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以中国A股上市公司2004～2006年的2552个公司年度为样本,以FASB发布的会计信息质量特征为基础,对财务报告透明度进行了实证度量,研究了控股股东动机与行为对上市公司财务报告透明度的影响。研究发现,控股股东的避亏动机、再融资动机和高管更换动机能够显著降低财务报告透明度,而且这三种动机并没有对控股股东行为产生明显的影响;控股股东的扭亏动机显著减少了控股股东的掏空与扶持行为,从而显著提高了财务报告透明度;加强市场监管,能够显著提高财务报告透明度。
Based on the 2552 companies ’annual reports of China A-share listed companies from 2004 to 2006, based on the quality characteristics of accounting information released by FASB, this paper empirically tests the transparency of financial reports and studies the influence of controlling shareholders’ motivation and behavior on the financial reports of listed companies The impact of transparency. The study found that the control shareholder’s avoidance motivation, refinancing motivation and executive motivation can significantly reduce the transparency of financial reporting, and these three motivations did not have a significant impact on the controlling shareholder’s behavior; the controlling shareholder’s turnaround motivation significantly reduced the holding Shareholders’ emptiness and affirmative action, thereby significantly improving the transparency of financial reporting; and strengthening market supervision can significantly enhance the transparency of financial reporting.