独立董事、机构投资者与管理层盈余预告性质的实证研究

发布时间：2018-01-16 16:03

本文关键词：独立董事、机构投资者与管理层盈余预告性质的实证研究　出处：《新疆财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：盈余预告信息在资本市场中扮演着十分重要的角色，我国股票市场上的股价及股息等信息经常发生变化，而投资者正是根据上市公司的一系列股票信息及盈余预告信息的相关内容来作出自己的投资决策的。所以，管理层盈余预告信息质量，直接关系到投资者战略决策的正确与否。那么，管理层盈余预告主要受哪些因素的影响？如何提高管理层盈余预告的质量？这正是本文所要重点研究的。本文以管理层盈余预告性质为研究对象，在控制了其他影响盈余预告的影响因素后，对独立董事和机构投资者对管理层盈余预告性质的影响进行分析，回顾了国内外相关研究文献，归纳分析了盈余预告性质的概念、独立董事的特征、相关假设的发展及模型。与以往研究不同的是，本文还引入了机构投资者作为自变量，来考察独立董事和机构投资者对管理层盈余预告性质的影响。针对独立董事对管理层盈余预告性质的影响，本文主要从独立董事比例、参加董事会会议次数及薪酬三个方面来刻画独立董事的特征，进而考察独立董事的特征对管理层盈余预告性质的影响。针对机构投资者对管理层盈余预告性质的影响，本文主要用机构投资者持股比例来刻画。本文以2006-2011共六年深沪A股上市公司为初始样本，，应用Eviews6.0对所有自变量和因变量进行描述性统计分析，SPSS13.0对所有自变量和因变量进行相关性分析，对模型进行Ordered Probit回归分析。结果发现：（1）独立董事的特征与管理层盈余预告性质呈正相关关系。（2）机构投资者持股比例与管理层盈余预告性质呈正相关关系。即机构投资者持股比例越大，管理层盈余预告信息越详细和具体，管理层盈余预告质量也就越高。本文的结果表明，独立董事、机构投资者与管理者层盈余预告有密切联系，这一结果能够促进公司更好的治理，也可以促进更透明的信息披露。在市场经济高度发展的时期，投资者对上市公司管理层盈余预告信息质量的要求不断提高，证券监管部门也在不断的加大力度完善上市公司管理层盈余预告信息质量的相关制度。对此，本文也相应地提出了提高上市公司管理层盈余预告信息质量的相关对策。
[Abstract]:Earnings forecasting information plays a very important role in the capital market. The stock price and dividend information often change in our stock market. However, investors make their own investment decisions according to a series of stock information and earnings forecast information of listed companies. It is directly related to whether the investor's strategic decision is correct or not. So, what are the main factors that affect the management earnings forecast? How to improve the quality of management earnings forecast? This is the focus of this paper. This paper takes the nature of management earnings forecast as the research object, after controlling other influencing factors of earnings forecast, analyzes the impact of independent directors and institutional investors on the nature of management earnings forecast. This paper reviews the relevant research literature at home and abroad, summarizes and analyzes the concept of earnings forecast, the characteristics of independent directors, the development of relevant assumptions and models. This paper also introduces institutional investors as independent variables to examine the impact of independent directors and institutional investors on the nature of management earnings forecast. This paper mainly describes the characteristics of independent directors from three aspects: the proportion of independent directors, the number of meetings of the board of directors and the remuneration. Then it examines the influence of the characteristics of independent directors on the nature of management earnings forecast, aiming at the impact of institutional investors on the nature of management earnings forecast. This paper mainly describes the proportion of institutional investors holding shares. This paper takes the six years of Shenzhen and Shanghai A-share listed companies as the initial sample from 2006 to 2011. Eviews6.0 was used to analyze all independent variables and dependent variables. SPSS 13.0 was used to analyze the correlation between all independent variables and dependent variables. The model was analyzed by Ordered Probit regression analysis. The results show that the characteristics of independent directors are positively correlated with the nature of earnings forecast. The proportion of institutional investors holding shares is positively correlated with the nature of management earnings forecast, that is, the larger the proportion of institutional investors is. The more detailed and specific the management earnings forecast information, the higher the quality of the management earnings forecast. The results of this paper show that independent directors, institutional investors and managers are closely related to earnings forecasting, which can promote better corporate governance. It can also promote more transparent information disclosure. In the period of high development of market economy, investors' demands on the quality of earnings forecast information of listed companies are constantly improving. Securities regulatory authorities are also constantly increasing efforts to improve the listed company management earnings warning information quality related systems. This paper also puts forward the relevant countermeasures to improve the quality of earnings forecast information of listed companies.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F832.51

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