产닺权좨性탔质훊、ꆢ뛀独立솢审짳计볆与폫上짏市쫐公릫司쮾现쿖金뷰股막利샻分럖配엤ꇯ?徐탬寿쫙福뢣?【ꆾ햪摘要튪】ꆿ独뛀立솢审짳计볆具뻟有폐公릫司쮾治훎理샭功릦能쓜，ꎬ会믡对뛔上짏市쫐公릫司쮾现쿖金뷰股막利샻政헾策닟产닺生짺重훘要튪影펰响쿬。ꆣ本놾文컄以틔?20?0?3?至훁2?0?1??0?年쓪我컒国맺A?股막上짏市쫐公릫司쮾为캪研퇐究뺿样퇹本놾，ꎬ采닉用폃p?a?n?e?l?l?og?i?t쒣模型탍和뫍p?a?n?e?l??tob?i?t쒣模型탍，ꎬ以틔上짏市쫐公릫司쮾被놻出돶具뻟的뗄审짳计볆意틢见볻?类샠型탍뫍和选톡울聘的뗄믡会计볆师쪦쫂事务컱所쯹ퟷ作为캪代듺샭理变뇤量솿衡뫢量솿独뛀立솢审짳计볆质훊量솿，ꎬ듓从뛀独솢立审짳볆计的뗄角뷇뛈度实쪵횤证볬检퇩验上짏市쫐릫公司쮾现쿖뷰金股막?샻利헾政닟策与폫릫公司쮾治훎理샭믺机制훆횮之间볤的뗄关맘系쾵。ꆣ놾本文컄퇐研究뺿랢发现쿖:ꎺ上짏市쫐릫公司쮾现쿖뷰金股막利샻支횧付뢶倾쟣向쿲和뫍支횧付뢶水쮮平욽均뻹与폫独뛀立솢审짳计볆?质훊量솿显쿔著훸正헽쿠相关맘，ꎬ而뛸쟒且这헢种훖关맘系쾵在퓚非럇固맺有폐控뿘股막上짏市쫐公릫司쮾中훐表뇭现쿖更룼加볓显쿔著훸。ꆣ本놾文컄的뗄结뷡论싛表뇭明쏷，ꎬ从듓会믡计볆信탅息쾢的뗄?角뷇뛈度살来쮵说，ꎬ컒我国맺짏上쫐市릫公쮾司쿖现뷰金막股샻利헾政닟策쫇是릫公司쮾治훎理샭믺机制훆改룄善짆的뗄结뷡果맻，ꎬ而뛸且쟒因틲产닺权좨性탔质훊的뗄差닮异틬产닺生짺了쇋不늻同춬的뗄?뇭表现쿖。?【ꆾ맘关볼键듊词ꆿ】막股샻利헾政닟策쿖现뷰金막股샻利独뛀立솢审짳볆计产닺权좨性탔质훊?튻一、ꆢ引틽言퇔?上짏쫐市公릫쮾司现쿖뷰金股막샻利政헾닟策作ퟷ为캪影펰响쿬企웳튵业相쿠关맘者헟利샻益틦的뗄重훘要튪财닆务컱决뻶策닟之횮一튻，ꎬ与폫公릫司쮾治훎理샭机믺制훆息쾢息쾢相쿠关맘。ꆣ股막?利샻代듺理샭理샭论싛认죏为캪，ꎬ쿖现金뷰막股利샻뿉可能쓜是쫇上짏市쫐公릫司쮾治훎理샭机믺制훆改룄善짆的뗄结뷡果맻，ꎬ也튲可뿉能쓜是쫇上짏市쫐公릫司쮾治훎理샭机믺制훆的뗄替쳦代듺。ꆣ已틑?有폐文컄献쿗从듓董뚭事쫂会믡治훎理샭、ꆢ股막权좨结뷡构릹、ꆢ产닺品욷市쫐场뎡竞뺺争헹等뗈多뛠个룶方랽面쏦研퇐究뺿了쇋现쿖金뷰股막利샻政헾策닟与폫公릫司쮾治훎理샭机믺制훆的뗄关맘系쾵，ꎬ?但떫一튻方랽面쏦由평于폚룷各种훖公릫司쮾治훎理샭믺机制훆之횮间볤能쓜否럱替쳦代듺依틀赖삵于폚各룷自ퟔ的뗄差닮别뇰成돉本놾?CE?a?s?t?e?r?b?r?o?o?k，ꎬ?1?9?8?4)?，ꎬ쇭另튻一方랽面쏦，ꎬ各룷?国맺뗄的쫐市场뎡뮷环境뺳和뫍制훆度뛈设짨计볆也튲各룷不늻相쿠同춬，ꎬ因틲此듋二뛾者헟之횮间볤并늢非럇完췪全좫一튻致훂地뗘表뇭现쿖为캪因틲果맻关맘系쾵或믲替쳦代듺关맘系쾵。ꆣ因틲此듋，ꎬ?要튪퇐研究뺿股막利샻政헾닟策与폫公릫司쮾治훎理샭믺机制훆的뗄关맘系쾵，ꎬ늻不仅뷶펦应具뻟体쳥到떽쳘特定뚨的뗄公릫司쮾治훎理샭机믺制훆，ꎬ而뛸且쟒要튪考뾼虑싇特쳘定뚨的뗄市쫐场뎡和뫍制훆?度뛈环뮷境뺳。ꆣ?独뛀立솢审짳볆计具뻟有폐公릫司쮾治훎理샭的뗄功릦能쓜?C?Wa?忧?s?和뫍Z?i?mm?er??rna??nꎬ，?1?9?83?)?ꎬ，쓇那쎴么뛀独솢立짳审볆计ퟷ作캪为튻一훖种治훎理샭믺机制훆又폖会믡怎퓵?样퇹펰影响쿬上짏市쫐公릫司쮾的뗄现쿖뷰金股막利샻政헾닟策呢쓘?中훐国맺证횤券좯市쫐뎡场成돉立솢不늻뻃久后뫳即벴借뷨鉴본国맺外췢成돉熟쫬市쫐场뎡的뗄经뺭验퇩采닉用폃了쇋独뛀立솢审짳?볆计制훆度뛈。ꆣ춨通过맽훆制定뚨뫍和执횴行탐独뛀솢立审짳计볆准ힼ则퓲、ꆢ뛔对쫂事务컱쯹所进뷸탐行脱췑릳钩改룄制훆以틔벰及加볓强잿对뛔审짳计볆师쪦和뫍事쫂务컱所쯹的뗄监볠督뚽、ꆢ检볬查닩?和뫍处뒦罚랣等뗈措듫施쪩，ꎬ审짳计볆质훊量솿有폐了쇋明쏷显쿔提쳡高룟(陈?돂信탅元풪等뗈，ꎬ2??00?9?)?。ꆣ듓从쿖现폐有뗄的컄文献쿗来살看뾴，ꎬ除돽?La??ws?o?n?뫍和?Wa?n?g?(?2?0?1??1?) 研퇐究뺿了쇋美쏀国맺上짏市쫐公릫司쮾股막利샻政헾策닟与폫审짳计볆师쪦监볠督뚽的뗄关맘系쾵外췢，ꎬ쿊鲜폐有学톧헟者从듓뛀独立솢审짳计볆的뗄角뷇度뛈研퇐究뺿公릫司쮾治훎理샭机믺制훆与폫股막?샻利政헾策닟的뗄关맘系쾵，ꎬ特쳘뇰别是쫇퓚在中훐国맺特쳘有폐的뗄经뺭볃济环뮷뺳境和뫍훆制度뛈背놳景뺰下쿂，ꎬ췢外部늿뛀独立솢审짳计볆与폫上짏市쫐公릫司쮾股막利샻政헾策닟之횮间볤是쫇否럱?存듦在퓚关맘系쾵、ꆢ存듦퓚在何뫎훖种关맘쾵系以틔벰及存듦퓚在哪쓄些킩影펰响쿬二뛾者헟关맘系쾵的뗄重훘要튪因틲素쯘等뗈，ꎬ仍죔是쫇一튻个룶需탨要튪探첽讨쳖的뗄开뾪放럅性탔课뿎题쳢。ꆣ因틲?듋此，ꎬ듓从믡会볆计탅信息쾢透춸明쏷度뛈죫入手쫖，ꎬ以틔中훐맺国짏上쫐市릫公쮾司ퟷ作캪为퇐研뺿究样퇹놾本，ꎬ첽探쳖讨뛀独立솢审짳计볆훊质量솿对뛔企웳业튵现쿖金뷰막股利샻政헾策닟的뗄影펰?响쿬，ꎬ늻不뷶仅폐有훺助폚于컒我쏇们짮深죫入샭理뷢解짏上쫐市릫公司쮾뗄的닆财컱务决뻶닟策，ꎬ튲也캪为움评볛价뛀独솢立짳审计볆퓚在我컒国맺资本놾市쫐场뎡建붨设짨过맽程돌中훐的뗄功릦能쓜?提쳡供릩了쇋新탂的뗄证횤据뻝，ꎬ从듓而뛸具뻟有폐重훘要튪的뗄理샭论싛意틢义틥和뫍现쿖实쪵价볛值횵。ꆣ?在퓚中훐国맺资本놾市쫐场뎡짏上，ꎬ通춨过맽횴执탐行审짳计볆工릤ퟷ作发랢表뇭审짳计볆意틢见볻是쫇审짳计볆师쪦发랢挥믓外췢部늿独뛀立솢审짳计볆治훎理샭职횰能쓜的뗄重훘要튪途춾?径뺶，ꎬ因틲캪为上짏市쫐公릫司쮾年쓪놨报一튻旦떩被놻出돶具뻟非럇标뇪意틢见볻，ꎬ붫将会믡带듸来살훮诸多뛠不늻良솼影펰响쿬。ꆣ同춬时쪱，ꎬ在퓚全좫球쟲范랶围캧内쓚享쿭有폐极벫高룟声짹誉폾?的뗄著훸쏻名믡会볆计师쪦쫂事务컱쯹所(?죧如맺国볊际ꆰ"쯄四듳大ꆱ勺?뗄的짳审볆计쪦师튻一냣般뷏较웕普춨通믡会볆计쪦师쫂事컱务쯹所的뗄짳审볆计쪦师具뻟폐有更룼잿强的뗄独뛀立솢性탔C??Fa??n?和뫍W?o?n?g?，ꎬ2?0?0?5?)?ꎬ，듓从뛸而뻟具폐有룼更폐有킧效的뗄볠监뚽督릦功能쓜。ꆣ틲因듋此，ꎬ놾本컄文ퟅ着훘重듓从짳审볆计틢意볻见샠类型탍뫍和会믡볆计师쪦事쫂务컱쯹所的뗄选톡择퓱两솽?方랽쏦面考뾼察달审짳计볆质훊量솿对뛔上짏市쫐公릫司쮾股막利샻政헾策닟的뗄影펰响쿬。ꆣ以틔2?0?0?3?至훁2?0?1??0쓪年我컒国맺A?막股上짏市쫐公릫司쮾作ퟷ为캪样퇹本놾，ꎬ本놾文컄采닉用폃?ꆤ*徐탬寿쫙뢣福，ꎬ上짏海몣뛔对外췢贸쎳易틗学톧院풺金뷰融죚管맜理샭学톧院풺，ꎬ邮폊政헾编뇠码싫ꎺ?20?1??62?0?ꎬ，뗧电ퟓ子邮폊箱쿤ꎺ?X'田???ho?u?f?u@?s?h??iftꎮ.?e?du?.ꎮ∞??。ꆣ놾本컄文得뗃到떽짏上海몣市쫐高룟校킣ꆰ"0?8?5?릤工돌程"ꆱ学톧科뿆群좺建붨设짨?资助훺项쿮目쒿(?项쿮目쒿编뇠号뫅ꎺZ?0?8?5?1?2?0?2?2?)?的뗄资助훺。ꆣ?췲랽쫽뻝?71??
