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題名 Does mutual fund ownership affect financial reporting quality for Chinese privately-owned enterprises?
作者 詹凌菁
Chan, Ann Ling-Ching ; Ding, Rong ; Hou, Wenxuan
貢獻者 會計系
關鍵詞 Institutional ownership; Financial reporting quality; Mutual fund ownership; Modified auditor opinion; China
日期 2014-12
上傳時間 14-May-2014 17:48:51 (UTC+8)
摘要 This paper examines the role of mutual funds in enhancing financial reporting quality in China. Mutual funds are more sophisticated and influential than individual investors. Therefore, they are expected to be more effective at preventing executives from expropriating investors and manipulating earnings as a cover-up, which in turn would reduce the incidence of modified audit opinions (MAOs). Our results, based on the Chinese listed firms from 2003 to 2008, confirm this prediction. More importantly, the effects of mutual fund ownership in reducing the incidence of MAOs are greater among privately owned enterprises (POEs), and especially those with higher growth. This is because POEs rely more heavily on the capital market for financing than do state-owned enterprises (SOEs), and because growth opportunities need to be funded by additional external capital. This finding implies that mutual funds form an important part of the external governance mechanism in emerging countries, but this effect is moderated by state control and ownership.
關聯 International Review of Financial Analysis, Volume 36, Pages 131-140
資料類型 article
DOI http://dx.doi.org/10.1016/j.irfa.2014.02.004
dc.contributor 會計系en_US
dc.creator (作者) 詹凌菁zh_TW
dc.creator (作者) Chan, Ann Ling-Ching ; Ding, Rong ; Hou, Wenxuanen_US
dc.date (日期) 2014-12en_US
dc.date.accessioned 14-May-2014 17:48:51 (UTC+8)-
dc.date.available 14-May-2014 17:48:51 (UTC+8)-
dc.date.issued (上傳時間) 14-May-2014 17:48:51 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/66032-
dc.description.abstract (摘要) This paper examines the role of mutual funds in enhancing financial reporting quality in China. Mutual funds are more sophisticated and influential than individual investors. Therefore, they are expected to be more effective at preventing executives from expropriating investors and manipulating earnings as a cover-up, which in turn would reduce the incidence of modified audit opinions (MAOs). Our results, based on the Chinese listed firms from 2003 to 2008, confirm this prediction. More importantly, the effects of mutual fund ownership in reducing the incidence of MAOs are greater among privately owned enterprises (POEs), and especially those with higher growth. This is because POEs rely more heavily on the capital market for financing than do state-owned enterprises (SOEs), and because growth opportunities need to be funded by additional external capital. This finding implies that mutual funds form an important part of the external governance mechanism in emerging countries, but this effect is moderated by state control and ownership.en_US
dc.format.extent 336302 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) International Review of Financial Analysis, Volume 36, Pages 131-140en_US
dc.subject (關鍵詞) Institutional ownership; Financial reporting quality; Mutual fund ownership; Modified auditor opinion; Chinaen_US
dc.title (題名) Does mutual fund ownership affect financial reporting quality for Chinese privately-owned enterprises?en_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.irfa.2014.02.004en_US
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.irfa.2014.02.004en_US