机构投资者对我国上市公司会计信息质量影响问题探讨

发布时间：2019-05-20 00:30

【摘要】：近年来,西方发达国家的资本市场上机构投资者持股比例日益上升。作为资本市场的两大投资主体,机构投资者逐渐取代个人投资者在国家经济生活中发挥着越来越大的作用。自20世纪80年代起,机构投资者股东积极主义悄然兴起。国内外学者研究认为机构投资者的壮大彻底改变了公司股权结构,改善了传统的公司治理,成为多数发达资本市场建设过程和上市公司治理进程中不可或缺的重要力量。机构投资者有助于缓和公司大股东与中小股东之间的利益冲突,实施对管理层的有效监督,提高投资项目的经济效益,促进公司治理中会计信息质量的完善,并最终推动一国资本市场的健康发展。因此资本市场强烈呼唤专业化和相对成熟的机构投资者加入到公司治理的行列中来,发挥他们的监督作用。处于转型经济下的中国,伴随着资本市场的不断发展,市场的参与群体也不断丰富,二十世纪九十年代初期,以证券投资基金为代表的机构投资者开始进入中国证券市场,经过多年的理论探索和试点工作,机构投资者不断发展,到目前已形成了一个组织形式多样、规模庞大的机构投资者群体,通过对内约束制衡其他利益相关者、对外在资本市场上采取相应行动来影响会计信息质量。机构投资者作为重要的外部股东,对公司会计信息质量的影响主要表现在机构投资者具有专业能力和丰富经验,相对于个人投资者更具信息分析能力,拥有更充分的财力人力资源,有动力也有能力要求上市公司提供更充分的会计信息。机构投资者促进了资本市场经济功能的完善,带来了资本所有权的日益集中,并且资本市场成熟化程度越高,投资机构化的发展趋势越显著,这一趋势引发了理论界对机构投资者与日俱增的关注。上市公司会计信息质量的问题己经成为投资者、理论界、政府和公众关注的焦点,但学术界对于机构投资者是否能够起到提高上市公司会计信息质量的作用一直都没有定论。本文的意义在于：1、鉴于机构投资者在公司治理中的重要作用以及上市公司信息质量问题日益引起的关注,有必要对我国机构投资者问题和会计信息质量问题这些具有研究价值的课题进行研究探讨。对这些问题进行全面、系统的归纳和梳理将有利于加深对中国机构投资者和上市公司会计信息质量的认识,从而为中国机构投资者的发展及会计信息质量的提高提供一个有益的参考。2、机构投资者问题和会计信息质量问题作为公司治理理论体系中的重要组成部分,不仅具有一定的学术价值,而且具有较高的应用价值。成熟资本市场的发展经验和我国资本市场的发展实践都表明,资本市场的健康稳定发展必须要有一支实力强、多元化的机构投资者队伍。机构投资者拥有较强的研究实力和丰富的投资经验,规避风险能力较强,其发展壮大有效地改善了资本市场投资者结构,对市场长足稳定发展起到了重要的作用。本文分为五个部分,各部分研究的主要内容如下：第一部分,介绍了本文的研究目的、国内外研究现状、研究方法和研究内容。第二部分,阐述了机构投资者和上市公司会计信息质量的相关概念和理论,并讨论了上市公司会计信息质量的评价标准,同时分析了机构投资者影响上市会计信息质量的动因,并从内部治理结构和外部治理结构的角度分析了机构投资者如何影响上市公司的会计信息质量。第三部分,分析了我国上市公司会计信息质量存在的主要问题,包括由于内部治理结构不完善导致会计信息在生成过程中被操纵和由于外部治理结构不完善导致会计信息的披露不规范。第四部分,论述了我国上市公司会计信息质量存在问题的原因,主要从上市公司内部治理结构和外部治理结构两个方面对原因进行分析,并从机构投资者角度阐述其对会计信息质量的影响。第五部分,基于前面的分析,就机构投资者参与上市公司内部治理结构和外部治理结构两方面对提高会计信息质量提出建议。
[Abstract]:In recent years, the proportion of institutional investors in the capital market of the western developed countries has increased. As the main body of the capital market, the institutional investors gradually replace the individual investors to play a more and more important role in the national economic life. Since the eighties of the 20th century, the active principle of institutional investor's shareholder has been rising. The research of domestic and foreign scholars holds that the growth of institutional investors has completely changed the ownership structure of the company, improved the traditional corporate governance, and became an indispensable important force in the construction process of most developed capital markets and the governance process of the listed companies. The institutional investors can help to mitigate the conflict of interest between the large shareholders and the small and medium-sized shareholders of the company, implement the effective supervision of the management, improve the economic benefit of the investment project, promote the improvement of the quality of the accounting information in the corporate governance, and finally promote the healthy development of a country's capital market. Therefore, the capital market strongly calls for professional and relatively mature institutional investors to join in the company's governance, and play their supervisory role. In China under the transformation economy, with the continuous development of the capital market and the continuous development of the market, the participating groups of the market are also rich. In the early 1990s, the institutional investors represented by the Securities Investment Fund began to enter China's securities market, and through many years of theoretical exploration and pilot work, With the development of institutional investors, a large-scale institutional investor group has been formed, and the quality of accounting information is affected by taking corresponding actions on the capital market through internal constraints and balance of other stakeholders. As an important external shareholder, the influence of the quality of the accounting information of the company is mainly manifested in the professional ability and rich experience of the institutional investors, more information analysis ability with respect to the individual investors, and more adequate financial and human resources. The power also