?pa?n?e?l?l?og?i?t和뫍p?a?n?e?l??tob?i?t쒣模型탍检볬验퇩上짏市쫐公릫司쮾现쿖金뷰股막利샻分럖配엤决뻶策닟与폫独뛀立솢审짳计볆质훊量솿之횮间볤的뗄关맘系쾵，ꎬ并늢进뷸一튻步늽考뾼察달了쇋?产닺权좨性탔质훊对뛔二뛾者헟关맘系쾵的뗄影펰响쿬。ꆣ本놾文컄研퇐究뺿发랢现쿖，ꎬ我컒国맺上짏市쫐公릫司쮾现쿖金뷰股막利샻支횧付뢶倾쟣向쿲和뫍支횧付뢶水쮮平욽均뻹与폫外췢部늿独뛀立솢审짳?计볆훊质量솿显쿔著훸正헽相쿠关맘，ꎬ且쟒这헢种훖关맘系쾵在퓚非럇国맺有폐控뿘股막公릫司쮾中훐表뇭现쿖更룼加볓显쿔著훸，ꎬ从듓而뛸说쮵明쏷从듓会믡计볆信탅息쾢的뗄角뷇度뛈来살看뾴，ꎬ我컒?国맺짏上쫐市公릫쮾司쿖现뷰金股막샻利헾政닟策是쫇公릫司쮾治훎理샭改룄善짆的뗄结뷡果맻，ꎬ并늢因틲上짏市쫐公릫司쮾닺产权좨性탔质훊的뗄差닮异틬而뛸表뇭现쿖不늻同춬。ꆣ与폫己틑有폐文컄献쿗?相쿠比뇈，ꎬ놾本文컄뿉可能쓜的뗄贡릱쿗献在퓚于폚(ꎺ1??)?尝뎢쫔试性탔뗘地从듓뛀独立솢审짳计볆的뗄角뷇度뛈分럖析컶了쇋中훐国맺上짏市쫐公릫司쮾股막利샻政헾策닟与폫公릫司쮾治훎理샭机믺?制훆的뗄关맘系쾵ꎻ(?2?)?分럖析컶了쇋在퓚中훐国맺特쳘有폐的뗄经뺭济볃环뮷境뺳和뫍制훆度뛈背놳景뺰下쿂，ꎬ因틲产닺权좨性탔质훊和뫍政헾府뢮干룉预풤程돌度뛈不늻同춬导떼致훂的뗄独뛀立솢?审짳计볆质훊量솿差닮异틬，ꎬ뛔对中훐国맺上짏市쫐公릫司쮾股막利샻政헾닟策产닺生짺的뗄不늻同춬影펰响쿬。ꆣ本놾文컄的뗄研퇐究뺿进뷸一튻步늽丰럡富뢻了쇋公릫司쮾治훎理샭和뫍股막利샻政헾策닟?的뗄퇐研究뺿컄文쿗献，ꎬ튲也为캪컒我国맺짏上市쫐릫公司쮾、ꆢ춶技资헟者以틔벰及监볠管맜层닣等뗈资本놾市쫐场뎡参닎与폫主훷体쳥的뗄决뻶策닟提쳡供릩了쇋相쿠应펦的뗄理샭论싛依틀据뻝与폫?实쪵证횤证횤据뻝。ꆣ?余폠文컄结뷡构릹安낲排업如죧下쿂:ꎺ第뗚二뛾部늿分럖回믘顾맋了쇋相쿠关맘研퇐究뺿文컄献쿗:ꎻ第뗚三죽部늿分럖进뷸行탐理샭论싛分럖析컶并늢提쳡出돶本놾文컄的뗄研퇐究뺿假볙设짨:ꎻ?第뗚四쯄部늿分럖介뷩绍짜了쇋本놾文컄的뗄研퇐究뺿设짨计볆;ꎻ第뗚五컥部늿分럖分럖析컶本놾文컄的뗄实쪵证횤结뷡果맻;ꎻ第뗚六쇹部늿分럖总ퟜ结뷡研퇐究뺿结뷡论싛，ꎬ提쳡出돶了쇋相쿠关맘政헾?策닟建붨议틩。ꆣ?二뛾、ꆢ文컄献쿗回믘顾맋?(?튻一?)뛀独솢立짳审볆计뗄的릫公쮾司훎治샭理功릦能쓜?独뛀立솢审짳计볆要튪求쟳对뛔企웳业튵财닆务컱报놨表뇭的뗄合뫏法램性탔和뫍公릫允퓊性탔做ퟶ出돶独뛀立솢、ꆢ客뿍观맛的뗄评움价볛，ꎬ因틲此듋具뻟有폐监볠督뚽和뫍治훎理샭的뗄功릦能쓜。ꆣ?W?a쮺tts?뫍和?Zi?nn?n?e?nna?n??(1??98?3?)?回믘맋顾了쇋审짳计볆发랢展햹的뗄历샺史쪷，ꎬ认죏为캪审짳计볆职횰业튵的뗄发랢展햹不늻仅뷶是쫇政헾府뢮行탐政헾命쏼令쇮的뗄结뷡果맻，ꎬ?룼更是쫇市쫐场뎡为캪降붵低뗍契웵约풼的뗄机믺会믡主훷义틥行탐为캪所쯹需탨成돉本놾的뗄需탨求쟳反랴应펦。ꆣF?r?an?c?i?s和뫍?Wi?ls??on??(1?9?8?8?)?则퓲提쳡릩供了쇋쿠相应펦的뗄实쪵证횤?证횤据뻝，ꎬ在퓚假볙定뚨国맺际볊"ꆰ八냋大듳"ꆱ会믡计볆师쪦事쫂务컱所쯹比뇈非럇"ꆰ八냋大듳"ꆱ会믡计볆师쪦事쫂务컱所쯹具뻟有폐更룼有폐效킧的뗄监볠督뚽功릦能쓜后뫳，ꎬ他쯻们쏇发랢现쿖?막股东뚫与폫管맜理샭层닣之횮间볤以틔及벰所쯹有폐者헟与폫债햮权좨人죋之횮间볤代듺理샭冲돥突춻越풽严퇏重훘的뗄公릫司쮾，ꎬ越풽有폐可뿉能쓜选톡择퓱国맺际볊"ꆰ八냋大듳"ꆱ会믡计볆师쪦事쫂?务컱所쯹。ꆣ?Fa?n?和뫍?Wo?n?g??(?2?00?5?)?通춨过맽퇐研究뺿新탂兴탋市쫐场뎡中훐外췢部늿审짳计볆师쪦的뗄公릫司쮾治훎理샭功릦能쓜后뫳发랢现쿖了쇋类샠似쯆的뗄证횤据뻝，ꎬ认죏为캪审짳?计볆本놾身짭是쫇-튻种훖公릫司쮾治훎理샭方랽式쪽，ꎬ可뿉以틔降붵低뗍企웳业튵的뗄信탅息쾢不늻对뛔称돆程돌度뛈和뫍代듺理샭成돉本놾。ꆣ他쯻们쏇发랢现쿖，ꎬ在퓚很뫜难쓑通춨过맽传뒫统춳的뗄?춾途径뺶减복轻쟡代듺理샭问컊题쳢的뗄东뚫亚퇇国맺家볒企웳业튵中훐，ꎬ控뿘股막股막东뚫和뫍中훐小킡股막东뚫代듺理샭冲돥突춻越풽严퇏重훘的뗄公릫司쮾越풽可뿉能쓜聘울请쟫国맺际볊"ꆰ五컥大듳"ꆱ?会믡计볆师쪦事쫂务컱所쯹的뗄审짳计볆师쪦。ꆣ?Ch?o?i?和뫍?Wo?n?g?(?2?0?0?7?)?튲也发랢쿖现，ꎬ퓚在投춶资者헟保놣护뮤较뷏弱죵的뗄国맺家볒中훐，ꎬ国맺际볊"ꆰ五컥大듳"ꆱ会믡计볆?师쪦事쫂务컱所쯹的뗄审짳计볆师쪦在퓚公릫司쮾治훎理샭中훐起웰到떽了쇋非럇常뎣重훘要튪的뗄作ퟷ用폃。ꆣ陈돂信탅元풪等뗈?(?2?00?9?)?횸指出돶，ꎬ뛀独立솢审짳计볆治훎理샭职횰能쓜由평五컥?个룶틀依次듎递뗝进뷸的뗄环뮷뷚节组ퟩ成돉，ꎬ分럖别뇰为캪(ꎺ1??)?上짏市쫐公릫司쮾会믡计볆师쪦事쫂务컱所쯹选톡择퓱ꎻ?(?2)?会믡计볆师쪦事쫂务컱所쯹选톡择퓱的뗄经뺭济볃后뫳果맻:ꎻ??(?3?)짳审볆计놨报룦告뫍和뚨定볛价탐行为캪ꎻ(??4)?审짳计볆놨报告룦뫍和审짳볆计定뚨价볛的뗄信탅息쾢含몬量솿ꎻ(?5?)?审짳计볆놨报告룦和뫍审짳计볆定뚨价볛使쪹用폃与폫公릫司쮾治훎?理샭改룄进뷸。ꆣ上짏쫶述五컥룶个环뮷节뷚均뻹可뿉能쓜受쫜到떽证횤券좯市쫐场뎡有폐关맘制훆度뛈安낲排업和뫍公릫司쮾治훎理샭环뮷境뺳的뗄影펰响쿬。ꆣ值횵得뗃重훘视쫓的뗄是쫇，ꎬ证횤券좯市쫐?场뎡的뗄市쫐场뎡竞뺺争헹、ꆢ声짹폾誉机믺훆制、ꆢ볠监管맜뫍和法램律싉믺机制훆以틔及벰公릫司쮾治훎理샭环뮷境뺳会믡对뛔独뛀立솢审짳计볆发랢挥믓治훎理샭功릦能쓜的뗄程돌度뛈产닺生짺重훘要튪?影펰响쿬(??Wa?t?ts?和뫍?Zi?nn?ne??nna??n，ꎬ?19?8?3?;ꎻ陈돂信탅元풪等뗈，ꎬ?20?0?9?)?。ꆣ?(?뛾二?)믡会볆计탅信쾢息ꆢ、릫公쮾司훎治샭理폫与막股利샻政헾策닟?围캧죆绕内쓚늿部죋人(?죧如管맜샭理닣层、ꆢ뿘控股막막股东뚫)?与폫췢外部늿죋人(?如죧中훐小킡投춶资者헟〉?횮之间볤的뗄代듺理샭冲돥突춻，ꎬ股막샻利代듺理샭成돉本놾理샭论싛?将붫现쿖金뷰股막利샻看뾴作ퟷ是쫇缓뮺解뷢代듺理샭问컊题쳢、ꆢ降붵低뗍代듺理샭成돉本놾的뗄机믺制훆之횮一튻?(R?o?s?e?f?f，ꎬ1??98?2?;ꎻ ?Ea??s?ter?b?r?o?o?k,ꎬ 1??9?8?4;ꎻ J?e??ns?e??n,ꎬ? ?1?98?6?)?ꎬ，因틲뛸而쫇是햮债컱务、ꆢ뚭董쫂事믡会治훎샭理、ꆢ믺机构릹投춶资者헟持돖股막、ꆢ管맜理샭层닣持돖股막、ꆢ投춶资者헟法램律싉保놣护뮤、ꆢ产닺品욷市쫐场뎡竞뺺争헹等뗈公릫?司쮾内쓚췢外部늿治훎理샭的뗄替쳦代듺机믺制훆。ꆣ然좻뛸而，ꎬ막股利샻政헾策닟也튲可뿉能쓜是쫇公릫司쮾内쓚外췢部늿治훎理샭机믺制훆改룄善짆的뗄结뷡果맻，ꎬ股막利샻支횧付뢶与폫公릫司쮾治훎?샭理水쮮平욽呈돊正헽相쿠关맘关맘系쾵，ꎬ如죧?La???Po?r?t?a뗈等?(?2?00?0?)?ꆢ、?Sh?o?r?t?等뗈?(?20?0?2?)?、ꆢA?司??j?a?o?u?d和뫍B?e?n?‘ꎮA?m?a?r?(??20?1?0?)?ꆢ、M?i?ch?a?e?l?y?뫍和?Ro?b?e?r?ts??(?20?1?2?)?等뗈的뗄研퇐究뺿。ꆣ值횵得뗃一튻提쳡的뗄是쫇，ꎬ?La?P?o?r?t?a等뗈(??20?0?0?)?发랢햹展并늢正헽式쪽쳡提出돶了쇋两솽个룶竞뺺争헹性탔的뗄股막利샻代듺?샭理模쒣型탍，ꎬ即벴"ꆰ替쳦代듺"ꆱ쒣模型탍뫍和"ꆰ뷡结果맻"ꆱ模쒣型탍，ꎬ为캪뾼考察달막股利샻헾政策닟与폫公릫司쮾治훎理샭机믺制훆的뗄关맘系쾵提쳡릩供了쇋研퇐究뺿范랶式쪽和뫍分럖析컶?뿲框架볜。ꆣ?会믡计볆信탅息쾢作ퟷ为캪执횴行탐企웳业튵契웵约풼的뗄重훘要튪依틀据뻝，ꎬ具뻟有폐公릫司쮾治훎理샭的뗄功릦能쓜，ꎬ并늢对뛔包냼括삨股막利샻政헾策닟在퓚内쓚的뗄公릫司쮾财닆务컱决뻶?策닟具뻟폐有重훘要튪影펰响쿬(??Br??o?c?k?ma?n?和뫍U?n?l?uꎬ，2??01??1) 0? ?Lu?o?和뫍?Pl?u?ml?ee?(??2?00?8?)?采닉用폃技춶资管맜理샭与폫研퇐究뺿协킭会믡(??the? ?As?s??o?ci?a?ti?on? ??fo?r? I?nv?e?s?t?me??nt? ?Ma??na??ge??m?e?n?t a??nd? ?Re?s?ea?r??c?h)?分럖析컶师쪦披엻露슶评움级벶数쫽据뻝衡뫢量솿自ퟔ愿풸性탔披엻露슶质훊量솿，ꎬ检볬验퇩了쇋股막利샻政헾策닟与폫信탅?息쾢엻披露슶之횮间볤的뗄关맘系쾵，ꎬ发랢现쿖股막利샻支횧付뢶意틢愿풸和뫍水쮮平욽均뻹与폫自ퟔ愿풸性탔披엻露슶质훊量솿负뢺相쿠关맘。ꆣL?a?w?s?o?n和뫍?Wa?n?g??(?2?01??1?)샻利폃用?美쏀国맺2?0?0?3?至훁2?0?0?8?年쓪的뗄쫽数据뻝퇐研究뺿了쇋审짳计볆师쪦监볠督뚽与폫股막利샻政헾策닟的뗄关맘系쾵，ꎬ发랢쿖现公릫司쮾股막利샻支횧付뢶与폫审짳计볆师쪦监볠督뚽显쿔著훸负뢺?췲랽7??2쫽 ?뻝
