我国机构投资者持股对会计信息质量的影响研究
发布时间：2018-07-24 13:47
【摘要】：上市公司信息披露是证券市场信息公开制度的核心内容,是衡量资本市场效率的一个重要指标。上市公司应披露的信息可分为三部分内容,即:财务会计信息、审计信息和非财务会计信息,其中财务会计信息被列为世界各国公司治理信息披露的重点,它主要用来评价公司的获利能力和经营状况及预测未来的经营前景,是解决会计信息使用者与提供者之间信息不对称问题的主要方式,高质量的信息披露是证券市场健康发展的基石,直接决定着社会资源的配置效率和资本市场的有效性,然而我国会计信息质量问题不容乐观;机构投资者凭借其专业优势、参与公司治理,可以提高其内部控制的有效性,使上市公司的经营更加规范化、有效化,同时使其会计信息相关决策和执行流程更加科学、规范,从而促进其会计信息质量的提高。 本文首先介绍了机构投资者的内涵和外延、分析了会计信息质量特征的含义,界定了本文的研究范围;之后梳理了有关机构投资者特征和作用的文献,认为机构投资者本身的特性赋予了其影响会计信息质量的可能性,并归纳整理了国内外有关机构投资者对会计信息质量影响的文献,发现目前国内外对这一研究还存在较大分歧,且大多数研究采用的数据较早,已不能及时反映我国当前证券市场现状,因此有必要对该问题做进一步的研究;紧接着文章详细论述了机构投资者影响会计信息质量的内外部机制和逻辑,为实证研究假设的提出奠定了理论基础,并在此基础上提出假设和模型设计思路,对变量进行定义,并运用我国2007-2009沪深两市866家上市公司数据,从盈余管理程度、披露可靠性和及时性三个角度衡量会计信息质量与机构持股的关系,研究结果表明机构持股与盈余管理程度显著负相关,与披露可靠性正相关但不显著,与披露及时性也显著正相关,研究结论认为,我国机构投资者持股在一定程度上提高了我国上市公司的会计信息质量;文章最后针对研究结果提出了对进一步发挥机构作用、提高会计信息质量的建议,以及本研究的不足之处和未来的研究展望。
[Abstract]:The information disclosure of listed companies is the core content of the information disclosure system of the securities market and an important index to measure the efficiency of the capital market. The information that the listed companies should disclose can be divided into three parts, namely, financial accounting information, audit information and non-financial accounting information, and the financial accounting information is listed as the corporate governance letter of the world. The focus of information disclosure is mainly used to evaluate the profitability and management status of the company and to predict future business prospects. It is the main way to solve the problem of information asymmetry between the users and the providers of accounting information. High quality information disclosure is the basis for the healthy development of the securities market, which directly determines the efficiency of the allocation of social resources and the efficiency of the allocation of social resources. The effectiveness of the capital market, however, the quality of accounting information in China is not optimistic. The institutional investors, with their professional advantages, participate in corporate governance, can improve the effectiveness of their internal control, make the operation of the listed companies more standardized and effective, and make their accounting information related decisions and Implementation processes more scientific and standardized, so that the accounting information is more scientific and standardized. Promote the improvement of the quality of its accounting information.
This paper first introduces the connotation and extension of institutional investors, analyzes the meaning of the quality characteristics of accounting information, defines the scope of the study, and then combs the literature about the characteristics and functions of institutional investors, and thinks that the characteristics of institutional investors themselves give the possibility of influencing the quality of information, and summed up the domestic market. In the literature on the influence of institutional investors on the quality of accounting information, it is found that there are still great differences in this study at home and abroad, and the data that most of the research uses are early, and it is not timely to reflect the current situation of the securities market in China. Therefore, it is necessary to do a further study on this issue. The investor affects the internal and external mechanism and logic of the quality of accounting information, lays a theoretical foundation for the hypothesis of empirical research, and on this basis puts forward assumptions and model design ideas, defines the variables, and uses the data of 866 listed companies in China's 2007-2009 Shanghai and Shenzhen two cities to disclose the reliability and timeliness of three from the earnings management level. The results show that the institutional shareholding is negatively related to the degree of earnings management, which is positively related to the disclosure reliability, but not significant, and has a significant positive correlation with the disclosure of timeliness. According to the information quality, the article finally puts forward some suggestions on the further development of the institutional role, the improvement of the quality of accounting information, and the shortcomings of this study and the future research prospect.
【学位授予单位】：青岛理工大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F275;F276.6;F224
本文编号：2141572
[Abstract]:The information disclosure of listed companies is the core content of the information disclosure system of the securities market and an important index to measure the efficiency of the capital market. The information that the listed companies should disclose can be divided into three parts, namely, financial accounting information, audit information and non-financial accounting information, and the financial accounting information is listed as the corporate governance letter of the world. The focus of information disclosure is mainly used to evaluate the profitability and management status of the company and to predict future business prospects. It is the main way to solve the problem of information asymmetry between the users and the providers of accounting information. High quality information disclosure is the basis for the healthy development of the securities market, which directly determines the efficiency of the allocation of social resources and the efficiency of the allocation of social resources. The effectiveness of the capital market, however, the quality of accounting information in China is not optimistic. The institutional investors, with their professional advantages, participate in corporate governance, can improve the effectiveness of their internal control, make the operation of the listed companies more standardized and effective, and make their accounting information related decisions and Implementation processes more scientific and standardized, so that the accounting information is more scientific and standardized. Promote the improvement of the quality of its accounting information.
This paper first introduces the connotation and extension of institutional investors, analyzes the meaning of the quality characteristics of accounting information, defines the scope of the study, and then combs the literature about the characteristics and functions of institutional investors, and thinks that the characteristics of institutional investors themselves give the possibility of influencing the quality of information, and summed up the domestic market. In the literature on the influence of institutional investors on the quality of accounting information, it is found that there are still great differences in this study at home and abroad, and the data that most of the research uses are early, and it is not timely to reflect the current situation of the securities market in China. Therefore, it is necessary to do a further study on this issue. The investor affects the internal and external mechanism and logic of the quality of accounting information, lays a theoretical foundation for the hypothesis of empirical research, and on this basis puts forward assumptions and model design ideas, defines the variables, and uses the data of 866 listed companies in China's 2007-2009 Shanghai and Shenzhen two cities to disclose the reliability and timeliness of three from the earnings management level. The results show that the institutional shareholding is negatively related to the degree of earnings management, which is positively related to the disclosure reliability, but not significant, and has a significant positive correlation with the disclosure of timeliness. According to the information quality, the article finally puts forward some suggestions on the further development of the institutional role, the improvement of the quality of accounting information, and the shortcomings of this study and the future research prospect.
【学位授予单位】：青岛理工大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F275;F276.6;F224
【引证文献】
相关期刊论文 前1条
1 吕贤平;林艳;李炜;;机构投资者持股对应计异象影响的实证研究[J];东北农业大学学报(社会科学版);2012年05期
，本文编号：2141572
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