has the ability to ask the listed company to provide more adequate accounting information. Institutional investors have promoted the perfection of the function of the capital market economy, brought about the increasing concentration of the capital ownership, and the higher the maturity of the capital market, the more the development trend of the investment mechanism, which has led to the increasing turn of the theoretical circle on the institutional investors Note: The problem of the quality of the accounting information of the listed company has become the focus of the investors, the theoretical circles, the government and the public, but the academic circles have not fixed the role of the institutional investors to improve the quality of the accounting information of the listed companies The significance of this paper is as follows:1. In view of the important role of institutional investors in corporate governance and the increasing attention of the information quality problems of listed companies, it is necessary to study the problems of institutional investors and the quality of accounting information. In order to provide a useful reference for the development of Chinese institutional investors and the improvement of the quality of accounting information, the paper will be helpful to the development of Chinese institutional investors and the quality of accounting information. 2. The issue of institutional investors and the quality of accounting information are an important part of the theoretical system of corporate governance, not only have certain academic value, but also have higher application price The development experience of the mature capital market and the development of the capital market of our country have shown that the healthy and stable development of the capital market must have a strong and diverse group of institutional investors The institutional investors have strong research strength and rich experience in investment, and the ability to avoid the risks is strong. The development of the investors has improved the structure of the capital market investors and played an important role in the long-term and stable development of the market. This paper is divided into five parts. The main contents of the research are as follows: Part one, the research purpose of this paper, the research situation, research method and research in home and abroad are introduced. The second part expounds the relevant concepts and theories of the quality of the accounting information of the institutional investors and the listed companies, and discusses the evaluation criteria of the quality of the accounting information of the listed companies, and analyzes the quality of the listed accounting information by the institutional investors. This paper analyzes the influence of institutional investors on the accounting information of the listed companies from the perspective of the internal governance structure and the external governance structure. The third part analyzes the main problems of the accounting information quality of listed companies in China, including the disclosure of accounting information due to the imperfect internal governance structure and the imperfect structure of the external governance structure. In the fourth part, the reason of the problem of the quality of the accounting information of listed companies in China is discussed, and the reasons are analyzed from the two aspects of the internal governance structure and the external governance structure of the listed company, and the quality of the accounting information from the perspective of the institutional investors The fifth part, on the basis of the previous analysis, to improve the quality of accounting information in terms of institutional investors' participation in the internal governance structure and external governance structure of the listed company
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51

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