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| Pyramidal Ownership Structure and Earning Management——A Case Study Based on the Private Listed Companies |
| TANG Ying mei,DONG Jing,WANG Huai ming |
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Abstract This paper, based on the data of our private listed companies, during 2004-2009, studies the effect of pyramidal ownership structure on the earnings management. Research results show: the correlation between the layers of pyramidal ownership structure and earnings management is significantly positive; the correlation of cash flow right proportion and earnings management is negative, i.e., the higher the cash flow right by the ultimate controllers, the lower effect of controlling layers on earning management; and the degree of the separation between the ultimate controllers’ voting right and the cash flow right increases the impact of controlling layers on the earnings management.
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Received: 24 June 2011
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Corresponding Authors:
TANG Ying mei
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2011, Vol. 1 
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