机构投资者、企业特征与会计稳健性关系的实证研究

发布时间：2018-03-31 18:15

本文选题：机构投资者　切入点：企业特征　出处：《吉林大学》2017年硕士论文

【摘要】：会计稳健性体现了会计处理的谨慎性,是会计信息质量研究中最重要的问题之一。20世纪80年代,以养老金为代表的机构投资者在美国出现后,机构投资者通过持股参与上市公司治理的作用在西方国家被广泛检验和认可,其对会计稳健性的作用也被广泛探讨,20世纪90年代,我国机构投资者出现并快速成长,对两者关系的研究也相应地在国内兴起。国内外学者从总体和异质性角度对机构投资者与稳健性关系进行探索,近年来,在相关的研究中开始考虑不同的企业特征对两者关系的影响。在机构投资者发展势头强劲,规模和数量不断壮大,于企业决策中的话语权不断加大的现状下,研究机构投资者的治理效应无疑是有重要的实际意义的,企业特征中,股权结构决定着建立在其基础上的公司治理结构及经营绩效,成长能力描述企业的发展趋势和速度,营运能力体现着企业经营的过程的良好与否。本文在此背景下,选择企业特征中股权结构、成长能力、营运能力三个具体维度,探讨机构投资者持股与会计稳健性的关系,不但有助于更清晰地认识和理解机构投资者在经济发展中的作用和重要性,更有助于认识其在不同企业中所发挥治理作用的差异性,为上市公司优化股权结构,提升企业整体治理水平提供启示,为市场监管部门和政府相关机构保护各投资者利益,规范资本市场,健康促进机构投资者成长的实践提供理论和经验支持。在规范分析的基础上,本文以2010-2015年上市企业数据进行实证检验,研究结果发现,机构投资者持股比例与会计稳健性呈正相关关系,“压力抵制型”机构投资者能够显著提高会计稳健性,而“压力敏感型”机构投资者不能显著提高会计稳健性,建议我国大力支持机构投资者发展,尤其是“压力抵制型”;在股权制衡度高的公司,机构投资者持股比例与会计稳健性之间的正向作用加强了,建议政府监管部门倡导制衡形式股权结构应用;在净利润增长率高的公司,机构投资者持股比例与会计稳健性之间的正向作用削弱了;在应收账款周转率高的公司,机构投资者持股比例与会计稳健性之间的正向作用同样被削弱了,建议对机构投资者作用的认识不能一概而论,要结合具体的企业情况,在高成长运营力的公司,机构投资者对会计稳健性的改善作用会被削弱。本文由六个部分组成。第一部分为绪论,阐述了论文研究的背景、意义、方法和框架。第二部分是文献综述,归纳了机构投资者与会计稳健性、企业特征与会计稳健性、以及三者之间的研究成果。第三部分是理论分析和假设,介绍了机构投资者治理的相关理论,并提出假设。第四部分是研究设计,主要说明数据选取、各变量的选择以及模型的构建。第五部分为实证分析,主要对假设的验证结果进行分析。第六部分是结论及建议。
[Abstract]:Accounting conservatism reflects the caution of accounting treatment. It is one of the most important problems in the study of accounting information quality. In the 1980s, institutional investors, represented by pension funds, appeared in the United States. The role of institutional investors in the governance of listed companies through shareholding has been widely tested and recognized in western countries, and the role of institutional investors in accounting conservatism has also been extensively discussed. In the 1990s, institutional investors in China emerged and grew rapidly. The relationship between institutional investors and robustness has been explored by domestic and foreign scholars from the perspective of overall and heterogeneity. In the relevant research, we begin to consider the influence of different enterprise characteristics on the relationship between the two. With the strong development momentum, scale and quantity of institutional investors, and the increasing speaking power in enterprise decision-making, There is no doubt that it is of great practical significance to study the governance effect of institutional investors. Among the characteristics of enterprises, the ownership structure determines the corporate governance structure and business performance based on it, and the growth ability describes the development trend and speed of the enterprises. Under this background, this paper chooses three specific dimensions of ownership structure, growth ability and operation ability to explore the relationship between institutional investors' shareholding and accounting conservatism. It not only helps to understand and understand clearly the role and importance of institutional investors in economic development, but also helps to understand the differences of governance roles played by institutional investors in different enterprises, so as to optimize the equity structure for listed companies. To improve the overall level of corporate governance, to provide inspiration for market regulatory authorities and relevant government institutions to protect the interests of investors and standardize the capital market, On the basis of normative analysis, this paper uses the data of listed enterprises from 2010 to 2015 to carry out an empirical test. The proportion of institutional investors holding shares is positively correlated with accounting conservatism. "pressure-resistant" institutional investors can significantly improve accounting conservatism, while "pressure-sensitive" institutional investors can not significantly improve accounting conservatism. It is suggested that our country should vigorously support the development of institutional investors, especially the "pressure resistance type". In companies with high equity checks and balances, the positive effect between institutional investors' shareholding ratio and accounting conservatism has been strengthened. It is suggested that government regulators advocate the use of equity structure in the form of checks and balances; in companies with high net profit growth, the positive role between institutional investor shareholding and accounting conservatism is weakened; and in companies with high turnover of accounts receivable, The positive effect between institutional investor's shareholding ratio and accounting conservatism has also been weakened. It is suggested that the understanding of institutional investor's role should not be generalized. The improvement of accounting conservatism by institutional investors will be weakened. This paper consists of six parts. The first part is an introduction, which describes the background, significance, methods and framework of the research. The second part is a literature review. The research results of institutional investors and accounting conservatism, enterprise characteristics and accounting conservatism are summarized. The third part is theoretical analysis and hypothesis, and introduces the related theories of institutional investor governance. The fourth part is the research design, mainly explains the data selection, the variable selection and the model construction. The fifth part is the empirical analysis, mainly carries on the analysis to the hypothesis verification result. The sixth part is the conclusion and the suggestion.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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