机构投资者持股特征与上市公司盈余质量的实证研究

发布时间：2018-07-21 21:02

【摘要】：2006年股权分置改革基本完成以来,在政府部门的大力扶持下,机构投资者在我国取得了飞速发展,已经成为资本市场上的重要参与者之一。机构投资者持股与盈余质量的关系是研究外部投资机构、资本市场与公司治理的有机结合,文章的研究意义主要体现在以下两个方面：一是从公司治理的角度探索提高上市公司盈余质量的可能途径；二是加深对我国机构投资者参与公司治理程度的认识,为相关政府部门制定政策措施促进机构投资者的发展提供有益的参考。文章以公司治理热点问题之一的盈余质量作为研究视角,围绕机构持股特征与盈余质量的关系这一课题进行了理论探讨和实证研究。在理论方面,文章首先对国内外相关文献进行简要回顾,然后选取规范研究的方法分析了盈余质量与机构投资者的相关基础理论,探讨了机构投资者持股影响盈余质量的作用机制。在实证分析部分,本文首先采用因子分析法构建盈余质量评价体系,以盈余质量综合得分EQI作为因变量,然后分别以机构投资者整体持股比例、持股机构投资者的数量以及不同类型的机构投资者持股比例作为自变量,运用多元回归模型考察机构投资者持股特征与上市公司盈余质量之间的关系。文章主要得出以下结论： (1)机构投资者持股与上市公司盈余质量正相关,提高机构投资者持股比例,增加持股的机构数量,有利于促进上市公司盈余质量的提高。整体而言,我国机构投资者能够发挥股东积极主义作用,监督管理层行为。 (2)我国资本市场上的机构投资者存在异质性,不同类型的机构投资者由于在持股份额、投资理念与动机等方面存在区别,进而导致其介入公司治理的程度不同,对盈余质量的作用方向与程度也存在较大差异。
[Abstract]:Since the completion of the split share structure reform in 2006, with the support of the government, institutional investors have made rapid development in China, and have become one of the important participants in the capital market. The relationship between institutional investors' shareholding and earnings quality is to study the organic combination of external investment institutions, capital markets and corporate governance. The research significance of this paper is mainly reflected in the following two aspects: first, to explore the possible ways to improve the earnings quality of listed companies from the perspective of corporate governance; second, to deepen the understanding of the degree of participation of institutional investors in corporate governance in China. It provides a useful reference for relevant government departments to formulate policies and measures to promote the development of institutional investors. From the perspective of earnings quality, which is one of the hot issues in corporate governance, this paper makes a theoretical and empirical study on the relationship between the characteristics of institutional ownership and earnings quality. In theory, the article reviews the relevant literature at home and abroad briefly, then selects the normative research method to analyze the relevant basic theories of earnings quality and institutional investors. This paper discusses the mechanism of institutional investor's stock holding affecting earnings quality. In the part of empirical analysis, this paper first uses factor analysis to construct the earnings quality evaluation system, taking EQI as the dependent variable, and then taking the overall shareholding ratio of institutional investors. The number of institutional investors and the proportion of different types of institutional investors as independent variables are used to study the relationship between the ownership characteristics of institutional investors and the earnings quality of listed companies by using the multiple regression model. The main conclusions are as follows: (1) Institutional investors' shareholding is positively related to the earnings quality of listed companies. Increasing the proportion of institutional investors' shareholding and increasing the number of institutions holding shares will help to improve the earnings quality of listed companies. As a whole, institutional investors in China can play an active role of shareholders and supervise the behavior of management. (2) there is heterogeneity among institutional investors in China's capital market. There are differences in investment concepts and motives, which leads to different degrees of intervention in corporate governance, and the direction and extent of the effect on earnings quality are also quite different.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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