股权结构对会计政策选择影响的实证分析

以我国2003-2007年的上市公司为研究样本,运用有序Probit模型对影响会计政策选择的股权结构因素进行了实证分析.根据不同会计政策选择对企业利润的影响程度确立了ACA,ACB和ACC 3个指标反映会计政策选择的强度;从股权集中度、股权制衡度、股权持有者身份、股权流通性4个维度选取了12个指标作为反映股权结构的自变量;同时选取了高管变更等5方面共计8个指标作为控制变量.通过Pearson相关系数检验剔除了相关性较高的变量,并运用有序Probit模型估计出各变量的系数.研究表明,第1大股东持股比例和股权制衡度与企业会计政策选择强度显著负相关,而前5大股东持股比例和高管持股比例与企业会计政策选择强度则显著正相关.

Empirical Analysis on Impact of Ownership Structure on Selection of Accounting Policies

Sampling listed companies in China from 2003 to 2007, We analyze the impact of ownership structure upon selection of accounting policies based on the Ordered Probit Model. We establish three indicators to reflect the intensity of accounting policies selection based on the effect degree of different selections of accounting policies upon accounting profits, and se-lect twelve indicators as variables for ownership structure from ownership concentration, own-ership restriction, status of shareholders and ownership liquidity. We select eight indicators as control variables from five aspects such as top executive alteration. It eliminates variables of high correlation by Pearson's correlation coefficients test find uses Ordered Probit Model to es-timate the coefficients of variables. The results show that the shares proportion of the largest shareholder and ownership restriction have significant negative correlation on selection intensity of accounting policies, whereas the shares proportion of the first five majority shareholders and top executives have significant positive correlation on selection intensity of accounting policies.