Study On Relationship Of Cross-listing,Ownership Structure And The Earnings Quality

At present,China's capital market is not perfect enough,still not up to the standard of the strong efficient market,so the accounting information is important for stakeholders ? Business owners ? creditors and other stakeholders will through the accounting information to understand the status of the enterprise,in this way they can obtain useful information value.Based on decision-making serviceability high quality accounting information can improve its value relevance.High quality accounting information not only helps to evaluate enterprise real benefits,but also can supervise the behavior of the managers and against the risk of moral hazard.But the separation of ownership and management,managers are more or less use more private accounting method and deal with the real deal to whitewash accounting statements,that information asymmetry phenomenon become a big problem.Surplus quality as an important indicator of accounting information,stakeholders in the use of accounting information has great reference significance in decision-making.More directly,the analysis of earning quality will reduced the capital market information asymmetry caused by the principal-agent relationship significantly,investors can predict more accurately which provides the basis for the operations of the invested entity.Since 2014,China formally change the enterprise and annual inspection to the annual report system of formula,this improvement prompted a wider range of investors access to enterprise's financial position,so it will become more practical significance for the study of the quality of accounting surplus.The listed company earnings quality problems is rooted in imperfect corporate governance mechanism.And equity structure as a foundation for the company's property,is the core part of corporate governance,has a "congenital" decision on earnings quality.According to the shareholders holding and the types of shareholding,that shareholding structure can be divided into two aspects of ownership concentration and equity.Effective equity structure,will help the authenticity of the disclosure of accounting information,guarantee the quality of the accounting surplus information.In addition,the ownership structure of listed companies of our country has its particularity,choosing the appropriate ownership structure to improve the quality of enterprise's surplus is quite important.At the same time,with the development of economic globalization,the international capital flows faster,more and more enterprises to choosein a number of different capital market,form a cross-listing.Cross-listing will bring enterprise corporate governance structure of different,thus will affect the quality of enterprise's surplus.Cross-listings,therefore,the equity structure of the enterprise's surplus quality how different effects,and face a tougher capital market requirements,cross listed equity structure will be different optimization,it is worth the scholars further study.But it is certainly cross-listing will reduce the earnings management of enterprise,the greater scrutiny will improve the quality of enterprise surplus.So this article will focus on the relations between cross listing,ownership structure and earnings quality.This article from three Angles that the efficient market theory,principal-agent theory and information asymmetry theory to further analyze the surplus quality,gives explanation for the generation of surplus quality and solve problem.At the same time,again through the Angles of liquidity hypothesis,investors hypothesis,information disclosure hypothesis and market segmentation hypothesis analyzes the reason of enterprise cross-listings.Based on the theoretical basis,this article selects enterprises(2012-2015)that shares cross in A and H share market as the research sample,and choose the same amount of contrast companies of only listed on the A share market,and then put forward the theoretical assumptions and empirical analysis.Selection of ownership concentration and the degree of checks and balances,equity structure as the research on the quality of enterprise surplus explained variable,with surplus quality variables as the dependent variable,at the same time set up the company size,return on equity,asset-liability ratio index as the control variables in this paper.By comparing AH cross shareholding structure of listed companies and pure a-share listed companies ownership structure on corporate earnings quality structure,the influence of the possible reasons of the results are inconsistent and seminars.The empirical results show that cross-listing behavior about the relation between ownership structure and quality of accounting information regulation is not the same.For the equity balance degree,public offerings stake,legal person share ownership and level of managerial share ownership has played a positive regulatory role on the relationship between the two;For the first big shareholders holding and proportion of state-owned shares has played a passive regulatory role on the relationship between the two.Based on the research conclusion,at the last,the paper proposes corresponding Suggestions: First,optimizing the equity structure of enterprise,improve the quality of enterprise surplus;Second,perfecting the capital market,promoting the development of cross-listings;Third,improving the legalperson ownership,strengthen shareholders' professional knowledge;Fourth,to strengthen enterprise stock liquidity,improve public offerings shareholding;Fifth,promoting equity incentive system actively,improve the management ownership;Sixth,improving the capital market,promote the development of cross-listings.