我国家族控股上市公司信息披露相关问题实证研究

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1、FamilyFirmCorporatedisclosurePositiveAccountingResearchinChinaFurthermore，thefamilyholdingcompanylistedonthefounderofthefn-mactivitiescallbemademoreawareoftheirreportedfiguresforamoredirectmanagement，SOthattheseactivitieshavebeenmonitoredatalltimes．Therefore，basedontheTypeAsurplusofqua

2、lityproblems，toagreaterextent，thenon-occurrenceoffamily—controlledenterprises．Atthesametime，thefamilyholdingcompanylistedonthefaceofmoreseriouscontrollingshareholderandnon—controllingshareholderproxyissuesbetween．Familymembersoftheboardofdirectorsoftheequityandcontrolofthefamilyholding

3、companywillbecometheboardofdirectorsofthelackofindependencebymembersofthefamily’Scontrol(AndersonandReeb，2003a；AndersonandReeb，2004)．TypeB(thecontrollingshareholderandnon—controllingshareholderissuesbetweentheagent)willleadtotheissueofaccountingforearningsmanipulationtohidethenegativee

4、ffectsassociated、析mthetransactionortofamilymembersinmanagementholdsmoreseats．Second，theinformationinthisarticlefortheperformanceofinformationdisclosurenoticetheproblemthroughtheempiricalanalysisofthefamilyownedandnon—familyholdingintheperformanceoflistedcompaniestodiscloseinformationon

5、thenoticesignificantdifferences．Ingeneral，family-basedholdingcompanylistedexamplesofevidencethattheagenttheextentoftheproblemisthatwehaveobservedafamilyownedandfamily-ownedlistedcompaniestodiscloseinformationinadifferentpracticewhichmaybeafactor．Comparedtonon—familyfinns，familyfirmsfac

6、elesssevereagencyproblemsduetotheseparationofownershipandmanagement，butmoresevereagencyproblemsthatarisebetweencontrollingandnon-controllingshareholders。Thesecharacteristicsoffamilyfirmsaffecttheircorporatedisclosurepractices．ForHu-Shenstockmarketfirms，weshowthatfamilyfirmsreportbetter

7、qualityearnings，aremorelikelytowarnforagivenmagnitudeofbadnews，butmakefewerdisclosuresabouttheircorporategovemancepractices．Foundingfamiliesbeingmoreeffectivemo．nitorsofmanagementcanrewardtheirmanagersbasedoninformationaboutmanagers’effortobtainedthroughdirectmonitoring．Also，whenfami