相쿠关맘，ꎬ从듓而뛸支횧持돖"ꆰ替쳦代듺"ꆱ模쒣型탍。ꆣ?Br?o??c?k?ma?n?뫍和U?n?l?u(??20?1?1??)틀依삵赖폚于탅信쾢息엻披슶露뮷环뺳境퓚在룷各맺国볤间뗄的닮差틬异，ꎬ듓从듺代理샭?돉成本놾的뗄视쫓角뷇检볬验퇩了쇋股막利샻生짺命쏼周훜期웚理샭论싛，ꎬ랢发쿖现公릫쮾司쿖现뷰金막股샻利횧支뢶付与폫탅信息쾢披엻露슶环뮷境뺳质훊量솿呈돊U?型탍关맘系쾵，ꎬ即벴信탅쾢息披엻?슶露环뮷境뺳较뷏差닮时쪱，ꎬ맜管샭理헟者쟣倾向쿲횧支뢶付较뷏高룟的뗄막股利샻以틔建붨솢立吸컼引틽外췢部늿投춶资者헟的뗄声짹誉폾:ꎻ信탅息쾢披엻露슶环뮷境뺳较뷏好뫃时쪱，ꎬ管맜理샭者헟?除돽"ꆰ被놻迫웈"ꆱ吐췂出돶现쿖金뷰以틔支횧付뢶较뷏高룟的뗄股막利샻外췢别뇰无컞选톡择퓱。ꆣ?综ퟛ上짏쯹所述쫶，ꎬ己틑폐有컄文쿗献在퓚솽两룶个랽方面쏦믹基本놾듯达成돉了쇋共릲识쪶:ꎺ튻一쫇是上짏쫐市公릫司쮾的뗄쿖现金뷰막股利샻政헾策닟与폫公릫司쮾治훎理샭机믺制훆存듦在퓚?密쏜切쟐关맘系쾵，ꎬ늢并且쟒因틲具뻟体쳥治훎理샭믺机制훆、ꆢ훆制뛈度背놳뺰景等뗈닮差别뇰뛸而表뇭쿖现为캪因틲果맻关맘系쾵或믲替쳦代듺关맘系쾵:ꎻ二뛾是쫇会믡计볆信탅息쾢透춸明쏷度뛈以틔?及벰提쳡高룟会믡计볆탅信息쾢透춸明쏷뛈度的뗄机믺制훆如죧信탅息쾢披엻露슶、ꆢ独뛀立솢审짳计볆等뗈，ꎬ具뻟有폐公릫司쮾治훎理샭的뗄功릦能쓜。ꆣ然좻而뛸，ꎬ具뻟体쳥到떽上짏市쫐公릫司쮾的뗄?股막利샻政헾策닟与폫믡会计볆탅信息쾢벰及相쿠应펦机믺훆制的뗄治훎理샭功릦能쓜之횮间볤存듦在퓚何뫎种훖关맘系쾵的뗄研퇐究뺿尚짐显쿔薄놡弱죵，ꎬ并늢且쟒结뷡论싛也튲不늻一튻致훂，ꎬ甚짵至훁?좱缺少짙类샠似쯆中훐国맺这헢样퇹的뗄新탂兴탋市쫐场뎡样퇹本놾的뗄经뺭验퇩证횤据뻝。ꆣ?三죽、ꆢ샭理论싛分럖析컶与폫研퇐究뺿假볙设짨?뷨借助훺L?a?P?o?r?ta?等뗈(??20?0?0?)?쳡提出돶的뗄"ꆰ结뷡果맻"ꆱ模쒣型탍和뫍"ꆰ替쳦代듺"ꆱ模쒣탍型的뗄分럖析컶뿲框架볜，ꎬ本놾文컄试쫔图춼分럖析컶上짏市쫐公릫司쮾现쿖?金뷰股막利샻政헾策닟与폫独뛀立솢审짳计볆之횮间볤的뗄关맘系쾵。ꆣ튻一方랽面쏦基믹于폚"ꆰ结뷡果맻"ꆱ模쒣型탍的뗄싟逻辑벭，ꎬ我컒쏇们认죏为캪独뛀立솢审짳计볆的뗄监볠督뚽能쓜够릻促듙进뷸?上짏市쫐公릫司쮾更룼加볓透춸明쏷地뗘披엻露슶管맜理샭者헟行탐为캪和뫍公릫司쮾经뺭营펪及벰财닆务컱状ힴ况뿶，ꎬ从듓而뛸确좷놣保外췢늿部投춶资者헟更룼准ힼ确좷地뗘评움判에公릫司쮾存듦在퓚?뗄的듺代샭理问컊쳢题和뫍춶投资믺机会믡。ꆣ己틑폐有퇐研뺿究뇭表明쏷，ꎬ릫公司쮾内쓚部늿죋人(?맜管理샭닣层或믲뿘控股막막股东뚫)?往췹췹往具뻟폐有很뫜强잿的뗄动뚯机믺和뫍能쓜力솦保놣?留쇴샻利润죳살来用폃于폚在퓚횰职쿻消费럑、ꆢ붨建솢立웳企튵业帝뗛国맺，ꎬ믲或뷸进탐行一튻킩些폐有샻利于폚쳡提高룟웤其私쮽죋人声짹췻望但떫收쫕益틦率싊很뫜低뗍、ꆢ甚짵至훁有폐损쯰于폚外췢?늿部投춶资헟者利샻틦益的뗄춶投资或믲收쫕릺购活믮动뚯。ꆣ当떱公릫司쮾存듦퓚在大듳솿量自ퟔ由평现쿖金뷰流쇷时쪱，ꎬ횧支付뢶막股利샻是쫇阻ퟨ止횹内쓚部늿人죋机믺会믡主훷义틥行탐为캪的뗄?쫖手段뛎횮之一튻。ꆣ外췢늿部뛀独솢立审짳볆计的뗄볠监督뚽볓加大듳了쇋内쓚部늿人죋쯰损害몦外췢部늿投춶资者헟利샻益틦的뗄过맽度뛈投춶资、ꆢ在퓚职횰消쿻费럑等뗈机믺会믡主훷义틥行탐为캪?놻被发랢쿖现的뗄룅概率싊뫍和风럧险쿕，ꎬ因틲而뛸룼更容죝易틗迫웈쪹使内쓚部늿人죋"ꆰ吐췂出돶"ꆱ쿖现金뷰作ퟷ为캪股막利샻支횧付뢶给룸股막东뚫。ꆣ基믹于폚此듋，ꎬ本놾文컄提쳡出돶研퇐究뺿?假볙设짨1?:ꎺ? H?1?a?:ꎺ上짏市쫐公릫司쮾现쿖金뷰股막利샻支횧付뢶倾쟣向쿲与폫独뛀立솢审짳计볆质훊量솿呈돊正헽相쿠关맘关맘系쾵:ꎻ?H?1?b?:ꎺ上짏市쫐公릫司쮾现쿖金뷰股막利샻支횧付뢶水쮮平욽与폫独뛀立솢审짳计볆质훊量솿呈돊正헽相쿠关맘关맘系쾵。ꆣ?另쇭一튻랽方쏦面"ꎬꆰ替쳦代듺"ꆱ模쒣型탍预풤测닢公릫司쮾股막利샻支횧付뢶倾쟣向쿲及벰支횧付뢶水쮮平욽与폫独뛀立솢审짳计볆的뗄监볠督뚽程돌度뛈呈돊负뢺相쿠关맘关맘系쾵，ꎬ独뛀?立솢审짳计볆볠监督뚽与폫股막샻利支횧付뢶都뚼具뻟有폐提쳡升짽公릫司쮾治훎理샭水쮮平욽、ꆢ降붵低뗍代듺理샭成돉本놾的뗄功릦能쓜，ꎬ뿉可能쓜存듦在퓚互뮥相쿠替쳦代듺的뗄关맘系쾵。ꆣ虽쯤然좻?股막利샻政헾策닟能쓜够릻缓뮺解뷢公릫司쮾内쓚部늿人죋与폫外췢部늿人죋之횮间볤的뗄代듺理샭冲돥突춻，ꎬ但떫其웤效킧力솦主훷要튪取좡决뻶于폚对뛔内쓚部늿人죋行탐为캪的뗄限쿞制훆程돌度뛈，ꎬ?而뛸且쟒，ꎬ现쿖金뷰股막利샻훁至少짙强잿加볓룸给了쇋派엉现쿖公릫司쮾三죽种훖成돉놾本，ꎬ냼包括삨쮰税收쫕成돉本놾、ꆢ在퓚内쓚部늿现쿖金뷰流쇷不늻充돤足ퟣ时쪱放럅弃웺正헽N?P?V?项쿮?目쒿뗄的돉成놾本뫍和뷸进탐行췢外늿部죚融资的뗄额뛮췢外成돉本놾等뗈C??J?ir?a?p?o?m等뗈，ꎬ2?0?1??1?)ꆣ。헽正쫇是평由폚于쿖现뷰金막股샻利횧支뢶付뗄的듺代볛价낺昂맳贵，ꎬ因틲此듋治훎?샭理机믺훆制完췪善짆的뗄公릫司쮾并늢不늻倾쟣向쿲于폚支횧付뢶(?更룼多뛠)?股막利샻，ꎬ쿠相反랴，ꎬ쓇那些킩듺代理샭问컊题쳢뷏较为캪퇏严重훘、ꆢ治훎理샭较뷏差닮的뗄公릫司쮾则퓲被놻预풤?웚期具뻟有폐更룼大듳的뗄支횧付뢶(?更룼多뛠)?股막利샻的뗄倾쟣向쿲。ꆣ另쇭外췢，ꎬ샠类似쯆于폚E?a?s?t?e?r?b?r?o?o?k?(1??98?4?)?틔以及벰L?a??Po?r?ta?l?等뗈。??0?0?0?)?的뗄讨쳖?싛论，ꎬ막股샻利헾政닟策쳦替듺代킧效펦应的뗄另쇭튻一种훖뷢解释쫍죏认为캪，ꎬ当떱治훎理샭뷏较差닮的뗄公릫司쮾需탨要튪从듓外췢늿部资本놾市쫐뎡场筹돯集벯资金뷰时쪱，ꎬ需탨要튪通춨过맽?支횧付뢶股막利샻建붨立솢一튻个룶适쫊度뛈保놣护뮤外췢部늿춶投资者헟利샻益틦的뗄信탅誉폾机믺制훆。ꆣ因틲为캪在퓚外췢部늿人죋看뾴来살，ꎬ支횧付뢶股막利샻减복少짙了쇋留쇴存듦在퓚企웳业튵?里샯的뗄多뛠余폠现쿖金뷰，ꎬ降붵低뗍了쇋内쓚늿部人죋맽过度뛈춶投资或믲滥샄用폃쿖现金뷰的뗄可뿉能쓜性탔，ꎬ从듓而뛸成돉为캪上짏市쫐公릫司쮾向쿲外췢部늿投춶资者헟发랢出돶的뗄其웤利샻?益틦不늻受쫜侵쟖占햼的뗄信탅号뫅。ꆣ独뛀立솢审짳计볆监볠督뚽较뷏弱죵的뗄上짏市쫐公릫司쮾，ꎬ信탅息쾢透춸明쏷度뛈可뿉能쓜较뷏差닮，ꎬ内쓚部늿人죋更룼有폐机믺会믡进뷸行탐利샻益틦侵쟖占햼，ꎬ?继볌뛸而产닺生짺更룼高룟的뗄듺代理샭成돉本놾，ꎬ因틲듋此被놻풤预期웚具뻟有폐更룼高룟的뗄现쿖金뷰股막利샻支횧付뢶倾쟣向쿲和뫍支횧付뢶水쮮平욽。ꆣ基믹于폚此듋，ꎬ本놾文컄提쳡出돶研퇐究뺿?볙假设짨?2:ꎺ??H2?a?:ꎺ上짏市쫐公릫司쮾现쿖金뷰股막利샻支횧付뢶倾쟣向쿲与폫独뛀立솢审짳计볆质훊量솿呈돊负뢺相쿠关맘关맘系쾵:ꎻ??H2?b?:ꎺ짏上市쫐公릫司쮾现쿖金뷰股막利샻支횧付뢶水쮮平욽与폫独뛀立솢审짳计볆质훊量솿呈돊负뢺相쿠关맘关맘系쾵。ꆣ?풴源于폚中훐国맺经뺭济볃转型탍的뗄历샺史쪷原풭因틲和뫍国맺家볒战햽略싔的뗄需탨要튪，ꎬ컒我国맺资놾本市쫐뎡场设짨솢立之횮돵初上짏市쫐公릫司쮾듳大部늿1分럖由평国맺有폐企웳业튵?改룄훆制뛸而살来，ꎬ듓从뛸而늻不可뿉뇜避쏢免뗘地受쫜떽到헾政뢮府动뚯믺机和뫍탐行为캪的뗄影펰响쿬。ꆣ뺡尽管맜国맺有폐企웳业튵춨通过맽改룄制훆成돉为캪上짏市쫐公릫司쮾以틔后뫳，ꎬ其웤治훎?理샭结뷡构릹和뫍监볠管맜环뮷境뺳发랢生짺了쇋很뫜大듳变뇤化뮯，ꎬ떫但政헾뢮府仍죔有폐能쓜力솦将붫其웤自ퟔ身짭目쒿标뇪内쓚部늿化뮯到떽这헢些킩公릫司쮾当떱中훐。ꆣ由평于폚监볠管맜力솦量솿?和뫍法램律싉约풼束쫸更룼难쓑以틔限쿞制훆政헾府뢮权좨力솦，ꎬ政헾뢮府控뿘훆制的뗄上짏市쫐公릫司쮾相쿠对뛔于폚非럇政헾府뢮控뿘制훆的뗄上짏市쫐公릫司쮾而뛸言퇔，ꎬ控뿘制훆人죋侵쟖害몦中훐?킡小막股뚫东的뗄能쓜力솦뫍和危캣害몦更룼大듳。ꆣ已틑有폐퇐研究뺿뇭表明쏷，ꎬ政헾뢮府干룉풤预会믡뛔对公릫司쮾治훎理샭뫍和企웳튵业绩벨效킧产닺生짺不늻利샻影펰响쿬，ꎬ甚짵至훁还뮹会믡导떼?致훂上짏市쫐公릫司쮾产닺生짺机믺会믡主훷义틥行탐为캪(夏?쿄立솢军뻼和뫍方랽轶强잿，ꎬ2??0?05?;ꎻ ?Fa?n?等뗈，ꎬ?2?00?7?)?。ꆣ同춬时쪱，ꎬ在퓚国맺家볒控뿘股막上짏市쫐公릫司쮾中훐，ꎬ?虽쯤좻然国맺家볒作ퟷ为캪最ퟮ终훕控뿘制훆人죋会믡派엉出돶自ퟔ己벺的뗄代듺表뇭经뺭营펪和뫍管맜理샭公릫司쮾，ꎬ但떫由평于폚较뷏长뎤的뗄控뿘制훆链솴条쳵使쪹国맺家볒控뿘股막股막东뚫容죝易틗?췲랽쫽뻝???73
쪧失좥去뛔对这헢些킩管맜理샭者헟的뗄监볠管맜，ꎬ即벴存듦在퓚所쯹有폐者헟缺좱位캻，ꎬ其웤导떼致훂的뗄严퇏重훘后뫳果맻就뻍是쫇公릫司쮾内쓚部늿人죋的뗄超뎬强잿控뿘制훆(王?췵化뮯成돉等뗈，ꎬ??2?0?0?7)?ꆣ。틲因듋此뿉可以틔认죏为캪国맺家볒控뿘股막上짏市쫐公릫司쮾中훐的뗄代듺理샭问컊题쳢可뿉能쓜更룼加볓严퇏重훘。ꆣ?헾政뢮府룉干풤预뫍和内쓚늿部人죋超뎬잿强控뿘훆制的뗄结뷡果맻则퓲是쫇独뛀立솢审짳计볆等뗈公릫司쮾治훎理샭机믺制훆的뗄功릦能쓜往췹往췹被놻弱죵化뮯，ꎬ最ퟮ终훕影펰响쿬公릫司쮾治훎?샭理믺机훆制与폫막股샻利헾政닟策之횮间볤的뗄맘关系쾵。ꆣ雷샗맢光勇폂뗈等?(?2?0?0?9)?횸指出돶췢外늿部짳审볆计뿉可以틔部늿럖分替쳦듺代램法훎治水쮮平욽的뗄不늻ퟣ足发랢믓挥外췢部늿公릫?司쮾훎治샭理릦功能쓜，ꎬ떫但튪要쫜受훆制뛈度놳背뺰景폈尤웤其쫇是政헾훎治关맘솪联的뗄影펰响쿬。ꆣ뻟具有폐헾政治훎联솪쾵系的뗄国맺有폐짏上市쫐公릫司쮾的뗄审짳计볆쪦师选톡퓱择具뻟有폐显쿔?훸著뗄的"ꆰ뗘地풵缘쟣倾쿲向ꆱ"ꎬ即벴倾쟣向쿲于폚选톡择퓱"ꆰ本놾地뗘小킡쯹所"ꆱ뷸进탐行짳审볆计ꎬ，늢并쟒且뗘地랽方맺国폐有짏上쫐市릫公쮾司헢这튻"ꆰ地뗘缘풵倾쟣向쿲"ꆱ更룼为캪?쏷明쿔显。ꆣ뛔对폚于볈既뚨定뗄的펯盈余폠훊质솿量，ꎬ具뻟폐有헾政治훎솪联系쾵的뗄国맺폐有上짏市쫐公릫司쮾获믱得뗃"ꆰ非럇标뇪"ꆱ审짳볆计意틢见볻的뗄概룅率싊显쿔著훸地뗘更룼低뗍。ꆣ而뛸?且쟒，ꎬ中훐国맺的뗄国맺有폐上짏市쫐公릫司쮾总ퟜ体쳥上짏缺좱乏랦高룟质훊量솿审짳计볆需탨求쟳，ꎬ从듓而뛸有폐可뿉能쓜导떼致훂地뗘方랽国맺有폐上짏市쫐公릫司쮾和뫍"ꆰ本놾地뗘小킡所쯹"ꆱ?之횮볤间的뗄"ꆰ默쒬契웵飞ꆱꎬ可뿉能쓜引틽发랢审짳计볆"ꆰ合뫏谋쒱"ꆱ等뗈诸훮多뛠问컊题쳢(杜?뛅兴탋强잿等뗈，ꎬ?20?1?1?)?ꆣ。믹基폚于듋此，ꎬ놾本컄文쳡提出돶퇐研究뺿볙假设짨?3:ꎺ??H3?:ꎺ짏上쫐市公릫司쮾现쿖金뷰股막利샻政헾策닟和뫍外췢部늿独뛀立솢审짳计볆之횮间볤的뗄关맘系쾵与폫上짏市쫐公릫司쮾的뗄产닺权좨性탔质훊有폐关맘。ꆣ?쯄四、ꆢ퇐研究뺿设짨볆计??(튻一?)뇤变솿量뚨定틥义?本놾컄文采닉폃用虚탩쓢拟变뇤量솿?DI?V衡뫢솿量上짏市쫐公릫司쮾现쿖金뷰股막利샻支횧付뢶倾쟣向쿲，ꎬ如죧果맻上짏市쫐公릫司쮾发랢放럅了쇋现쿖金뷰股막利샻则퓲取좡值횵1?，ꎬ否럱?퓲则좡取值횵。?ꎻ:럖分뇰别닉采폃用쎿每막股现쿖뷰金股막利샻?DP?S?뫍和现쿖뷰金股막利샻支횧付뢶率싊?DI??V?R?AT?E?뫢衡量솿上짏市쫐公릫司쮾现쿖金뷰股막利샻支횧付뢶水쮮平욽。ꆣ?本놾文컄分럖别뇰采닉用폃审짳计볆意틢见볻类샠型탍和뫍是쫇否럱选톡聘울著훸名쏻会믡计볆师쪦事쫂务컱所쯹来살衡뫢量솿独뛀立솢审짳计볆的뗄质훊量솿。ꆣ我컒们쏇借뷨鉴본岳퓀衡뫢??。??00?6?)?的뗄ퟶ做램法，ꎬ냑把뇪标ힼ准틢意见볻定뚨义틥캪为标뇪准ힼ无컞保놣留쇴意틢见볻，ꎬ而뛸웤其余폠뻹均为캪非럇标뇪准ힼ意틢见볻，ꎬ定뚨义틥뇤变量솿A?U?D?I??T当떱짳审볆计意틢?볻见为캪标뇪准ힼ意틢见볻时쪱取좡值횵1?，ꎬ否럱则퓲取좡值횵。?①?ꆣ。쇭另췢外"ꆰ쯄四듳大ꆱ"벺己돉成캪为룟高훊质솿量짳审计볆的뗄代듺名쏻词듊，ꎬ很뫜多뛠研퇐究뺿直횱接뷓将붫"ꆰ四쯄大듳"ꆱ?ퟷ作为캪高룟质훊量솿审짳计볆的뗄替쳦代듺变뇤量솿(雷?샗光맢勇폂等뗈，ꎬ2??0?0?9)?ꎬ，틲因듋此놾本컄文뮹还定뚨틥义了쇋变뇤솿量?BI??G4?ꎬ，죧如맻果떣担죎任짳审볆计的뗄믡会计볆쪦师事쫂?