As the most important financial indicator,the accounting earnings information of listed companies is focused on by business owners,stakeholders and investors.The accounting surplus refers to the surplus after income minus costs,which reflects the operating results of a listed company in a fiscal year and directly reflects the operating performance of the listed company.As the most important financial indicator for detecting the performance of listed companies,investors in the market tend to focus on such information to guide their own investment,reflecting the fact that accounting earnings are value-related.The higher the relevance of the accounting earnings value,the more useful the decision-making usefulness of financial data users is,and it is of great significance to the evaluation and measurement of the profitability of listed companies.The correlation of accounting earnings value is affected by many factors,including the interaction between the external environment and the internal mechanism of the company.In recent years,the frequent financial frauds by listed companies and the global financial crisis have once again pushed corporate governance issues to the forefront.Corporate governance has become the focus of public attention.The foundation of modern corporate governance theory is the separation of ownership and management rights.Corporate governance is a mechanism that restricts the rights and obligations of various stakeholders,and plays a role in coordinating management decisions,incentives,and supervision and management.The corporate governance structure is an organizational structure established on the basis of corporate governance.A good corporate governance structure guarantees the effectiveness and transparency of the operation and management of listed companies to a certain extent,thereby ensuring the authenticity of accounting earnings information.Therefore,the corporate governance structure of listed companies is not only the basic institutional arrangement of listed companies,but also an important factor affecting the relevance of accounting earnings value.This article uses the basic price model,uses the stock price as an explanatory variable,and the corporate governance structure as an explanatory variable,selects the 2014-2016 data of A-share listed companies in Shanghai and Shenzhen stock markets as a sample,and tests the governance of listed companies through model regression.The relationship between structure and the relevance of accounting surplus value.The article divides the corporate governance structure of listed companies into six dimensions:equity concentration,equity dispersion,ownership of equity,board size,proportion of independent directors,and top three executive compensation,and tests the relevance of these six indicators to the value of accounting surpluses.The link between them is to propose measures to effectively improve the correlation of the value of accounting earnings from the perspective of corporate governance.Through regression analysis,this article draws the following conclusions.(1)There is a negative correlation between equity concentration and corporate accounting surplus value.(2)There is a positive correlation between the degree of equity dispersion and the correlation of accounting surplus value.(3)There is no correlation between the proportion of state-owned shares in total equity and the correlation of accounting earnings value.(4)There is a positive correlation between the size of the board of directors and the value of the accounting surplus.(5)There is a positive correlation between the proportion of independent directors and the value of accounting earnings.(6)There is a negative correlation between the executive compensation and the correlation of the accounting surplus value. |