本文主要是檢驗企業的股權性質在盈餘平穩化中所扮演的角色。本研究以中國上市公司為樣本,分析大股東與不同的股權性質的股東對盈餘平穩化的影響,特別是國營企業股東與民營企業股東的比較。在過去幾年中,中國政府在經濟上的所有權已趨於穩定,並在2003年設立了具監督能力的國有資產監督委員會(國資委),以期能提升國營企業的監管能力。因此,本研究亦探討國資委與其他政府單位所控制的企業,對盈餘平穩化的影響程度。隨著2002年中國引進合格境外機構投資者制度,外資占中國市場的比例與日俱增,故本文也探討外資與公司降低盈餘波動的關聯性。 研究結果發現,大股東確實能遏止企業操縱盈餘的行為。相較於民營企業,國營企業更傾向平穩盈餘;而在國資委控制下的企業,亦較其他國營企業更不傾向平穩盈餘。在次大股東的屬性方面,則可以發現相同屬性之第一大股東與第二大股東的企業,較不會從事盈餘平穩化。此外,實證研究亦顯示外資機構投資者與盈餘平穩呈現顯著正相關。
In this study, I investigate the role played by a firm’s ownership property in earnings smoothing. The sample of this research consists of firms listed in the Chinese Market. I measure the influence of both the large shareholders different ownership property, specifically the comparison between the state-owned shareholders and private shareholders. In the past few years, Chinese government ownership in the economy has stabilized, and a monitoring new body, the State Asset Supervision and Administration Commission (SASAC) has been established in 2003, hoping to promote the monitoring ability of state-owned enterprises. So, I discuss the effect of enterprises under the control of the SASAC and other government units for earnings smoothing. As Qualified Foreign Institutional Investors is introduced to China, the portions of foreign ownership in Chinese Market are increasing over time. Therefore, I also analyze the associations with foreign investors and the firm’s volatile earnings decreasing. The empirical results show that the large shareholders can really curb the behavior of the companies to manipulate earnings. Compared to private enterprises, state-owned enterprises are inclined to smooth earnings. Also, enterprises under the control of the SASAC compared with other state-owned enterprises do not tend to smooth earnings. On the part of the second largest shareholder property, it can be found that the enterprise which the largest and the second largest shareholder are the same attributes are less likely to engage in earnings smoothing. In addition, the study also found that the foreign institutional investors have positive significant associations with earnings smoothing.