信息不对称、共同基金与公司盈余质量

发布时间：2018-01-15 02:33

本文关键词：信息不对称、共同基金与公司盈余质量　出处：《华中科技大学》2012年硕士论文　论文类型：学位论文

【摘要】：本文以2004年至2010年间沪深两市A股一般上市公司为样本，以Dechow andDichev(2002)的DD模型作为盈余质量的计量模型，区分开正向盈余和负向盈余的差别。选取基于特质风险的标准差作为信息不对称的测度，依据Yan and Zhang (2009)的基金分类方法，将我国共同基金分为长期和短期基金，将长短期基金各自持有上市公司股票的比例作为机构持股的测度指标，控制了基础变量和公司治理因素，来研究信息不对称的大小以及长短期共同基金的行为是如何影响上市公司的盈余质量的，并按信息不对称程度分类，研究两者对于公司盈余质量的交互影响。研究发现：第一，信息不对称程度的降低可以提升公司盈余质量；第二，将基金分为长期和短期投资者，，发现长期基金能够通过监督公司管理层的治理行为来提升公司的盈余质量，而短期基金更加注重短期收益而非长期绩效导致管理层正向盈余操纵，而使盈余质量变差；第三，按信息不对称程度分组，发现随着信息环境的变差，长期基金的监管效应大幅削弱，而短期基金的投机效应却越演越烈，使上市公司盈余质量进一步变差。本文为机构投资者在我国资本市场上所扮演的角色提供了新的证据，并具有清晰的政策含义，即提升公司信息透明度对促进长期基金的监管作用和抑制短期基金的投机作用均具有重要的意义。
[Abstract]:In this paper, the Shanghai and Shenzhen from 2004 to 2010, two general A share listed companies as samples, using Dechow andDichev (2002) DD model as econometric model of earnings quality, distinguish between positive earnings and negative earnings differences. Select the measurement of difference of information asymmetry as idiosyncratic risk based on the criteria, according to the Yan and Zhang (2009) the fund classification method, our mutual funds into long-term and short-term funds will fund their long-term holdings of shares of listed companies as a measure index proportion of institutional ownership, control of the basic variables and corporate governance factors, to study the information asymmetry and long term mutual fund behavior is how to affect the earnings quality of listed companies the classification, and according to the degree of information asymmetry, both for interactive effects of earnings quality.
The study found: first, reduce the degree of information asymmetry can improve earnings quality; second, the fund will be divided into short-term and long-term investors, that long-term funds can improve the company's earnings quality through the supervision of the management of the company governance behavior, while short-term funds pay more attention to short-term profits rather than long-term performance management leads to positive earnings manipulation so, the earnings quality variation; third, grouped according to the degree of information asymmetry, with the information of the environment becomes worse, the supervision effect of long-term funds significantly weakened, and the effect of short-term speculative funds has intensified, the earnings quality of listed companies becomes worse. This paper provides new evidence for institutional investors to play in China's capital market role, and has clear policy implications, namely the promotion of information transparency on the regulatory role of promoting long-term funds and short-term suppression The speculation of the fund is of great significance.

【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275

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