enforcement Actions by the SEC, Contemporary Accounting Research,13,1-36.
[79]Dechow, P.M., Kothari, S.P. and Watts, R.L.,1998, The Relation Between Earnings and Cash Flows, Journal of Accounting and Economics,25:133—168.
[80]Dechow, P.M. and Dichev, I.D.,2002, The Quality of Accruals and Earnings:The Role of Accrual Estimation Errors, The Accounting Review(Supplement),77:35—59.
[81]Demsetz, H. and Lehn, K.,1985, The Structure of Corporate Ownership:Causes and Conse-quences, Journal of Political Economy 93:1155—1177.
[82]De Soto, Hernando,1989, The other path:The invisible revolution in the Third Worlds, New York:Harper and Row Publishers.
[83]Demsetz, H., and Villalonga, Belen.,2001, Ownership structure and corporate performance, Journal of Corporate Finance,7:209—233.
[84]Denis, D.J., and Sarin, A.,1999, Ownership and Board Structures in Publicly Traded Corporations, Journal of Financial Economics,52:187—223.
[85]Denis, D., and McConnell, J.J.,2003, International corporate governance, Journal of Financial and Quantitative Analysis,38:1—36.
[86]Dey, A.,2005, Corporate Governance and Financial Reporting Credibility, Working Paper, The University of Chicago.
[87]Dey, A.,2008, Corporate Governance and Agency Conflicts, Journal of Accounting Research,46(5):1143—1180.
[88]Easton, P.D. and Zmijewski, M.,1989, Crosssectional Variation in the Stock Market Response to Accounting Earnings Announcements, Journal of Accounting and Economics,11, 117-141.
[89]Edward B.D. and Jung, K.,2001, Japanese Corporate Groupings (Keiretsu) and the Informativeness of Earnings, Journal of International Financial Management and Accounting, 12 (2),133-159.
[90]Faccio, M.,2006, "Politically Connected Firms", The American Economic Review,96 (1): 370—386.
[91]Fama, E. and Jensen, M.C.,1983, Separation of Ownership and Control, Journal of Law and Economics,26 (2),301-325.
[92]Fan, J.P.H., and Wong, T.J.,2002, Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia, Journal of Accounting and Economics,33:401—425.
[93]Fan, J.P.H. and Wong, T.J.,2002, Do External Auditors Perform A Corporate Governance Role in Emerging Markets? Evidence from East Asia, Working Paper, Hong Kong University of Science and Technology.
[94]Finger, C.A.,1994, The Ability of Earnings to Predict Future Earnings and Cash Flow, Journal of Accounting Research,32,210-223.
[95]Francis, J., Huang, A., H., Rajgopal, S., and Zang, A.Y.,2004b, CEO Reputation and Earnings Quality,working paper, Duke University.
[96]Francis, J., LaFond, R., Olsson, P. and Schipper, K.,2004a, Costs of Equity and Earnings Attributes, The Accounting Review,79(4):967—1010.
[97]Francis, J., LaFond, R., Olsson, P. and Schipper, K.,2005, The Market Pricing of Accruals Quality, Journal of Accounting and Economics,39:295—327.
[98]Francis, J., Schipper, K. and Vincent, L.,2005, Earnings and Dividends Inform-ativeness When Cash Flow Rights are Separated from Voting Rights, Journal of Accounting and Economics,39,329-360.
[99]Francis, J., Olsson, P. and Schipper, K.,2002, The Market Pricing of Earnings Quality, working paper, Duke University.
[100]Francis, J., and Schipper, K.,1999, Have financial statements lost their relevance? Journal of Accounting and Economics,37:319—332.
[101]Gabrielsen, G, Gramlich, J., and Plenborg, T.,2002, Managerial Ownership, Information Content of Earnings, and Discretionary Accruals In A NonUS Setting, Journal of Business
Finance and Accounting,29(7-8):967—988.
[102]Gillan, S.L.,2006, Recent Developments in Corporate Governance:An Overview, Journal of Corporate Finance,12:381—402.
[103]Gillian, H., Yeo, H., Patricia, M., Tan, S., Ho, K.W., and Chen, S.S.,2002, Corporate Ownership Structure and the Informativeness of Earnings, Journal of Business Finance and Accounting,29(7-8):1023—1046.
