上市公司QFII持股对盈余管理的影响研究

发布时间：2018-03-07 19:21

本文选题：QFII　切入点：真实盈余管理　出处：《哈尔滨工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：QFII(合格的境外机构投资者)自2002年引入我国以来一直受到广大投资者的关注,成为了在资本市场投资的一项风向标,而QFII是否参与到公司治理、监督企业发展决策,从而达成引入QFII的目的也为学界所关注。关注QFII对盈余管理的影响,有利于探索QFII在企业事务中的参与程度和影响力度,保护中小投资者,在理论和现实中都具有一定的意义。现有学者对此方面的影响还存在着不足之处,尤其是随着真实盈余管理理论的完善,为本文的研究提供了思路。本文首先从QFII的优势、理论基础以及盈余管理的动机等方面出发,探索了QFII影响盈余管理的原因和途径。从QFII的能力和意愿的内因角度以及政策法律等外因角度说明了QFII进行盈余管理的必要性和可能性。从QFII在话语权、股价等方面说明了QFII影响盈余管理的途径。其次,依据理论分析提出了研究假设并构建相应的实证模型。选取深沪两市2013年至2015年的A股上市公司作为研究的样本,运用SPSS软件进行分析和检验。研究表明:QFII进入上市公司而未成为十大股东时,其对真实盈余管理的影响不显著,当QFII成为上市公司的十大股东与真实盈余管理负相关;QFII持股比例与真实盈余管理程度呈负相关关系;而QFII持股比例与上市公司应计盈余管理正相关。研究结果表明,QFII在达到一定的持股比例后,出于成本收益的要求,会参与公司治理,抑制盈余管理尤其是真实性盈余管理的发生。另一方面,应计盈余管理对真实盈余管理具有替代的作用,当真实盈余管理受到抑制时,管理层会转向采取应计盈余管理。这些结论为政府推进QFII的发展,发挥QFII的作用提供了支持,也对抑制盈余管理具有一定积极意义。
[Abstract]:QFII (qualified Foreign Institutional Investor) has been concerned by the majority of investors since it was introduced into China in 2002. QFII has become a vane of investment in the capital market, and whether QFII participates in corporate governance and supervises the decision of enterprise development. In order to achieve the purpose of introducing QFII, scholars also pay attention to it. Paying attention to the impact of QFII on earnings management is helpful to explore the degree of participation and influence of QFII in enterprise affairs, and to protect small and medium-sized investors. Both in theory and in reality, there are still some deficiencies in the influence of existing scholars on this aspect, especially with the improvement of real earnings management theory, which provides a train of thought for the study of this paper. Firstly, this paper starts with the advantages of QFII. On the basis of theory and motivation of earnings management, This paper probes into the causes and approaches of QFII influencing earnings management. From the angle of internal cause of QFII's ability and will, and from the external factors such as policy and law, it explains the necessity and possibility of QFII's earnings management. From the perspective of QFII's right of speech, the author explains the necessity and possibility of QFII's earnings management. Secondly, according to the theoretical analysis, the research hypotheses are put forward and the corresponding empirical model is constructed. The A-share listed companies from 2013 to 2015 in Shenzhen and Shanghai stock markets are selected as the samples of the research. Using SPSS software to analyze and test, the research shows that the effect on real earnings management is not significant when the president enters the listed company but does not become the top ten shareholder. When QFII becomes the top ten shareholders of listed companies, there is a negative correlation between the proportion of QFII shares and the degree of real earnings management. However, the proportion of QFII shares is positively related to the accrual earnings management of listed companies. On the other hand, accrual earnings management is a substitute for real earnings management, when real earnings management is suppressed, These conclusions provide support for the government to promote the development of QFII and play the role of QFII, and also have certain positive significance to restrain earnings management.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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