股權分置改革能否改善中國上市公司的盈餘資訊內涵？

Does Nontradable Share Reform Improve the Informativeness of Earnings in China?

中國證券監督管理委員會（CSRC）於2005年9月4號發布了「上市公司股權分置改革管理辦法」，將非流通股票（國有股和不可流通法人股）透過法定的程序，給予流通的權利。本研究以盈餘反應係數來衡量盈餘資訊內涵，探討中國股權分置改革（nontradable share reform）對於公司盈餘資訊內涵是否有顯著的影響？本文進一步探討，上市公司的控制股東結構與各省份所處組織環境，在股權分置改革後，是否也會對公司的盈餘資訊內涵有不同程度的影響？實證結果指出在股權分置改革後，上市公司盈餘資訊內涵普遍提升。此外，不同的控制股東結構亦有不同的影響。研究結果發現，在股權分置制度改革後對於盈餘資訊內涵改善的效果，一般法人公司優於國有企業，而中央政府控制的國有公司優於地方政府控制的國有公司。最後，本研究亦證實在股改後，中國各地方法律環境的差異，也會影響盈餘資訊品質。

The paper investigates the impact of nontradable share reform (NSR) on informativeness of earnings in China. We use the earnings response coefficient as a proxy for the informativeness of earnings. In addition, we examine whether a firm's controlling shareholder ownership structure and institutional features have differential influence on earnings informativeness in pre-and post-NSR periods. The empirical results show that informativeness of earnings increases in post-NSR periods overall, and that informativeness of earnings in private firms is better than that in state-owned enterprises. We also find that relative to local government controlled companies, central government controlled companies have higher informativeness of earnings. Moreover, we find that institutional features have differential influence on earnings informativeness in post-NSR periods.