An Empirical Research On The Effect Of Ownership Structure On Earnings Quality In Chinese Listed Companies

Stock market is the most important part of market economy. It has been making a lot of contributions to economic development and resource allocation in our country. With the rapid development of the stock market, large numbers of problems arise which affect the market function. Among these questions, whether the accounting has valuable relevance and the listed companies'special ownership structure should be paid special attention to.The quality of accounting earnings is important information for investors and it is always the focus of our government. To improve the quality of accounting information, to guarantee the accounting data to be real and integrity has become an essential link to strengthen the economical management and the financial control. Because ownership structure is the foundation of property right and it determines the mode and efficiency of corporate governance, corporate ownership structure will also affect earning information quality. This paper has probed into the influence of ownership structure to earnings'value relevance---most important information quality attribute of earnings.We examine how the ability of shareholder composing and shareholder concentricity to affect accounting information quality according analyzing the corporations'data from Shanghai stock market in 2009. Through examine the coefficient of product between the character of ownership structure and the level of earning whether remarkable, we can know whether the character of ownership structure function on the earning response coefficient. Through the empirical analysis, this article draws the following conclusion:In the aspect of shareholder composing, proportion of shares owned by state and institutional investor negatively affect the earnings'value relevance, proportion of shares owned by corporate and managers positively affect the earnings' value relevance. In the aspect of shareholder concentricity, proportion of shares owned by biggest shareholders negatively affects the earnings'value relevance. But the balancing degree of equity ownership can not significantly affect earnings'value relevance.