컱务所쯹为캪国맺际볊"ꆰ四쯄大듳"ꆱ会믡计볆师쪦事쫂务컱所쯹时쪱则퓲取좡值횵1?.ꎬ否럱则퓲取좡횵值0?。ꆣ?本놾文컄依틀据뻝己틑有폐文컄献쿗，ꎬ从듓股막权좨结뷡构릹、ꆢ产닺权좨性탔质훊、ꆢ上짏市쫐年쓪限쿞、ꆢ公릫司쮾规맦模쒣、ꆢ财닆务컱杠룜杆룋、ꆢ盈펯利샻能쓜力솦、ꆢ成돉长뎤性탔等뗈公릫?司쮾쳘特征헷方랽面쏦设짨置훃了쇋相쿠应펦的뗄控뿘制훆变뇤量솿，ꎬ춬同쪱时뮹还뿘控훆制了쇋탐行튵业뫍和쓪年뛈度虚탩拟쓢뇤变量솿?气ꆣ变뇤量솿名쏻称돆、ꆢ뚨定틥义뫍和文컄쿗献依틀据뻝见볻表뇭1?0ꆣ?(?뛾二?)쒣模탍型릹构붨建?놾本文컄根룹据뻝样퇹本놾数쫽据뻝和뫍被놻解뷢释쫍变뇤量솿的뗄特쳘点뗣，ꎬ分럖别뇰构릹建붨了쇋?pa?n?e?l?l?og?i?t和뫍?pa?n?e?l?t?ob?i?t计볆量솿模쒣型탍。ꆣ股막利샻分럖配엤倾쟣?쿲向?DI?V是쫇좡取值횵1?和뫍O?的뗄탩虚拟쓢变뇤量솿，ꎬ因틲此듋采닉用폃式쪽(1??)?的뗄l?og?i?t模쒣型탍进뷸行탐检볬验퇩。ꆣ由평于폚퇹样本놾中훐有폐相쿠当떱部늿分럖的뗄上짏市쫐?公릫司쮾不늻支횧뢶付股막利샻，ꎬ每쎿股막现쿖金뷰股막利샻D?P?S?和뫍막股利샻支횧付뢶率싊?DI?V?RA?T?E?폐有-튻定뚨比뇈例샽的뗄取좡值횵为캪?0ꎬ，틲因뛸而产닺짺生了쇋数쫽据뻝截뷘?좡取问컊题쳢。ꆣ在퓚헢这种훖情쟩况뿶下쿂，ꎬ如죧果맻采닉用폃?OL?S?等뗈标뇪准ힼ的뗄回믘归맩方랽法램容죝易틗产닺生짺偏욫误컳:ꎻ而뛸죴若仅뷶采닉用폃支횧付뢶股막利샻的뗄上짏市쫐公릫司쮾?样퇹本놾又폖容죝易틗产닺生짺样퇹本놾选톡择퓱问컊题쳢，ꎬ造퓬成돉大듳量솿信탅息쾢丧즥失쪧，ꎬ因틲此듋本놾文컄采닉用폃式쪽(??2)?的뗄?tob?i?t模쒣型탍进뷸行탐检볬验퇩。ꆣ计볆量솿模쒣?型탍如죧下쿂所쯹示쪾:ꎺ???????????????????????????????(?1?)? 1嗨0白gii让t叫叫[阶pr叫(D伊I川只凡1=11阿X刘川)月J=α叽ü+Lα矶jFα町ωact叫，1-1+ 汇α'k Contro!i,I_1 r??叫???=???ꇆ叫ꆻ????川???늷?川ꇆ??叫?????+?u??ꆭj k (2???) ??Di?v?de?n?d?=?m ?a?x? ?( 0?,ꎬ D?i?vd??en?d:? )?ꎬ?，叫?X-ꆫN?(?Oꎬ，?σ2) il i?上짏述쫶模쒣型탍中훐D?i?vd?e??nd?分럖别뇰为캪D?P?S?和뫍D?I?VR?A?T?E?;ꎻF?a?c?t?of?为캪解뷢释쫍变뇤量솿，ꎬ?Co?n?t?ro?l?为캪一튻系쾵列쇐控뿘制훆变뇤量솿:ꎻα??。、ꆢ?ßo?和뫍U?分럖别뇰为캪常뎣数쫽项쿮和误뫍差컳工닮页쿮。ꆣ?(?죽三?)퇹样놾本톡选퓱择뫍和쫽数据뻝来살源풴?本놾文컄以틔2?0?0?3?至훁2?0?1?0?年쓪A?股막上짏市쫐公릫司쮾为캪研퇐究뺿对뛔象쿳，ꎬ按내以틔下쿂程돌序탲进뷸行탐数쫽据뻝筛즸选톡(ꎺ1??)?由평于폚会믡计볆处뒦理샭方랽法램?的뗄差닮틬异，ꎬ쳞剔除돽金뷰融죚、ꆢ保놣险쿕类샠行탐业튵的뗄样퇹本놾ꎻ(?2?)?按내现쿖行탐分럖红뫬规맦定뚨，ꎬ当떱年쓪亏뿷损쯰或믲未캴分럖配엤利샻润죳为캪负뢺的뗄上짏市쫐公릫司쮾没쎻?①ꋙ审짳计볆意틢见볻类샠型탍以틔2?0?0?3?年쓪为캪分럖界뷧线쿟有폐所쯹区쟸别뇰ꎺ2?0?0?3?年쓪前잰包냼括삨标뇪准ힼ无컞保놣留쇴意틢见볻、ꆢ保놣留쇴意틢见볻、ꆢ否럱定뚨意틢见볻、ꆢ拒뻜绝뻸发랢表뇭意틢见볻、ꆢ无컞保놣留쇴意틢见볻加볓说쮵明쏷段뛎、ꆢ?保놣留쇴意틢见볻加볓说쮵明쏷段뛎和뫍否럱定뚨意틢见볻加볓说쮵明쏷段뛎ꎻ2?0?0?3?年쓪后뫳则퓲包냼括삨标뇪准ힼ无컞保놣留쇴意틢见볻、ꆢ保놣留쇴意틢见볻、ꆢ否럱定뚨意틢见볻、ꆢ无컞法램发랢表뇭意틢见볻、ꆢ无컞保놣留쇴意틢见볻加볓事쫂项쿮段뛎和뫍保놣留쇴意틢见볻?加볓事쫂项쿮段뛎。ꆣ?②ꋚ根룹据뻝2?0?0?1?年쓪中훐国맺证횤监볠会믡公릫布늼的뗄《上ꆶ짏市쫐公릫司行쮾业탐分튵类럖指샠引횸)틽)ꆷ.ꎬ上짏市쫐公릫司쮾被놻分럖为캪1?3?类샠行탐业튵，ꎬ本놾文컄样퇹本놾排업除돽了쇋金뷰融죚、ꆢ保놣险쿕类샠公릫司쮾。ꆣ此듋外췢，ꎬ我컒们쏇还뮹?按내照헕二뛾级벶行탐业튵目쒿录슼对뛔制훆造퓬业튵公릫司쮾进뷸一튻步늽分럖类샠。ꆣ?췲랽7?쫽4? ?뻝
폐有资格룱发랢放럅红뫬利샻，ꎬ因틲듋此붫将듋此샠类퇹样本놾쳞剔除돽(ꎻ3??)?쳞剔除돽相쿠맘关数쫽뻝据缺좱失쪧的뗄样퇹本놾。ꆣ最ퟮ后뫳本놾文컄得뗃到떽?7?23?5?个룶观맛测닢样퇹本놾。ꆣ?놾本文컄쿖现金뷰股막利샻数쫽据뻝来살源풴于폚W?I?Nn?쫽数据뻝库뿢，ꎬ公릫司쮾治훎理샭和뫍财닆务컱数쫽据뻝来살源풴于폚国맺泰첩安낲C??S?MA?R?数쫽据뻝库뿢。ꆣ?뇭表1??变뇤量솿名쏻称돆、ꆢ定뚨义틥和뫍文컄献쿗依틀据뻝?뇤变量솿符럻号뫅?变뇤量솿名쏻称돆及벰定뚨义틥?文컄献쿗依틀据뻝?????쿖现金뷰股막利샻支횧付뢶倾쟣向쿲ꎺz上짏市쫐公릫司쮾如죧果맻支횧付뢶现쿖金뷰股막利샻则퓲取좡值횵?1，ꎬ럱否퓲则?王췵化뮯成돉等뗈(??20?0?7?)?;ꎻ뚭董퇞艳뫍和샮李럯凤(??20?1?I?)??DIV 좡取值횵?O?????쎿每股막现쿖金뷰股막利샻:ꎺ现쿖金뷰股막利샻/ꎯퟜ总막股本놾?王췵化뮯成돉等뗈?(?20?0?7?)?ꎻ刘쇵志횾强잿和뫍余폠明쏷桂맰?DPS (?2??0?0?9)?? ?ꎬ?떶?股막利샻支횧付뢶率싊:ꎺ现쿖金뷰股막利샻/ꎯ뺻净利샻润죳?刘쇵志횾强잿和뫍余폠明쏷桂맰(??20??09?)?;ꎻ뚭董퇞艳뫍和李샮?DIVRATE 럯凤?(?20?1?1?)?A?U??D?I?T? 审짳计볆意틢见볻类샠型탍:ꎺ审짳计볆意틢见볻为캪标뇪准ힼ意틢见볻则퓲取좡值횵1?，ꎬ否럱则퓲取좡值횵O??퓀岳衡뫢?(?20??06?)???????著훸名쏻会믡计볆师쪦事쫂务컱所쯹:ꎺ如죧果맻担떣任죎审짳计볆的뗄会믡计볆师쪦事쫂务컱所쯹为캪国맺际볊"ꆰ四쯄??Fa?n?和뫍?Wo?n?g?(?2?0?0?5?)? ;ꎻ C?h?o?i?和뫍W?o?n?g??BIG4 大듳"ꆱ则퓲取좡值횵1?，ꎬ否럱则퓲取좡值횵。???(2?0?0??7)? ????????뗚第一튻大듳막股东뚫持돖股막数쫽量솿占햼总ퟜ股막本놾的뗄比뇈例샽?翁컌洪뫩波늨和뫍吴컢世쫀农얩?(?20??0?7)LSHRHLD ???닺产좨权性탔质훊:ꎺ国맺有폐产닺权좨上짏市쫐公릫司쮾取좡值횵1?，ꎬ否럱则퓲取좡值횵O??夏쿄立솢军뻼和뫍方랽轶强잿(??20??05?)?STATE ???上짏쫐市年쓪限쿞ꎺ?Ln??(?1?횧+뢶支付막股샻利쓪年럝份폫与짏上쫐市年쓪份럝之횮差닮)?G?r?u?l?l?o?n和뫍?Mic?h?a?e?l?y?(2?0?0??7)?? AGE 成长性:营业收入增长率①袁振兴和杨淑娥(2006)翁洪波和G?R돟O??돉뎤탔ꎺ펪튵쫕죫퓶뎤싊ꆣ?풬WTH 컢쫀헱얩탋뫍??퇮??쫧??뛰???????ꎻ컌뫩늨뫍?吴世农(2007)릫公쮾司맦规쒣模:ꎺ릫公司쮾ퟜ总资닺产的뗄自ퟔ然좻뛔对数쫽?G?r?i?ns?t?eí??n和뫍M?í?ch?a?e?l?y(??20??05?)?ꎻ翁컌洪뫩?S?I?Z?E? ?늨뫍컢쫀얩???????波和吴世农(2007)财닆务컱杠룜杆룋zꎺퟜ总负뢺债햮/ꎯퟜ总资닺产??Gr?u?l?l?o?n和뫍?Mí?c?h?a?e?l?y??(2?0?0??7)? ;ꎻ뚭董퇞艳和뫍?L?E??V? 샮럯???????李凤(2011)????每쎿股막1쫕&틦益zꎺ净뺻利샻润죳/ꎯퟜ总막股本놾?풬袁振兴和杨淑娥(2006)董艳和李EPS 럯헱??탋?뫍??퇮?쫧뛰??????ꎻ뚭퇞뫍샮?凤(2011)??净뺻资产닺收쫕益틦率싊zꎺ净뺻利샻润죳/ꎯ뺻净资产닺?翁컌뫩洪波늨뫍和吴컢世쫀农얩(?2??00?7?)??ROE ?????每쎿股막经뺭营펪现쿖金뷰流쇷zꎺ经뺭营펪活믮动뚯产닺生짺的뗄现쿖金뷰流쇷/ꎯퟜ总막股本놾?풬袁헱振兴탋뫍和杨퇮쫧淑娥뛰(?2??00?6?)??CASH 五컥、ꆢ实쪵횤证结뷡果맻分럖析컶?(?튻一?)뇤变솿量쏨描쫶述탔性统춳计볆?뇭表2?列쇐示쪾了쇋本놾文컄主훷要튪变뇤量솿的뗄描쏨述쫶性탔统춳计볆。ꆣ表뇭中훐显쿔示쪾，ꎬ支횧付뢶过맽现쿖金뷰股막利샻的뗄公릫司쮾占햼总ퟜ样퇹本놾的뗄比뇈重훘约풼为캪??66?.ꎮ?5ꎥ%ꎬ，횧支뢶付뗄的쎿每막股쿖现뷰金股막利샻平욽均뻹约풼为캪0?.ꎮ1?元풪，ꎬ막股샻利支횧付뢶率싊平욽均뻹约풼为캪3?0?ꎮ.?6ꎥ%，ꎬ벴即짏上쫐市릫公쮾司횧支뢶付的뗄쿖现金뷰股막利샻占햼?웤其净뺻샻利润죳的뗄比뇈重훘约풼为캪三죽成돉。ꆣ样퇹本놾公릫司쮾获믱得뗃外췢部늿审짳计볆标뇪准ힼ意틢见볻的뗄比뇈例샽平욽均뻹约풼为캪9??8.ꎮ?5ꎥ%ꎬ，울聘쟫请国맺际볊"ꆰ四쯄大듳"ꆱ会믡?볆计师쪦쫂事务컱쯹所担떣죎任外췢部늿审짳计볆工릤作ퟷ的뗄比뇈例샽平욽均뻹仅뷶为캪7?ꎮ.?7ꎥ%。ꆣ듓从뇭表훐中뿉可以틔뾴看出돶，ꎬ룷各횸指뇪标퓚在퇹样本놾公릫司쮾间볤差닮异틬很뫜大듳，ꎬ因틲?듋此在퓚回믘归맩分럖析컶中훐，ꎬ为캪避뇜免쏢异틬常뎣值횵产닺生짺的뗄욫偏误컳，ꎬ本놾文컄对뛔相쿠关맘变뇤量솿在퓚1?ꎥ%和뫍?9?9ꎥ%뗄的쮮水平욽짏上进뷸탐行了쇋쯵缩尾캲处뒦理샭。ꆣ变뇤?솿量间볤的뗄相쿠关맘系쾵쫽数(?未캴列쇐出돶〉?显쿔示쪾，ꎬ除돽个룶别뇰相쿠关맘系쾵数쫽超뎬过맽?0.ꎮ?5以틔췢外，ꎬ웤其폠余뇤变量솿间볤的뗄相쿠关맘系쾵数쫽均뻹在퓚?0.ꎮ?5以틔内쓚，ꎬ?特쳘别뇰是쫇解뷢쫍释变뇤量솿与폫控뿘制훆变뇤量솿间볤的뗄相쿠关맘系쾵数쫽均뻹不늻超뎬过맽?0.ꎮ?ꎬ4뇭，쏷表쒣明模탍型늻不듦存퓚在퇏严훘重뗄的뛠多훘重릲共쿟线탔性컊问쳢题ꎬ，떩且不늻会믡?对뛔解뷢释쫍变뇤量솿系쾵数쫽产닺生짺严퇏重훘影펰响쿬。ꆣ?①ꋙ基믹于폚市쫐场뎡经뺭济볃中훐企웳业튵经뺭营펪的뗄多뛠元풪化뮯，ꎬ主훷营펪业튵务컱与폫其웤他쯻业튵务컱已틑界뷧限쿞模쒣糊뫽。ꆣ在퓚新탂会믡计볆准ힼ则퓲下쿂，ꎬ企웳业튵的뗄利샻润죳表뇭中훐取좡消쿻了쇋主훷营펪业튵务컱和뫍其웤他쯻业튵务컱的뗄划뮮分럖，ꎬ?将붫这헢些킩튵业务컱产닺生짺的뗄收쫕入죫统춳一튻在퓚"ꆰ营펪业튵收쫕죫入"ꆯ?中훐列쇐쪾示。ꆣ因틲듋此本놾컄文采닉用폃"ꆰ营펪튵业收쫕죫入增퓶长뎤率싊"ꆱ듺代替쳦以틔往췹学톧者헟经뺭常뎣使쪹用폃的뗄"ꆰ销쿺售쫛收쫕入죫增퓶长뎤率싊"ꆱ和뫍"ꆰ主훷营펪业튵务컱?收쫕죫入퓶增뎤长싊率ꆱ作ꎬ为ퟷ衡캪量뫢企솿业웳成튵长돉性뎤的탔代뗄듺理샭变뇤量솿。ꆣ?췲랽쫽뻝7?5??
