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本文从股权集中度视角出发,分别探讨了国有控股公司和民营控股公司股权集中度对上市公司择时披露行为的影响。结果表明,对于国有控股公司股权集中度与管理层选择周末披露的概率呈正U型关系;对于民营控股公司股权集中度与管理层选择周末披露盈余公告的概率呈倒U型关系。进一步,由于我国民营上市公司控制链较长,终极控制权与现金流权分离问题严重,我们又从终极控制权,以及终极控制权与现金流权分离度角度研究了民营上市公司择时披露的影响因素。与股权集中度影响类似,我们发现在民营上市公司中,终极控制权持股比例与管理层选择周末披露盈余公告的概率呈倒U型关系,终极控制权与现金流权分离度与管理层选择周末披露盈余公告的概率呈正向关系。
This article from the perspective of ownership concentration, respectively, discusses the state-owned holding company and private holding company ownership concentration on the disclosure of timing behavior of listed companies. The results show that there is a positive U-shaped relationship between ownership concentration of state-owned holding companies and management’s choice of weekend disclosure, and an inverted U-shaped relationship between ownership concentration of private holding companies and management’s choice of disclosure earnings of weekend disclosures. Furthermore, due to the long chain of control of private listed companies in our country, the problem of the separation of ultimate control and cash flow rights is serious. From the perspective of ultimate control and the separation of ultimate control and cash flow rights, Influencing factors. Similar to the effect of ownership concentration, we find that in the private listed companies, the ratio of the ultimate controlling stake to the management’s choice of weekend disclosure earnings probability is an inverted U-shaped relationship, and the ultimate controlling power and cash flow rights are separated from the management’s choice The probability of disclosing a earnings announcement over the weekend is in a positive relationship.