机构投资者异质性、应计与真实盈余管理研究

发布时间：2018-05-01 20:00

本文选题：机构投资者 + 交易性投资主体　；参考：《江西财经大学学报》2017年05期

【摘要】：选用2009-2013年沪深两市A股上市公司为样本,检验机构投资者对上市公司盈余管理行为的治理作用,并在此基础上依据新会计准则中提出的"交易性投资主体"和"控制性投资主体"的概念将机构投资者划分为交易性投资者和控制性投资者,进一步考察不同类型机构投资者对上市公司盈余管理行为的影响。研究发现:第一,机构投资者持股有助于抑制上市公司的盈余管理程度,即机构投资者能发挥积极的公司治理功能;第二,上市公司中两类机构投资者对上市公司盈余管理行为产生的影响并不相同,控制性机构投资者能发挥积极治理作用,表现为监督效应,而交易性机构投资者的影响不明显或是会推动上市公司增加盈余管理程度,表现为合谋效应。研究结果表明机构投资者持股能发挥有效的治理作用,有助于理解机构投资者在资本市场中扮演的重要角色,但需要考虑机构投资者异质性导致的不同效果,为进一步规范资本市场的治理提供了经验证据。
[Abstract]:From 2009 to 2013, A share listed companies in Shanghai and Shenzhen stock markets were selected as samples to test the governance role of institutional investors on earnings management behavior of listed companies. On this basis, institutional investors are divided into trading investors and controlling investors according to the concepts of "trading investors" and "controlling investors", which are proposed in the new accounting standards. Further study the influence of different institutional investors on earnings management behavior of listed companies. The results show that: first, institutional investor holding stock helps to restrain the earnings management of listed companies, that is, institutional investors can play an active role in corporate governance; second, The two types of institutional investors in listed companies have different influences on earnings management of listed companies. Controlling institutional investors can play an active role in governance, which can be manifested as supervisory effect. However, the influence of institutional investors is not obvious or will promote the listed companies to increase earnings management, showing collusion effect. The results show that institutional investor shareholding can play an effective governance role and help to understand the important role of institutional investors in the capital market, but need to consider the different effects caused by institutional investor heterogeneity. To further standardize the governance of the capital market to provide empirical evidence.
【作者单位】：云南财经大学会计学院;武汉大学经济管理学院;
【基金】：国家自然科学基金项目“企业环境绩效:公司治理与公司价值关系研究”(71462032) 云南省应用基础研究计划项目“基于公司治理视角的公司环境绩效及其评价——以云南省上市企业为例”(2013FB055) 全国会计领军(后备)人才学术类(第五期)培养(K89Q3N01A) 云南公司治理创新团队(2014cx06)
【分类号】：F275;F832.51

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