表뇭2?变뇤量솿描쏨述쫶性탔统춳计볆?变뇤量솿?样퇹本놾数쫽?均뻹值횵?标뇪准ힼ差닮?最ퟮ小킡值횵?2??5ꎥ%럖分位캻数쫽?中훐캻位数쫽?7??5ꎥ%分럖位캻数쫽?ퟮ最大듳值횵?D?I??V? ?72?3?5? ?0?.ꎮ6?6?5?? ?0ꎮ?????ꎮ?????ꎮ?????ꎮ??????????ꎮ????.472 D??PS?? ??????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ????7235 ?????????????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ??????ꎮ????DIVRATE 7235 A??UD??I?T? 7?2?3?5? ??0.ꎮ9?8?5? ?0?ꎮ.?l2?1? ??0.ꎮ0??00?? 1?ꎮ.?00??0 ?1?.ꎮ0??00?? ?1.ꎮ?00?0?? 1?.ꎮ0??00? ?B?I?G?4?? 7?2?3?5? ??0.ꎮ0??77?? 0?.ꎮ?26??7 ??0.ꎮ0??00?? 0?ꎮ.?00??0 ??0.ꎮ0?0?0? ?0?.ꎮ?00?0?? 1?.ꎮ0?0?0? ???????????????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ????LSHRHLD 7235 ????????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ????STATE 7235 A?G?E? ?72?3?5?? 2?.ꎮ0?0?3? ?0?.ꎮ6?1?9? ?0?.ꎮ?00?0?? 1?.ꎮ6??09? ??2ꎮ.?l9?7? ?2?.ꎮ?4?85?? ?3.ꎮ0??45? ?S?I?Z?E? ?7?23?5? ??21?.ꎮ?66?1? 1?.ꎮ1??23? ?1??0.ꎮ8?4??2? 2??0.ꎮ8?8?5? ?2?1?.ꎮ5?2?2?? 2?2?.ꎮ2?5?3? ??28?.ꎮ1?3?6?? L?E??V? ?72?3?5? ?0?ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ???????ꎮ????.491 E?P??S? ??????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ????7235 RO??E ?72?3?5? ?0?.ꎮ0?6??2? 1?.ꎮ9?6?3? ?-?1?6?6?.ꎮ0?8?3?? ?0.ꎮ0?3?7? ?0?.ꎮ?07?2?? ?ꎮ?????ꎮ???? C?A??S?H? ?72?3?5? ?6?.ꎮ4?8?6? ?8?.ꎮ7?8?3? ?0?.ꎮ0?0?0? ??2.ꎮ2?6?6?? ?ꎮ?????ꎮ???????ꎮ???? G?Rퟣ?OW?T??H? ??????ꎮ?????ꎮ??????ꎮ?????ꎮ?????ꎮ?????ꎮ?????ꎮ????7235 (?뛾二?)뛠多풪元믘回맩归뷡结果맻分럖析컶?놾本文컄采닉用폃p?a?n?e?l?l?og?i?t模쒣型탍和뫍?pa?n?e?l?t?ob?i?t模쒣型탍分럖别뇰检볬验퇩独뛀立솢审짳计볆对뛔上짏市쫐公릫司쮾现쿖金뷰股막利샻支횧付뢶倾쟣向쿲和뫍支횧付뢶水쮮平욽?的뗄펰影响쿬。ꆣ퓚在回믘맩归횮之잰前，ꎬ我컒们쏇首쫗先쿈观맛察달了쇋自ퟔ变뇤量솿的뗄变뇤异틬情쟩况뿶，ꎬ发랢现쿖自ퟔ变뇤量솿的뗄变뇤异틬主훷要튪是쫇来살自ퟔ于폚组ퟩ间컊变뇤异틬?(?b?e?t?we?e??n? ?va?r?i?a?ti?o?n)?뛸而非럇组ퟩ内쓚变뇤异틬(??wi?th?i?n?v?a?r?ia?t?i?o?n)?ꎬ，因틲듋此에判断뛏틀依삵赖폚于组ퟩ内쓚뇤变异틬的뗄固만뚨定效킧应펦模쒣型탍估맀计볆量솿可뿉?能쓜늻不是쫇有폐效킧估맀计볆量솿。ꆣ另쇭外췢，ꎬ固만定뚨效킧应펦?l?og?i?t模쒣탍型还뮹믡会删즾除돽整헻个룶样퇹本놾期웚间볤因틲变뇤量솿没쎻有폐变뇤异틬(?即벴样퇹本놾区쟸间볤内쓚全좫部늿?为캪0?믲或全좫部늿为캪}??)뗄的룶个쳥体맛现닢测횵值ꆣ。틲因듋此놾本컄文폅优쿈先뾼考싇虑닉采폃用쯦随믺机킧效펦应쒣模탍型ꎬ，뛸而붫将만固뚨定킧效펦应쒣模型탍的뗄回믘归맩结뷡果맻作ퟷ为캪?컈稳健붡性탔检볬验퇩的뗄一튻部늿分럖。ꆣ?表뇭3?采닉用폃p?a?n?e?l?l?og?i?t模쒣型탍检볬퇩验独뛀立솢审짳计볆对뛔公릫司쮾现쿖金뷰股막利샻支횧付뢶倾쟣向쿲的뗄影펰响쿬。ꆣ模쒣型탍中훐变뇤量솿A?U?D?I?T?和뫍B?I??G4??뻹均在퓚?5ꎥ%的뗄置훃信탅水쮮平욽上짏显쿔著훸为캪正헽，ꎬ说쮵明쏷独뛀立솢审짳计볆质훊量솿显쿔著훸提쳡高룟了쇋上짏市쫐公릫司쮾支횧付뢶现쿖金股뷰利막的샻意뗄愿틢。풸以ꆣ模틔型쒣(탍3?)??为캪例샽:ꎺ?AU?D?I?T?的뗄系쾵쫽数意틢味캶着ퟅ，ꎬ퓚在同춬等뗈쳵条볾件下쿂，ꎬ쿠相뛔对폚于믱获뗃得럇非뇪标틢意见볻的뗄上짏市쫐公릫司쮾，ꎬ퇹样놾本中훐믱获뗃得标뇪ힼ准意틢见볻的뗄上짏?市쫐公릫司쮾支횧뢶付现쿖金뷰股막利샻的뗄对뛔数쫽几벸率싊比뇈(?l?o?gꎮ-?o?dd?s??r?at?i?o)?将붫增퓶加볓?0.ꎮ?8?4?6，ꎬ벴即믱获뗃得뇪标ힼ准틢意볻见的뗄上짏쫐市公릫司쮾횧支付뢶现쿖金뷰股막?샻利的뗄概룅率싊比뇈获믱得뗃非럇标뇪意틢见볻的뗄上짏市쫐公릫司쮾平욽均뻹高룟出돶约풼?0.ꎮ7?;ꎻB?I?G4?的뗄쾵系쫽数意틢味캶ퟅ着，ꎬ퓚在웤其他쯻쳵条件볾同춬等뗈的뗄情쟩况뿶下쿂，ꎬ聘울?请쟫"ꆰ四쯄大듳"ꆱ的뗄上짏市쫐公릫司쮾支횧付뢶现쿖金뷰股막利샻的뗄对뛔数쫽几벸率싊比뇈高룟出돶其웤他쯻上짏市쫐公릫司쮾约풼0?ꎮ.?53?4?ꎬ，即벴울聘쟫请"ꆰ四쯄大듳"ꆱ的뗄上짏市쫐公릫?司쮾횧支付뢶쿖现金뷰막股利샻的뗄룅概率싊比뇈其웤쯻他上짏市쫐公릫司쮾平욽均뻹高룟出돶约풼0?.ꎮ?63?ꆣ。?表뇭4?分럖뇰别采닉用폃每쎿股막现쿖金뷰股막利샻D?P?S?뫍和现쿖金뷰股막利샻支횧付뢶率싊?DI?V?RA?T?E?作ퟷ为캪被놻解뷢释쫍变뇤量솿，ꎬ应펦用폃?pa?n?e?l?t?ob?i?t模쒣型탍?볬检验퇩独뛀立솢审짳计볆对뛔现쿖金뷰股막利샻支횧付뢶水쮮平욽的뗄影펰响쿬。ꆣ从듓表뇭中훐可뿉以틔看뾴出돶，ꎬ?AU?DI?T?和뫍?BI?G4?的뗄쾵系数쫽좫全部늿为캪正헽，ꎬ但떫显쿔著훸性탔?퓚在各룷模쒣型탍中훐有폐所쯹差닮别뇰。ꆣ模쒣型탍(1??)?和뫍(3??)?中훐?AU?DI?T?的뗄系쾵数쫽在퓚?1?0ꎥ%뗄的훃置信탅쮮水욽平짏上显쿔著훸为캪正헽，ꎬ뛸而模쒣型탍?(?4)?뫍和?(?6?)?훐中?AU?DI?T的뗄쾵系数쫽在퓚?5ꎥ%的뗄置훃탅信쮮水平욽上짏显쿔훸著为캪正헽。ꆣ由평于폚?t?o?bi?t쒣模型탍中훐解뷢释쫍变뇤量솿的뗄系쾵数쫽并늢不늻具뻟有폐线쿟性탔回믘归맩?쒣模型탍中훐系쾵数쫽的뗄含몬义틥，ꎬ即벴不늻能쓜直횱接뷓解뷢释쫍成돉为캪解뷢释쫍变뇤量솿的뗄边뇟际볊效킧应펦，ꎬ因틲此듋需탨要튪对뛔模쒣型탍的뗄系쾵数쫽根룹据뻝相쿠应펦的뗄调뗷整헻因틲?子ퟓ加볓以틔调뗷整헻。ꆣ以틔模쒣型탍(?3?)?뫍和쒣模型탍?(?6)?캪为例샽，ꎬA?U?DI?T的뗄系쾵数쫽?0.ꎮ?0?28?和뫍0?.ꎮ?12?1?经뺭调뗷整헻后뫳分럖别뇰为캪0?.ꎮ?01??7和뫍?0.ꎮ?0?7?6，ꎬ?뇭表明쏷在퓚其웤他쯻条쳵件볾同춬等뗈的뗄情쟩况뿶下쿂，ꎬ获믱得뗃标뇪准ힼ意틢见볻的뗄上짏市쫐公릫司쮾与폫获믱得뗃非럇标뇪意틢见볻的뗄上짏市쫐公릫司쮾相쿠比뇈，ꎬ每쎿股막现쿖金뷰股막利샻?욽平均뻹高룟出돶约풼0?.ꎮ?01?7?풪元，ꎬ现쿖뷰金股막利샻支횧付뢶率싊平욽均뻹高룟出돶约풼7?.ꎮ?6ꎥ%ꆣ。?表뇭3?和뫍表뇭4?的뗄뷡结맻果뇭表明쏷，ꎬ짏上쫐市릫公쮾司쿖现뷰金股막샻利的뗄횧支付뢶倾쟣向쿲和뫍支횧付뢶水쮮平욽与폫独뛀立솢审짳计볆质훊量솿显쿔著훸正헽相쿠关맘，ꎬ从듓而뛸?횧支持돖了쇋本놾文컄的뗄研퇐究뺿假볙设짨H?l?a?和뫍?Hl?b?ꆣ。쇭另外췢，ꎬ表뇭3?和뫍表뇭4?中훐웤其폠余뿘控훆制变뇤솿量的뗄쾵系数쫽表뇭明쏷:ꎺ上짏쫐市公릫쮾司现쿖金뷰股막利샻支횧?췲랽?7쫽?6? 뻝
뢶付倾쟣向쿲和뫍횧支付뢶水쮮平욽与폫第뗚一튻大듳股막东뚫持돖股막比뇈例샽、ꆢ上짏市쫐公릫司쮾为캪国맺有폐控뿘股막公릫司쮾、ꆢ公릫司쮾规맦模쒣、ꆢ净뺻资产닺收쫕틦益率싊和뫍每쎿股막经뺭?펪营쿖现뷰金쇷流쿔显훸著正헽쿠相맘关，ꎬ폫与릫公司쮾짏上市쫐쓪年限쿞뫍和资닺产负뢺햮债率싊쿔显著훸负뢺相쿠关맘。ꆣ짏上市쫐公릫司쮾现쿖金뷰股막샻利支횧뢶付倾쟣向쿲和뫍每쎿股막现쿖金뷰?股막利샻与폫每쎿股막收쫕益틦显쿔著훸正헽相쿠关맘，ꎬ而뛸现쿖金뷰股막利샻支횧付뢶率싊则퓲与폫每쎿股막收쫕益틦显쿔著훸负뢺相쿠关맘。ꆣ?表뇭?3뛀独솢立审짳볆计与폫上짏市쫐公릫司쮾现쿖金뷰股막利샻支횧付뢶倾쟣向쿲ꎺp?a?n?e?l?l?o?g忧?쒣模탍型?模쒣型탍?(?1?)?? (?2?)?? (?3?)?? 截뷘距뻠?-?1?6?.ꎮ9?0?8?*쪮*?* (?1?.ꎮ4?9?5? ?)? ??????????(?1?.ꎮ5?0?9? )? ???ꎮ???ꆧ????ꎮ?????*** ( ) *** ???????ꎮ????ꆤꆤ?(?0?.ꎮ2??9?4)? AUD/T ?ꎮ????????ꎮ????*** () *** ??????ꎮ????????ꎮ??????ꎮ????????ꎮ?????BIG4 ( () ** ** ?????????ꎮ????(?0?.ꎮ?3?4?5)?? ?ꎮ??????ꎮ??????ꎮ??????ꎮ?????LSHRHLD () ( ) ???????ꎮ???????(0?.ꎮ1?2??9)? ??ꎮ?????????ꎮ??????ꎮ???ꆧ????ꎮ?????STATE *** () *** () *** ??????ꎮ?????ꆤ?(?0?.ꎮ1?0??3)? AGE ??ꎮ???????(?0?.ꎮ1?0?3? )? ???ꎮ?????ꆤ?(?0?.ꎮ1?0??2)? *** *** *** ??????ꎮ??????(?0?.ꎮ0?7??2)?? ?ꎮ???ꆤ???ꎮ??????SIZE *** () () *** 0.ꎮ8?3?1?*놰?**얣? ??ꎮ???????????ꎮ??????(?0?.?35?I?)?? ??ꎮ????쪮??????????ꎮ???쪮쒾???ꎮ?????LEV *** *树() *树() ?????ꎮ???쪮쒾쓑?(?0?ꎮ.3?2??4)?? EPS *** ?ꎮ???쒸맔탒?(?0?.ꎮ3?2??I)?? ?ꎮ???얣탒탒?(?0?ꎮ.3?2??4)?? *** *** ?RO??E? ?ꎮ????ꆤ???( ?1ꎮ.?26?1??)? ?ꎮ???ꆤ???ꎮ??????ꎮ????ꆤ????ꎮ?????*** () ( ) *** *** ??????ꎮ???쒾쮮??(0?.ꎮ0?1?1??)? ?ꎮ???????(0?.ꎮ0?1? }??)? ?ꎮ?????ꆤ???ꎮ?????CASH *** ( }) *** *** ????????ꎮ?????(0?.ꎮ1?2??9)?? ?ꎮ??????ꎮ??????ꎮ??????ꎮ?????GROWTH () () Yꆿ?EAR Y? ?????Y Y IN?D?UST??R?Y? Y? ?????Y Y N? ??72?3?5?? ?72?3?5?? ?72?3?5?? ?Lo?g? ?li?ke?l?ih??oo??d ?-?3?4?0?0?.ꎮ0?0?? ?????ꎮ????????ꎮ??? ?W?a?l?d?ch?i?2? 7?1?9?ꎮ????????ꎮ??ꆤ?????ꎮ???ꆤ?.54*** *** *** 注힢:ꎺ括삨号뫅中훐为캪标뇪准ힼ误컳*ꎬ*?*쇏、ꆢ树ꆧ、ꆢ*쪮럖分뇰别뇭表示쪾在퓚1?ꎥ%、ꆢ?5ꎥ%和뫍1??0ꎥ%的뗄置훃信탅水쮮平욽上짏显쿔著훸，ꎬ下쿂同춬。ꆣ?表뇭?4独뛀立솢审짳计볆对뛔现쿖金뷰股막利샻支횧付뢶水쮮平욽的뗄影펰晌쿬ꎺ?pa?n?e?l??t?ob?i?t模쒣型탍??De?p?e??n?de??n?t ?V?a?r?ia?b??le?:ꎺ ?DP?S?? ?De??p?e?nd??e?nt? V??a?r?ia?b??le?:ꎺ D??IV?R?A? T?E??쒣탍? 模型????(?2?)? ????(?4?)? ?(5?)?? (?6?)? (1) (3) ?뷘뻠?-0?.ꎮ6?2?1?*?*??* 一?0?.ꎮ?5?8?2ꆤ**ꆤ*?-?0?.ꎮ6?0?8?*ꆤ?** -?1?.ꎮ5?9?8?*?*?*? ?