股权集中度、会计稳健性与异质机构投资者持股偏好

发布时间：2018-04-15 12:30

本文选题：机构投资者 + 异质性　；参考：《财会月刊》2017年11期

【摘要】：本文以2011~2015年我国国有上市公司为研究样本,以机构投资者独立性为视角,实证研究了股权集中度与异质机构投资者持股偏好的关系,以及会计稳健性对二者关系的调节作用。研究结果表明:股权集中度与机构投资者总体持股偏好呈现U型关系。股权集中度与独立机构投资者持股偏好显著负相关,而与非独立机构投资者持股偏好显著正相关。会计稳健性对股权集中度与机构投资者总体持股偏好之间关系起到U型调节作用。会计稳健性对股权集中度与独立机构投资者持股偏好之间关系的负调节效应不显著,而对股权集中度与非独立机构投资者持股偏好之间的关系的正向调节效应显著。
[Abstract]:This paper takes the state-owned listed companies in China from 2011 to 2015 as the research sample, and from the perspective of institutional investor independence, empirically studies the relationship between ownership concentration and heterogeneity institutional investors' preference for holding shares, and the role of accounting conservatism in regulating the relationship between them.The results show that the relationship between ownership concentration and institutional investors' overall ownership preference is U-shaped.The degree of ownership concentration is negatively correlated with the preference of independent institutional investors, while it is positively correlated with the preference of non-independent institutional investors.Accounting conservatism plays a U-type role in regulating the relationship between ownership concentration and institutional investors' overall ownership preference.Accounting conservatism has no significant negative adjustment effect on the relationship between ownership concentration and ownership preference of independent institutional investors, but positive adjustment effect on the relationship between ownership concentration and preference of non-independent institutional investors.
【作者单位】：四川师范大学商学院;
【基金】：四川省教育厅基金项目(项目编号:15SB0027)
【分类号】：F832.51;F275

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