[104]Givoly, D. and Palmon, D.,1982, Timeliness of Annual Earnings Announcements:Some Empirical Evidence, The Accounting Review,157,486-508.
[105]Goel, A.M. and Thakor, A.V.,2000, Rationality, Overconfidence, and Leadership, Working Paper, Michigan Business School.
[106]Healy, P.M.,1985, The Effect of Bonus Schemes on Accounting Decisions, Journal of Accounting and Economics,7,85-107.
[107]Henry, D.,2009, Agency costs, ownership structure and corporate governance compliance:A private contracting perspective, Pacific-Basin Finance Journal, Available online 29 May 2009.
[108]Hermalin, B.E., and Weisbach, M.S.,2003, Boards of Directors as an Endogenously Determined Institution:A Survey of the Economic Literature, Economic Policy Review, 9:7—26.
[109]Hermalin, B.E., and Weisbach, M.S.,1988, The Determinants of Board Composition, The Rand Journal of Economics,19(4):589-606.
[110]Himmelberg C.P., Hubbard R.G., and Palia, D.,1999, Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance, Working paper,Uni versity of Georgia, Columbia University.
[111]Jensen, M.,1993, The Modern Industrial Revolution,Exit, and the Failure of Internal Control System, The Journal of Finance,48 (3),831-880.
[112]Jensen, M. and Meckling, W.H.,1976, Theory of Firm:Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics,3 (1),305-360.
[113]Jensen, M.,1986, Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American Economic Review 76:323—329.
[114]Johnson, S., La Porta, R., Lopez-de-Silanes, F. and Shleifer, A.,2000, Tunnelling, American Economics Review,90,22-27.
[115]Jones, J.J.,1991, Earnings Management During Important Relief Investigations, Journal of Accounting Research,29,193-228.
[116]Jones,J.,1999, Earnings Management During Important Relief Investigationgs, Journal of Accounting Research,29:193—228.
[117]Kang, S. and Sivarama krishnan, K.,1995, Issues in Testing Earnings Management and an Instrumental Variable Approach, Journal of Accounting Research,33,353-367.
[118]Klein, A.,1998, A Firm Performance and Board Committee Structure, Journal of Law and Economics,41,275-303.
[119]Klein, A.,2002, Economic Determinants of Audit Committee Independence, The Accounting Review 77:435—52.
[120]Klapper, L., and Love, I.,2004, Corporate Governance, Investor Protection, and Performance in Emerging Markets., Journal of Corporate Finance,10:703—728.
[121]Kormendi, R. and Lipe, R.,1987, Earnings Innovation, Earnings Persistence and Stock Return, Journal of Business,60,323-345.
[122]Kothari, S., Leone,A., and Wasley, C.,2005, Performance matched discretionary accrual measures, Journal of Accounting and Economics,39(1):163—197.
[123]Kross, W. and Schroeder, D.A.,1984, An Empirical Investigation of the Effect of Quarterly Earnings Announcement timing on stock returns, Journal of Accounting Research,22, 153-176.
[124]La Porta, R., Lopez-de-Silanes, F. and Shleifer, A.,1999a, Corporate Ownership around the World, Journal of Finance,54,471-518.
[125]La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W.,1998, Law and Finance, Journal of Political Economy,106 (6),1113-1155.
[126]Larcker, D.F., Richardson,S.A., and Tuna, I.,2007, Corporate Governance, Accounting Outcomes, and Organizational Performance, The Accounting Review,82:963—1008.
[127]Lasfer, M.,2002, Board Structure and Agency Costs, Working paper, City University.
[128]Lev, B. and Thiagarajan, S.R.,1993, Fundamental Information Analysis, Journal of Accounting Research (Autumn),190-215.
[129]Linck, J.S., Netter, J.M., and Yang, T.,2008, The Determinants of Board Structure, Journal of Finacial Economics,87:308—328.
[130]Lipe, R. and Kormendi, R.,1994, Mean Reversion in Annual Earnings and its Implications for Security Valuation,Review of Quantitative Finance and Accounting,4(1),27-46.
[131]Lipton, M. and Lorch, J.,1992, A Model Proposal for Improved Corporate Governance, Business Lawyer,48,59-77.