-1?.ꎮ4?0?1?**ꆤ?* -튻1?.ꎮ5?1?8?*ꆤ*ꆤ*?? 截距(?0?ꎮ.?06??5)? ?(?0?.ꎮ0?6?6?)? ??(0?.ꎮ?06??7)? ?(?0?.ꎮ1??97??)? ?(0?.ꎮ?20?1?)? ?(?0?.ꎮ?2?06?)? ??0.ꎮ0??28?*?? ?0.ꎮ0??28?*?? 0?.ꎮ1??22?*?*얮*? ?0.ꎮ1??21?*??* A?U??D?I?T? ?(?0.ꎮ0?1?6?)? ?(?0.ꎮ0?1?6?)? (?0?.ꎮ0?4?7?)? ?(?0?.ꎮ?04?7?)? ?0?.ꎮ0?0??6 ??0.ꎮ0??06?? ?0.ꎮ0?3?8?? 0?.ꎮ?03?7?? B?I??G4?? (?0?.ꎮ0?0??9)? ??(?0.ꎮ0?0?9??)? ?(?0.ꎮ0??27??)? (?0?.ꎮ?02??7)? ?0?.ꎮ?05??7*?*ꆤ*? ??ꎮ????????ꎮ??????ꎮ???얣쒾얣??ꎮ????????ꎮ???ꆤꆤꆤ?*** *** *** *** *** ????????LSHRHLD (?0?.ꎮ0?1?6?)? ??(?0.ꎮ0?1?6?)? (?0?.ꎮ0?1?6?)? ??(?0.ꎮ0??49?)? (?0?.ꎮ0?4?9?)? ??(0?.ꎮ0??49?)? ?0.ꎮ0?1?6?*쒾*ꆤ ?0?ꎮ.0?1?6??**?? ?0.ꎮ0?1?6?*?*? ?0?.ꎮ?06?3??**쪮?* 0?.ꎮ0??64?*?*ꆤ*?? 0?.ꎮ?06?3?*ꆤ*ꆤ*ꆤ ?랸?STATE (?0?.ꎮ0?0?6?)? ?(?0?.ꎮ0??06?)? (?0?.ꎮ0?0??6)? ?(?0?.ꎮ0?1?9??)? ?(0?.ꎮ0?1?9?)? ??(?0.ꎮ0?1?9?)? ??ꎮ????ꆤ???ꎮ??????ꎮ???얮???ꎮ??????ꎮ????????ꎮ??????*** *** *** *** *** *** AGE (?0?.ꎮ0??0?4)? ??(?0.ꎮ0?0?4?)? (?0?.ꎮ0?0??4)? ??(?0.ꎮ0?1?3??)? (?0?ꎮ.?01??3)? ??(?0.ꎮ0?1?3??)? 췲랽쫽뻝???77
탸续表뇭?D??e?pe?n??de??n?t? Va??ri?a?bl?e:ꎺ ?DP?S? ??De?p??e?nd??e?nt? V?a?r?i?a??bl?e:ꎺ ?DI?V??R?AT??E? 模쒣型탍??????????????(4?)?? (?5?)?? (?6?)? (1) (2) (3) ?0.ꎮ0??31?*퓗*탒*?? ?0.ꎮ0?3?1? **쒾*? ?0.ꎮ0?3?1? *얣*얣*놰 ??0.ꎮ0??92?*쇏*?* ?0.ꎮ0?8?9?*??** 0?.ꎮ0?8?8?*?*??* S?I?ZE? ?(?0?.ꎮ0?0?3?)? ?(?0?.ꎮ0?0?3?)? ?(?0?.ꎮ0?0?3?)? ?(?0?.ꎮ0?0?9?)? ?(?0?ꎮ.?01??0)? (?0?.ꎮ?01??0)? ??????????ꎮ????????ꎮ???쇏???ꎮ????ꇯ???ꎮ???????ꎮ?????*** *** *** 一****** 一***L??E?V? (?0?.ꎮ0?1?5??)? ?(?0.ꎮ0?1?5??) ??(?0.ꎮ0?1?5??) ??(?0.ꎮ0??47??) ?(?0?.ꎮ0?4?8?)? ?(?0?.ꎮ0?4?8?)? ??0ꎮ.?2?1?4*?*??事?0ꎮ???????ꎮ???얣탒???ꎮ????????ꎮ????????ꎮ??????.214*** *** ** ** ** ????EPS ?(?0.ꎮ0?1?1??) ??(?0.ꎮ0?1?1??)? ?(?0.ꎮ0?1?1?)? ??(?0.ꎮ0?3?5?)? ?(?0?.ꎮ0?3?5?)? ?(?0?.ꎮ0?3?5?)? ?0?.ꎮ?23?3??***? ?0?.ꎮ?23?6??**?*? ?0?.ꎮ?23?0?*?**? ??0.ꎮ1?0?7?? ?0ꎮ?????ꎮ????.106 ?R?OE?? ?(?0.ꎮ0?5?1?)? ?(?0.ꎮ0?5?1?)? ?(?0.ꎮ0?5?1?)? ?(?0.ꎮ1?6?1?)? ?(?0.ꎮ1??62??) ?(?0?.ꎮ1??62?)? ?0?.ꎮ?00?2?*ꇂ*?*ꆤ ?0?.ꎮ?00?2?*?*?*ꆤ ?0?.ꎮ0?0?2??**?*? ?0?.ꎮ?00?4??**??* 0?.ꎮ?00?4??***?? ?0.ꎮ0?0?4??**?*?? C?P??S? 0?.ꎮ?00?0?? 0?.ꎮ?00??0 ?0?.ꎮ?00?0?? ?(0?.ꎮ?00?1?)? ?(0?.ꎮ?00?1?)? ?(?0.ꎮ0??01??)? ?-0?.ꎮ0??04?? 一?0?.ꎮ?0?04??-?0?ꎮ?????ꎮ??????ꎮ?????ꎮ????.004 ?GR??O?WT떶H? (?0?ꎮ.?00??6)? ?(0?.ꎮ?00??6)? (?0?ꎮ.?00??6)? (?0?ꎮ.?01??9)? ?(0?.ꎮ?01?9?)? ?(?0.ꎮ?01?9?)? YEAR ?Y ??Y ??Y ??Y ??Y ?Y? ?I?N?D?U??S?TR??Y? Y? ?Y? ?Y? ?Y? ?????Y Y N? ?7??23?5?? 7??23?5?? 7??23?5?? 7??23?5?? 7?2?3?5? ?7?2?3?5? ??Lo?g? ?l ?ke?l?i?ho?o?d?? 1?6?1?1?.ꎮ8?5? ?1??61?0?ꎮ???????ꎮ????????ꎮ???????ꎮ???????ꎮ???.44 ?W?a?ld?ch?i?2? ????ꎮ????????ꎮ?????????ꎮ????????ꎮ?????????ꎮ???ꇂ?????ꎮ???쮮쒾?*** *** *** *** *** *** 本놾文컄借뷨鉴본쿄夏立솢军뻼和뫍方랽轶强잿?(?20?0?5?)?的뗄랽方法램뛔对짏上市쫐公릫司쮾뷸进行탐了쇋分럖类샠，ꎬ将붫地뗘方랽国맺有폐企웳业튵、ꆢ地뗘方랽政헾府뢮机믺构릹和뫍?中훐퇫央企웳튵业或믲믺机릹构(?냼包삨括룟高킣校〉?쪵实볊际뿘控制훆的뗄企웳튵业界뷧뚨定为캪国맺有폐控뿘股막上짏市쫐公릫司쮾，ꎬ其웤余폠上짏市쫐公릫司쮾则퓲界뷧定뚨为캪非럇国맺有폐控뿘?막股上짏市쫐公릫司쮾，ꎬ뷸进一튻步늽检볬验퇩产닺权좨性탔质훊对뛔独뛀立솢审짳计볆与폫上짏市쫐公릫司쮾股막利샻政헾策닟关맘系쾵的뗄影펰响쿬，ꎬ结뷡果맻见볻表뇭?5和뫍뇭表6?所쯹示쪾。ꆣ?뇭表5?中훐?AU?D?I?T?的뗄系쾵数쫽在퓚所쯹有폐模쒣型탍中훐均뻹显쿔著훸为캪正헽，ꎬ但떫系쾵数쫽大듳小킡存듦在퓚一튻定뚨的뗄差닮异틬;ꎻB?I?G4?뗄的系쾵数쫽퓚在国맺有폐뿘控股막公릫?司쮾样퇹本놾中훐虽쯤然좻为캪正헽但떫不늻显쿔著훸，ꎬ而뛸在퓚非럇国맺有폐控뿘股막公릫司쮾样퇹本놾中훐显쿔著훸为캪正헽。ꆣ以틔模쒣型탍(3??)?和뫍?(?6)?캪为샽例:ꎺ国맺有폐控뿘股막?公릫쮾司样퇹本놾中훐，ꎬ获믱得뗃标뇪准ힼ意틢见볻的뗄上짏市쫐公릫司쮾支횧付뢶现쿖金뷰股막利샻的뗄概룅率싊较뷏获믱得뗃非럇标뇪意틢见볻的뗄上짏市쫐公릫司쮾高룟出돶平욽均뻹约풼?o.ꎮ邸??，ꎬ?没쎻有폐횤证据뻝뇭表明쏷是쫇否럱选톡择퓱"ꆰ四쯄大듳"ꆱ会믡计볆师쪦쫂事务컱쯹所对뛔样퇹本놾公릫司쮾现쿖金뷰股막利샻支횧付뢶倾쟣向쿲有폐显쿔著훸影펰响쿬;ꎻ而뛸非럇国맺有폐控뿘股막公릫?司쮾퇹样놾本中훐，ꎬ믱获뗃得标뇪ힼ准意틢볻见的뗄짏上市쫐릫公司쮾支횧뢶付现쿖金뷰股막샻利的뗄概룅率싊뷏较获믱得뗃非럇标뇪意틢见볻的뗄上짏市쫐公릫司쮾高룟出돶平욽均뻹约풼?0.ꎮ?7?4，ꎬ톡选?择퓱"ꆣꆮ四쯄大듳"ꆱ믡会볆计师쪦事쫂务컱所쯹的뗄上짏市쫐公릫司쮾支횧付뢶现쿖金뷰股막利샻的뗄概룅率싊较뷏其웤他쯻公릫司쮾高룟出돶约풼?0.ꎮ?7?9。ꆣ表뇭5?뗄的뷡结果맻表뇭明쏷，ꎬ独뛀立솢?审짳计볆对뛔上짏市쫐公릫司쮾股막利샻支횧付뢶倾쟣向쿲的뗄影펰响쿬因틲上짏市쫐公릫司쮾产닺权좨性탔质훊的뗄不늻同춬而뛸存듦在퓚一튻定뚨的뗄差닮异틬。ꆣ?表뇭6?检볬퇩验了쇋不늻同춬产닺权좨性탔质훊的뗄上짏市쫐公릫司쮾样퇹本놾中훐独뛀立솢审짳计볆对뛔每쎿股막现쿖金뷰股막利샻支횧付뢶水쮮平욽的뗄影펰响쿬。ꆣ如죧表뇭6?所쯹示쪾，ꎬ??AU?D?I?T?和뫍B?I??G4?的뗄系쾵쫽数퓚在国맺有폐控뿘막股公릫司쮾样퇹놾本中훐均뻹不늻显쿔著훸，ꎬ而뛸在퓚非럇国맺有폐控뿘股막公릫司쮾样퇹本놾中훐显쿔著훸为캪正헽。ꆣ模쒣型탍(?6?)??훐中?AU?DI?T?和뫍?BI??G4?的뗄쾵系쫽数经뺭뗷调整헻后뫳表뇭明쏷，ꎬ퓚在웤其他쯻쳵条件볾同춬等뗈的뗄前잰提쳡下쿂，ꎬ폫与获믱得뗃非럇标뇪意틢见볻的뗄上짏市쫐公릫司쮾相쿠比뇈，ꎬ获믱?得뗃标뇪ힼ准意틢见볻的뗄非럇国맺有폐上짏市쫐公릫司쮾每쎿股막现쿖金뷰股막利샻平욽均뻹约풼高룟出돶?0.ꎮ?0?3?2풪元，ꎬ울聘请쟫"ꆰ四쯄大듳"ꆱ会믡计볆师쪦事쫂务컱所쯹担떣任죎审짳计볆工릤?作ퟷ的뗄上짏市쫐公릫司쮾每쎿股막现쿖金뷰股막利샻较뷏其웤他쯻上짏市쫐公릫司쮾平욽均뻹约풼高룟出돶?0.ꎮ?0?41?元풪。ꆣ未캴列쇐出돶的뗄以틔?DI?V?RA?T?E?为캪因틲뇤变量솿的뗄볬检验퇩?结뷡果맻与폫表뇭?6类샠似쯆，ꎬ듓从而뛸뇭表明쏷，ꎬ在퓚非럇国맺有폐控뿘股막上짏市쫐公릫司쮾样퇹本놾中훐，ꎬ现쿖金뷰股막利샻支횧付뢶水쮮平욽与폫独뛀立솢审짳计볆质훊量솿呈돊显쿔著훸正헽?相쿠关맘关맘系쾵，ꎬ而뛸쎻没有폐횤证据뻝뇭表明쏷这헢种훖关맘系쾵同춬样퇹存듦在퓚于폚国맺有폐控뿘股막上짏市쫐公릫司쮾样퇹本놾中훐，ꎬ从듓而뛸说쮵明쏷上짏市쫐公릫司쮾产닺权좨性탔质훊对뛔?股막利샻支횧付뢶水쮮平욽与폫独뛀立솢审짳计볆的뗄关맘系쾵有폐显쿔著훸影펰响쿬。ꆣ从듓总ퟜ体쳥上짏说쮵，ꎬ表뇭5?和뫍表뇭?6的뗄뷡结맻果意틢味캶着ퟅ짏上市쫐公릫司쮾股막利샻政헾策닟与폫?独뛀立솢审짳计볆的뗄关맘系쾵因틲产닺权좨性탔质훊不늻同춬而뛸存듦在퓚差닮异틬，ꎬ从듓而뛸支횧持돖了쇋本놾文컄的뗄研퇐究뺿假볙说쮵?H3?0ꆣ?췲랽?7쫽??8 뻝
뇭表?5产닺权좨性탔质훊、ꆢ独뛀立솢审짳计볆与폫现쿖金뷰股막利샻支횧付뢶倾쟣向쿲?쒣탍?国맺폐有控뿘股막公릫司쮾?非럇国맺有폐控뿘股막公릫司쮾?模型?????(2?)?? ?????(?4)?? (?5?)?? (?6?)? (1) (3)뷘뻠??-1?5?.ꎮ2?3?9?*?*?’?" -?1?3?.ꎮ8?6?4?*?"?’* -?1?4?ꎮ.?5?81? 쪮**??’" 튻-1?8?.ꎮ9?1?5??**?*? 튻-1?7?.ꎮ1?0?5?*?*?*? ?-1?7?.8ꎮ?6?3?*얮*쪮’?" 截距(?1?.ꎮ?81??7)? ?(1?.ꎮ?84??6)? ?(1?.ꎮ8?8??0)? (?2?ꎮ.7?2?9?)? ?。??.ꎮ?7?36?)??(?2?.ꎮ7?7?0??)? ?ꎮ???????ꎮ???????ꎮ???????ꎮ????????????** *’" ** ** AUDIT ?(0?.ꎮ3?6?7?)? ?(?0.ꎮ3?6?7??)? (?0?.ꎮ?49??9)? (?0?.ꎮ4??99?)? ???????0ꎮ????ꎮ????????얣탒??ꎮ???얣?탒?.361 **’" **’" BIG4 (?0?.ꎮ2??60??)? (?0?.ꎮ2??60??)? (?0?.ꎮ?49??4)? ?(?0?.ꎮ?49??2?)? 1?ꎮ.0?9?5?*?*?? ?1ꎮ.?09?3?*?*?? ?1.ꎮ1?0?8?*쟲*? -?0?.ꎮ4??26? ???ꎮ??????ꎮ???????????? LSHRHLD (?0?.ꎮ4??31??)? ?(0?.ꎮ4??30??)? ?(0?.ꎮ4?3?1??)? ?(?0ꎮ.5?8??3)? ?(?0.ꎮ?59??0)? ?(?0?.ꎮ5?8?8?)? ?튻???-0?.9ꎮ?8?2?*뛑*얣*얣? 튻-0?.ꎮ9?8?8?*?"쒾’탒*? ?一0?.ꎮ?9?76?*ꆧ丰*????ꎮ????얮???ꎮ?????ꆤ???ꎮ???????*** *** *** AGE (?0?.ꎮ1?4?2?)? ?(?0?.ꎮ1?4?3?)? ?(?0?.ꎮ1??43??) ?(?0?.ꎮ1?5?9?)? ?(?0.ꎮ1?6?0?)? ?(0?ꎮ.1?6??0)? ?ꎮ????????ꎮ????????ꎮ???쪮????ꎮ????퓗쒾??ꎮ???쒾???ꎮ?????얮??????*** *** *** *** **’" *** SIZE (?0?ꎮ.0?8?6?)? ?