[132]Lorek, K.S. and Willinger, G.L.,1996, A Multivariate Time-Series Prediction Model for Cash-Flow Data, The Accounting Review,71,81-101.
[133]McConnell, J. and Servaes, H.,1990, Additional Evidence on Equity Ownership and Corporate Value, Journal of Financial Economics,27,595-612.
[134]McKnight, P.J. and Weir, C.,2009, Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies:a panel data analysis, Quarterly Review of Economics and Finance,49:139—158.
[135]McNichols, M.,2000, Research Design Issues in Earnings Management Studies, Journal of Accounting and Public Policy,19:313—345.
[136]McNichols, M.F.,2002, Discussion of "the quality of accruals and earnings:the role of accrualestimation errors", The Accounting Review(Supplement),77:61—69.
[137]Monks, R. and Minow, N.,1995, Corporate Governance, New York:Blackwell Publishing.
[138]Morck, R., Shleifer, A. and Vishny, R.,1988, Management Owership and Market Valuation: An Empirical Analysis, Journal of Financial Economics,20,293-315.
[139]Nitkin, M.R.,2007, An investigation of the association between governance quality and accrual-based earnings quality, Boston University, Doctor of Business Administration.
[140]Peasnell, K., Pope, P., and Young, S.,2005, Board Monitoring and Earnings Management:Do Outside Directors Influence Abnormal Accruals? Journal of Business Finance and Accounting, 32(7),1311—1345.
[141]Penman, S. and Zhang, X.J.,2002, The Accounting Conservation, The Quality of Earnings
and Stock Returns, The Accounting Review,77:237—264.
[142]Pop, P.F. and Walker, M.,1999, International Differences in the Timeliness, Conservatism, and Classification of Earnings, Journal of Accounting Research,37,53-87.
[143]Romano, R.,2005, The Sarbanes Oxley Act and the Making of Quack Corporate Governance, Yale Law Journal 5:1521—1611.
[144]Schipper, K. and Vincent, L.,2003, Earnings Quality, Accounting Horizons (Supplement), 97-110.
[145]Schipper, K.,1989, Commentary On Earnings Management, Accounting Horizons, 4:91—102.
[146]Shleifer, A. and Vishny, R. W.,1994, Politicians and Firms, Quarterly Journal of Economics, 109(4):995—1025.
[147]Shleifer, A. and Vishny, R.,1986, Large Shareholders and Corporate Control, Journal of Political Economy,94,461-488.
[148]Sivaramakrishnan, S. and Yu, S.C.,2008, On the Association Between Corporate Governance and Earnings Quality, working paper, University of Houston.
[149]Skinner, D., and Sloan, R.,2002, Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio, Review of Accounting Studies 7:287—312.
[150]Smith, C, and Watts. R.,1992, The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies, Journal of Financial Economics 32:263—92.
[151]Spence, A.M.,1973, Job Market Signaling, The Quarterly Journal of Economics,87, 355-374..
[152]Stein,,J.,2000, Information Production and Capital Allocation:Decentralized Versus Hierarchical Firms, Working paper, Harvard University, Department of Economics.
[153]Tian, L.,2002, Government Shareholding and the Value China's Modern Firms, Working Paper, London Business School.
[154]Vafeas, N.,1999, Board Meeting Frequency and Firm Performance, Journal of Financial Economics,53,113-142.
[155]Warfield, T., Wild, J., and Wild, K.,1995, Managerial Ownership, Accounting Choices, and Informativeness of Earnings, Journal of Accounting and Economics,20:61—92.
[156]Watts, R. and Zimmerman, J.,1990, Positive Accounting Theory:A Ten Year Perspective, The Accounting Review 65:131—156.
[157]Wintoki, M.B., Linck, J.S., and Netter, J.M.,2007, Endogeneity and the dynamics of corporate governance, Working paper,University of Georgia.
[158]Xie, B., Davidson, W, and DaDalt, P.,2003, Earnings Management and Corporate Governance:the role of the board and the audit committee, Journal of Corporate Finance,9(3), 295—316.
[159]Yemack, D.,1996, Higher Valuation of Companies With a Small Board of Directors, Journal of Financial Economics,40:185—212.