(?0?.ꎮ?09?0?)? ?(?0?.ꎮ0?9?0??)? (?0?.ꎮ1??33??)? ?(0?.ꎮ1?3?4??)? ?(?0.ꎮ1?3??5)? ??-4?.ꎮ?47?1?树쪮?*???ꎮ?????쪮???ꎮ?????????ꎮ???쪮???ꎮ?????????ꎮ????얮??죽?? *** 一料**** *** **’" LEV (?0?ꎮ.?44??2)? (?0?ꎮ.?44??6)? (?0?ꎮ.?44?6?)? ?(?0?.ꎮ5?9?0?)? ??(0?.ꎮ5?9?2??)? ?(?0.ꎮ5?9?4??)? ?ꎮ???헂????ꎮ???ꆤ?쫵??ꎮ???쒾탒탒?????얮쇏??ꎮ???탒????????ꆤ??????*"’* *"’* 1. 703*"’* *** *"’* *** EPS (?0?ꎮ.?43?7?)?? (?0?.ꎮ?43?9?)? ?(?0?.ꎮ?43?9?)? ?(?0?.ꎮ4??97??) ?(?0?.ꎮ4?8?7??)? ?(0?.ꎮ4?9?9?)? ?ꎮ???????ꎮ???쒾탒탒??ꎮ?????ꎮ????????ꎮ???얣쒾얣??ꎮ????ꆤ??????*"’* **’" *** *** *"’* *"’* ROE (?1?.ꎮ7?4?8?)? (?1?.ꎮ?75??5)? ?(?1?.ꎮ7?5?6?)? ?(?1?.ꎮ8??79?)? ?(?1?.ꎮ8?5?7??)? ?(1?.ꎮ?88?8??)? ?ꎮ???????ꎮ????????ꎮ????ꆤ???ꎮ??????ꎮ????ꆤ???ꎮ???얮???????*** *"’* *"’* *** *"’* *** CPS (?0?.ꎮ?01??3)? ?(0?.ꎮ?01?3?)? ?(0?.ꎮ?01??3)? ?(?0?ꎮ.0?2?0?)? ?(?0?.ꎮ0?2?0?)? ?(?0?.ꎮ0??20??)? ?ꎮ?????ꎮ?????ꎮ????ꆪ?ꎮ????튻?ꎮ??????ꎮ??????????? 一 GROWTH ?(?0.ꎮ1?7?0?)? ?(?0.ꎮ1?7?0??)? ?(?0.ꎮ1?7??0)? (?0?.ꎮ?20??2)? (?0?.ꎮ?20?3?)? ?(?0?.ꎮ2??03?)? ?즾?????????????YEAR Y Y Y Y Y Y ?????????????????????INDUSTRY Y Y Y Y Y Y ????????????????????????????????N 4652 4652 4652 2583 2583 2583 ?????????????????ꎮ????????ꎮ????????ꎮ????????ꎮ????????ꎮ????????ꎮ???Log likelihood 一一一一一一 *"’* *** *** *"’* * ** *"’* 表뇭6?닺产좨权性탔훊质、ꆢ뛀独立솢审짳计볆与폫现쿖金뷰股막利샻支횧付뢶水쮮平욽:ꎺ以틔D?P?S?为캪因틲变뇤量솿?쒣탍?国맺폐有뿘控股막公릫司쮾?非럇国맺有폐控뿘股막公릫司쮾?模型??????????(?4?)?? ?(5?)?? ?(6?)?? (2) (1) (3) 뷘뻠?튻?ꎮ???얣?놰???ꎮ??????ꎮ??????ꎮ?????’?* -?0?.ꎮ8?3?4?*?*?* ?-0?.ꎮ8?8?1? *?*?’?" *** *** *"’’’’ *"截距??ꎮ??????ꎮ???????ꎮ???????ꎮ??????ꎮ???????ꎮ?????() () () () () () ?ꎮ?????ꎮ?????ꎮ???????ꎮ?????? ** *’" A?U?D??I?T? ??ꎮ??????ꎮ??????ꎮ??????ꎮ?????() () () () ??ꎮ??????ꎮ?????ꎮ???????ꎮ????ꆤ?? "’** *"’* B??IG?4?? (?0?.ꎮ0?1??0)? ???ꎮ????(?0?.ꎮ0?1?9?)? ???ꎮ????() (~ ?ꎮ???쮮얣얣??ꎮ???????ꎮ????ꆤ??ꎮ?????ꎮ?????ꎮ????????????*** *** *"’’’’ LSHRHLD ?(?0.ꎮ0??20??)? (?0?.ꆣ?02??0)? ?(?0.ꎮ0??20?)? (?0?.ꎮ0??28??)? (?0?.ꎮ0?2?8?)? ?(?0.ꎮ?02?8?)? ??ꎮ????????ꆣ????????ꎮ????????ꎮ??????ꎮ????????ꎮ???쪮쪮?一****** *** *** **’" -0 056*** A?G??E? ??ꎮ??????ꎮ???????ꎮ???????ꎮ??????ꎮ???????ꎮ?????() () () () () () ?ꎮ????????ꎮ???????ꎮ???쪮?ꆤ??ꎮ?????ꆤ??ꎮ???맔뾨쒾??ꎮ????????????*** **’" *** *"’* *** *** SIZE ??ꎮ??????ꎮ???????ꎮ?????(?0?.ꎮ0??06?)? (?0?.ꎮ0??06??)? (?0?.ꎮ?00?6?)? ?() () {— ??ꎮ????????ꎮ??????ꎮ???얮????ꎮ???얮ꆤ???????ꆤ????ꎮ????ꆤ?????*** *** *** *"’* *** *** LEV ??ꎮ??????ꎮ???????ꎮ??????(?0.ꎮ0??26??)? (?0?.ꎮ0??26??)? (?0?.ꎮ?02?6?)? ?() () () 췲랽쫽뻝?7?9?
탸续表뇭?쒣탍?맺国폐有控뿘막股公릫司쮾?非럇国맺有폐控뿘股막公릫司쮾?模型????(?2?)? ????(4?)?? (?5?)?? ?(6?)?? (1) (3) ?ꎮ????ꆤꆤ??ꎮ????????ꎮ???????ꎮ???탒얣ꆤ??ꎮ?????ꆤ??ꎮ??????????"’" "’’’ "’" "’’’ "’" "’" EPS ?(0?.ꎮ0?1?4??) ??(?0.ꎮ0?1?4?)? (?0?.ꎮ0?1??4)? ?(?0?.ꎮ0?1?7?)? ?(?0?.ꎮ0?1?7?)? ??(?0.ꎮ0?1?7??)? ?ꎮ????????ꎮ????쪮??ꎮ???얮????ꎮ???????ꎮ????ꆤ???ꎮ??????"’" "’" "’’’ "’’’ "’’’ "’" RO??E ?(?0.ꎮ0?6?7?)? (?0?ꎮ.?06??7)? ?(?0?.ꎮ0?6?7?)? ??(?0.ꎮ0?8?0??) ??(?0.ꎬ0?7?9??)? ?(0?.ꎮ0?7?9??)? ?ꎮ?????쪮??ꎮ????????ꎮ????????ꎮ????????ꎮ???쒾뒮럮??ꎮ???럮얣?"’’’ "’" "’’’ "’" "’’’ "’’’ C??PS?? ?(?0.ꎮ0?0?1?)? (?0?.ꎮ0?0?1?)? ??(0?.ꎮ0?0?1?)? ??(?0.ꎮ0??01??) ??(?0.ꎮ0?0?1?)? ?(0?.ꎮ0?0?1?)? ?ꎮ?????ꎮ?????ꎮ??????ꎮ??????ꎮ??????ꎮ?????????? 一 (?0.ꎮ0?0?8?)? (?0?.ꎮ0?0?8?)? ??(0?.ꎮ0?0?8?)? ??(?0.ꎮ0?1?0?)? ?(?0.ꎮ0?1?0?)? (?0?.ꎮ0?1?0?)? Y즾EAR? Y? ?Y? ?Y? ?Y? ?Y? ??Y ??????????????????????lNDUSTRY Y Y Y Y Y Y N? ?4?6?5?2?? 4?6?5?2? ??46?5?2? ?2?5?8?3? ?2?5?8?3? ?2?5?8?3? ?L?o?g? ?li?ke?1?i?h?o?o?d ?1?1??75?.ꎮ?41? ????ꎮ???????ꎮ??????ꎮ??????ꎮ??????ꎮ??? ?W?a?l?d?ch?i?2? ????ꎮ?????????ꎮ?????????ꎮ?????????ꎮ????????ꎮ???쒾?????ꎮ???ꇯ?"’" "’’’ "’" "’’’ "’" "’’’ ?(죽三?)쓚内짺生탔性뒦处샭理폫与컈稳붡健탔性볬检퇩验?前잰文컄我컒们쏇假볙定뚨独뛀立솢审짳计볆是쫇-튻个룶外췢生짺变뇤量솿，ꎬ然좻而뛸它쯼可뿉能쓜是쫇内쓚生짺的뗄。ꆣ本놾文컄应펦用폃工릤具뻟变뇤量솿法램重훘新탂检볬验퇩퇐研究뺿假볙?设짨后뫳，ꎬ研퇐究뺿结뷡论싛并늢未캴发랢生짺根룹本놾性탔变뇤化뮯。ꆣ限쿞于폚篇욪幅럹，ꎬ本놾文컄不늻再퓙列쇐示쪾模쒣型탍和뫍回믘归맩结뷡果맻。ꆣ?춬同时쪱，ꎬ为캪볬检퇩验놾本컄文뷡结싛论뗄的컈稳붡健탔性ꎬ，놾本컄文닉采폃用쇋了뛠多훖种랽方쪽式뷸进탐行컈稳붡健탔性닢测쫔试ꋙ飞ꆣ首쫗先쿈，ꎬ采닉用폃?pa?n?e?l??log?i?t和뫍??pa??ne??l ?to?bi?t固만定뚨效킧应펦模쒣型탍对뛔式쪽(?1?)?和뫍?(2?)?훘重新탂뷸进行탐回믘归맩，ꎬ回믘归맩结뷡果맻基믹本놾支횧持돖本놾文컄结뷡论싛。ꆣ其웤次듎，ꎬ借뷨鉴본王췵烨??(?2?0?09?)?的뗄ퟶ做램法，ꎬ除돽用폃国맺际볊"ꆰ四쯄大듳"ꆱ外췢，ꎬ还뮹包냼括삨岳퓀华뮪、ꆢ上짏海몣立솢信탅长뎤江붭、ꆢ中훐瑞죰华뮪恒뫣信탅、ꆢ浙헣江붭天쳬健붡、ꆢ信탅永폀中훐和뫍、ꆢ?北놱뺩京京뺩뚼都、ꆢ深짮圳?鹏열城돇等뗈国맺内쓚大듳所쯹，ꎬ另쇭外췢本놾文컄还뮹包냼含몬了쇋安낲达듯信탅会믡计볆师쪦事쫂务컱所쯹，ꎬ构릹建붨变뇤量솿B?I?G作ퟷ为캪对뛔B?I?G4?뗄的?替쳦代듺，ꎬ本놾文컄的뗄基믹本놾结뷡论싛也튲未캴发랢生짺根룹本놾变뇤化뮯。ꆣ?六쇹、ꆢ研퇐究뺿结뷡论싛与폫启웴示쪾?本놾文컄以틔2?0?0?3?至훁2?0?1?0?年쓪我컒国맺A?股막上짏市쫐公릫司쮾为캪研퇐究뺿对뛔象쿳，ꎬ닉采폃用짳审볆计틢意볻见샠类탍型뫍和짏上쫐市릫公쮾司울聘쟫请的뗄会믡볆计师쪦事쫂?务컱쯹所类샠型탍衡뫢量솿独뛀立솢审짳计볆对뛔上짏市쫐公릫司쮾的뗄监볠督뚽功릦能쓜，ꎬ实쪵证횤볬检验퇩了쇋外췢늿部独뛀솢立审짳计볆的뗄公릫司쮾治훎理샭功릦能쓜对뛔上짏市쫐公릫司쮾现쿖金뷰?股막샻利政헾策닟的뗄影펰响쿬。ꆣ本놾文컄研퇐究뺿发랢现쿖，ꎬ我컒国맺上짏市쫐公릫司쮾现쿖金뷰股막利샻支횧付뢶倾쟣向쿲和뫍支횧付뢶水쮮平욽，ꎬ与폫上짏市쫐公릫司쮾是쫇否럱被놻出돶具뻟标뇪?准ힼ틢意见볻、ꆢ以틔及벰上짏市쫐公릫司쮾是쫇否럱울聘请쟫쿭享有폐벫极高룟声짹誉폾的뗄业튵内쓚著훸名쏻会믡计볆师쪦事쫂务컱所쯹担떣任죎审짳计볆工릤作ퟷ显쿔著훸正헽相쿠关맘，ꎬ而뛸且쟒此듋?种훖关맘系쾵在퓚非럇国맺有폐控뿘股막上짏市쫐公릫司쮾中훐表뇭现쿖得뗃更룼为캪显쿔著훸。ꆣ?与폫L?a?w?s?o?n?和뫍W?a?n?g?(?2?0?1?}?)?的뗄퇐研뺿究结뷡싛论不늻同춬，ꎬ놾本컄文퇐研뺿究랢发쿖现컒我国맺짏上쫐市릫公司쮾쿖现뷰金股막샻利支횧뢶付倾쟣向쿲벰及支횧뢶付水쮮?平욽폫与公릫司쮾治훎理샭机믺制훆之횮-튻的뗄独뛀立솢审짳计볆存듦在퓚显쿔著훸正헽相쿠关맘关맘系쾵，ꎬ뇭表明쏷컒我国맺짏上市쫐公릫司쮾现쿖金뷰股막利샻政헾策닟是쫇公릫司쮾外췢部늿独뛀立솢?审짳볆计的뗄结뷡果맻，ꎬ而뛸럇非外췢部늿뛀独立솢审짳计볆的뗄替쳦듺代。ꆣ닺产生짺헢这훖种差닮别뇰的뗄뿉可能쓜原풭因틲是쫇由평于폚中훐美쏀两솽国맺市쫐场뎡发랢展햹状ힴ况뿶和뫍制훆度뛈环뮷?境뺳的뗄差닮틬异造퓬成돉的뗄替쳦代듺成돉本놾的뗄不늻同춬，ꎬ导떼致훂了쇋各룷种훖公릫司쮾治훎理샭机믺制훆间볤可뿉能쓜存듦在퓚不늻同춬的뗄关맘系쾵。ꆣ另쇭一튻方랽面쏦，ꎬ产닺权좨性탔质훊?对뛔股막利샻政헾策닟与폫独뛀立솢审짳计볆的뗄关맘系쾵存듦在퓚显쿔著훸影펰响쿬，ꎬ这헢与폫国맺폐有控뿘막股上짏市쫐公릫司쮾具뻟有폐较뷏多뛠的뗄政헾治훎联솪系쾵从듓而뛸受쫜到떽更룼强잿的뗄?政헾府뢮干룉预풤，ꎬ以틔及벰我컒国맺国맺有폐上짏市쫐公릫司쮾在퓚审짳计볆师쪦的뗄选톡择퓱上짏存듦在퓚"ꆰ地뗘缘풵倾쟣向쿲"ꆱ不늻无컞关맘系쾵。ꆣ?本놾文컄的뗄政헾策닟含몬义틥在퓚于폚，ꎬ퓚在监볠管맜层닣要튪求쟳뫍和鼓맄励샸上짏市쫐公릫司쮾增퓶加볓分럖红뫬力솦度뛈的뗄大듳背놳景뺰下쿂，ꎬ提쳡高룟上짏市쫐公릫司쮾的뗄会믡计볆?信탅息쾢质훊量솿和뫍透춸明쏷度뛈，ꎬ为캪投춶资者헟监볠督뚽提쳡供릩更룼充돤分럖的뗄信탅息쾢，ꎬ减복轻쟡上짏市쫐公릫司쮾与폫外췢部늿投춶资者헟之횮间볤的뗄信탅息쾢不늻对뛔称돆，ꎬ有폐?助훺폚于提쳡高룟上짏市쫐公릫司쮾分럖红뫬意틢愿풸，ꎬ提쳡升짽上짏市쫐公릫司쮾分럖红뫬水쮮平욽。ꆣ而뛸且쟒，ꎬ춨通过맽改룄善짆资本놾市쫐场뎡的뗄信탅息쾢环뮷境뺳也튲有폐助훺于폚减복少짙?政헾府뢮对뛔上짏市쫐公릫司쮾的뗄直횱接뷓干룉预풤，ꎬ如죧硬펲性탔规맦定뚨上짏市쫐公릫司쮾的뗄分럖红뫬水쮮平욽等뗈，ꎬ有폐利샻于폚我컒国맺证횤券좯市쫐场뎡的뗄进뷸一튻步늽市쫐场뎡化뮯和뫍?①ꋙ限쿞于폚篇욪幅럹，ꎬ本놾文컄稳컈健붡性탔测닢试쫔步늽骤훨和뫍结뷡果맻备룷索쯷。ꆣ?췲랽8?쫽0?? 뻝
맦规范랶化뮯，ꎬ使쪹上짏市쫐公릫司쮾和뫍投춶资者헟真헦正헽成돉为캪资本놾市쫐场뎡的뗄主훷体쳥。ꆣ?主훷要튪参닎考뾼文컄献쿗:ꎺ?돂陈信탅元풪，ꎬ夏쿄立솢军뻼，ꎬ林쇖志횾伟캰.ꎮ?20?0?9?.ꎮ独뛀立솢审짳计볆为캪什쪲么쎴没쎻能쓜发랢挥公믓司릫治쮾理훎功샭能릦[쓜J?]?ꎮ.닆财뺭经퇐研뺿究(?7?)?:ꎺ日??-ꎮ?75?.ꎮ?杜뛅兴탋强잿，ꆣ周훜泽퓳将붫，ꎬ杜뛅颖펱洁뷠ꎮ.?20?1??1ꎮ.헾政훎治맘关솪联ꆢ、짳审볆计쪦师톡选择퓱的뗄"ꆰ地뗘缘풵"ꆱ偏욫好뫃与폫审짳计볆意见틢[볻刀ꆾ??.ꎮ审짳计볆研퇐究뺿。)??:?ꎺ7??7-ꎮ8?6?.ꎮ ?雷샗光맢勇폂，ꎬ李샮书쫩锋럦，ꎬ王췵秀탣娟뻪ꎮ.?20?0?9?.ꎮ政헾治훎关맘联솪、ꆢ审짳计볆师쪦톡选择퓱与폫公릫司쮾价볛值횵?[J?]?.ꎮ管맜샭理世쫀界뷧?(?7)?:ꎺ?1?45?ꎮ-1?5?5?.ꎮ? 李샮雪톩松쯉，ꎬ햲詹姆쒷斯쮹·ꆤ뫕赫克뿋曼싼.ꎮ2?0?0?4?.ꎮ选톡择퓱偏욫差닮、ꆢ比뇈较뷏优폅势쫆与폫教뷌育폽的뗄异틬质훊性탔回믘报놨:基ꎺ믹于폚中国훐微맺观캢数맛据쫽的뻝实뗄证쪵研횤究퇐[뺿巧?.?ꎮ经뺭济볃研퇐究뺿(的??:?ꎺ???ꎮ??ꎮ?91-99. 宋쯎퇜衍衡?，ꎬ肖키星탇.ꎮ2?0?1?2?.ꎮ监볠管맜风럧险쿕、ꆢ事쫂务컱所쯹规맦模쒣与폫审计짳质볆量훊问솿.ꆾ?审?ꎮ计짳研볆究퇐(뺿3)??:?ꎺ?83?-ꎮ8?9?.ꎮ ?王췵烨.ꎮ2?0?0?9?.ꎮ股막权좨控뿘制훆链솴、ꆢ代듺理샭冲돥突춻与폫审짳计볆师쪦选톡择퓱[?J]?.ꎮ믡会볆计퇐研究뺿?(?6)?:ꎺ6?5?-ꆪ7?2?.ꎮ ?夏쿄立솢军뻼，ꎬ方랽轶强잿.ꎮ2?0?0?5?.ꎮ政헾府뢮控뿘制훆、ꆢ治훎理샭环뮷境뺳与폫公릫司쮾价볛值횵[?J]?.ꎮ뺭经济볃퇐研뺿究(?们??ꎺ4?0?-ꎮ5??1.ꎮ?퓀岳衡뫢ꎮ.?20?0?6?.ꎮ듳大막股东뚫资金뷰占햼用폃与폫审짳计볆师쪦的뗄监볠督뚽问엳.ꎮ中훐国맺믡会计볆评움论싛?(1?)?:ꎺ?59?-ꎮ6?8?.ꎮ ?张헅敏쏴，ꎬ冯럫虹뫧茜?，ꎬ张헅雯ꎮ.?20?1?1?ꎮ.믺机릹构돖持막股ꆢ、짳审볆计쪦师톡选择퓱与폫审짳计볆意틢见볻[?巧?ꎮ.짳审볆计퇐研뺿究(?6?)?:ꎺ?82?ꎮ-8?8?.ꎮ ??Ad??ja?o?u??d,? F?. ?a??nd? ??Be?n?-?A?m?町?"??W?. ??20?1?0?.ꎮ C?o??r?po??r?at?e?? g??ov??e?ma?n?c?e? ??a?nd?? ?di?vi?d?e?n?d? ?p??ol?i?cy?:ꎺ ?S?ha?r?e?h??ol?de?r?s?ꆯ’ p??ro?t?ec?t?io??n? o??r? ?e?x?p?r?o?p?r?ia?t?i?o?n?[?J?]?.ꎮ ?J??o?u?m?a?l? ?o?fB?u?s?i?ne?s?s?? Fi?n皿??c?e?& A?c?c?o??u?n?ti?ng?? 3?7?(?5?-ꆪ6?)?:ꎺ ?64?8?-ꆪ6?6?7?.ꎮ? ?B?r?oc?k??m?a?nꎬ,? P. ?a?nd? ??Un??lu?,ꎬ ?E.ꎮ ?20?1?1?.ꎮ E??a?m?e?d? ??c?on??tr?i?bu??t?e?d ??c?a?pi?ta?l?,ꎬ d?i?v?id??e?nd?? ?po??li?cy?,? ?and? ??di?sc?l?os?u?r?e? ?q??四?l?i?ty:ꎺ?An?? i?n?te?m??a?ti?o?n??al? s??tu?d?y?[?J?]?.ꎮ ??Jo??um??a?l? ?of?B?a?n?k?i?ng?? a?n?d? ?Fi?na?nc??e.ꎮ 3?5?(?7?)?:ꎺ 1??61??0-?1?6??25?.ꎮ? ?C?ho?i?,ꎬ ?J.ꎮ a?nd? ?W??o?ng?ꎬ,? T. J?.ꎮ ?20?0?7?.ꎮ A??ud??it?or?s?’ꆯ ?go??v?e?m?a?n?c?e???缸??l?c?t?io?n?s??and? ?l?eg?a?l? e??n?vi?r?o?n?rn?e?n?ts:ꎺ ?An? ?in?te?ma?t?i?o?na?l? i?nv??e?st?ig??a?ti?o?n?[?J?].ꎮ ??C?on??te?m??p?or?a?r?y? ?Ac?c?o?u?nt?i?ng? ?R?es?e?a?rc?h?.ꎮ 2??4(?1??):ꎺ ?1?3-?46?.ꎮ ??F?an,ꎬ ?J.ꎮ ?P. ?H?.ꎮ ?and? ??W?on??g,ꎬ ?T. ?J?.ꎮ 2??00?5?.ꎮ ?Do?? e?x??te?m??a?l ??a?ud??it?or?s? ??p?e?rf?o?r?m? ??a? ?co??rpo??r?a?te? ?g?o??ve??ma?nc?e?? r?o??le? ?i?n? e?m?e?r?g??in?g?? ?m?缸k?e?t?s[?耳??ꎮJ??o?u?m?a?l?o?f???Ac?c??o?un?ti?ng? ?R?es?e?a?rc?h?.ꎮ 4?3?(?1??):ꎺ ?35?ꆪ-7?2?.ꎮ ?F?a?n?ꎬ?ꎮ?ꎮ?ꎮ????ꎬ??ꎮꎬ????????ꎬ?????ꎮ???????????????????????ꎬ?????????????????ꎬ?????????????????????????, J. P. H. Wong, T. J., and Zhang, T. 2007. Politically connected CEOs, corporate govemance, and post-IPO performance of C??hi?n?a’ꆯ?s? n??e?wl?y ?pa?r?t?ia?l?ly?? pr?i?va?t?i?ze?d?? f?m??ns?[?J??].ꎮ J??ou??m?a?l? o??fF?i?na?n?c?i?a?l? ?Ec?o??no??mi?cs?.ꎮ ?8?4?(2?)?:ꎺ 3??30?-ꆪ3?5?7?.ꎮ? ?L?a ??P?or?t?aꎬ, ?R.ꎮ,ꎬ L?o?p?e?z?-?d?e?-?S?i?l?ane?s?ꎬ，丑?，ꎮꎬ?S?hl?e?ife??r?, ?A.ꎮ ?and? ??Vi?s??ht?凯??R?.ꎮ?20?0?0?.ꎮ A??ge?n??c?y ?p?r?ob?l?em?s?? ?a?nd?? d??ivi?de?n?d? ?p?o?l?i?ci?e?s? ??aro?u?nd? ??th?e? ??wo??r?ld?[?J]?.ꎮ? J??ou??m?a?l? o??fF?i?na?nc?e?.ꎮ 5??5(?1?)?:ꎺ 1??-3?3?.ꎮ? M?i?c?ha?e?l?y,? R?.ꎮ a?n?d ?Ro?b?e?r?钮?，ꎬM?.ꎮ 2?0?1?2?.ꎮ ?C?or?p?or?a?t?e? d??iv?id??e?nd?? p??ol?ic?i?es?:ꎺ ?Le?s??so??ns? ?f?r?o?m? ?p?ri?v?ate? ?f?m?ns?[?J?].ꎮ ?Re??vi?e?w? ?o??fF?i?n?a?nc?i?a?l? S??tu?di?e?s.ꎮ 2??5(?3??):ꎺ? 7?1?1?-?7??46?.ꎮ ?W?a?阳??，ꎬR?.ꎮ ?and? ?Zi?m?me??rm?an?ꎬ, J?.ꎮ 1??98??3.ꎮ ?Ag??e?nc?y?? pr?o?b?l?e?m?s?ꎬ, a??u?di?ti?ng?,ꎬ ?a?nd? ?the?? t?he?o??r?y? o?ft?h??e? f?ir?m:ꎺ ?S?om?e? ?e?vi?de??n?c?e[?J]?.ꎮ ?Jo??u?m?a?l? ?o?fL?a?w?? a?nd?? E??co?n?o?m?i?cs?.ꎮ ?26??(3?)?:ꎺ 6?1?3?-ꎮ6?3?3?.ꎮ ??Ow??n?e?rs?h?i??p? ?N?a?t?u?re?ꎬ, I?n?d?e??pe??nd??e?n?t? A?u??d?it?i?n?g? ?a??nd?? D?i??v?i?d?e?n?d? P?a?y?o??u?t? ?Po?l?i?c?i?e?s?? o??f? Li??s?t?e?d? C?o?m?p?a?n?i?e?s?? X?u? ?S??h?o?uf?u ??Ab?s?t??ra?c?t?zꎺ ?Th?i?s?? pa??p?e?r? a?i?ms?? ?????????????????????????????????????????????????????????????????????????????????to study an unresolved issue in the literature on whether and how the govemance role ???????????????????????????????????????????????????????????????????????????????????ꎮ??????????????????????of independent auditing affects the dividend payout policies of listed companies in China. Based on Chinese share ?A ???????????????????????????????????????????ꎬ???????????????????????????????????????????????????????????listed companies during the period 2003 2010, this paper provides an empirical analysis of the relationship ????????????????????????????????????????????????????????????????????????????????????????????????????????between co甲oratepayout policy and independent auditing by introducing a panel logit model and a panel tobit m??od?e??ꎮ?????????????????????????????????????????????????????????????????????????????????????????????l. We find that firms with better auditing quality have stronger desire and higher level of cash dividend ??????ꎮ??????????ꎬ??????????????????????????????????????????????????????????????ꎮ???????????????????????payout. Furthermore, this relationship is more outstanding in the non-state-owned firms. Our findings suggest that ??????????????????????????????????????????????????????????????????????????????????????????????????????????payout policies of listed companies should not be the substitution but the outcome of co叩orategovemance in也e???????????????????????????????ꎮ?accounting information perspective. K?e??y?w?o?r?d?s:ꎺ d?i??v?i?de??n?d? po?l?i??c?y??????????????ꎬ????????????????????ꎬ????????????????, cash dividend, independent auditing, ownership nature 췲랽쫽뻝8?1??
