机构投资者异质性、会计稳健性与投资效率来自中国上市公司的经验证据.docVIP

机构投资者异质性、会计稳健性与投资 效率——来自中国上市公司的经验证据 李争光赵西卜直圭吴青川 中国人民大学商学院盐城工学院经济与管理学院 文章以2007-2012年我国A股上市公司为研究样本，以累计非经营性应计利润来 度量会计稳健性，从机构投资者异质性视角考察了会计稳健性对投资效率的影 响。研究结果表明，会计稳健性水平与过度投资显著负相关;会计稳健性水平与投 资不足显著正相关。在将机构投资者划分为交易型机构投资者与稳定型机构投资 者的基础上，进一步分析发现,与交易型机构投资者相比，稳定型机构投资者加剧 丫会计稳健性与过度投资之间的负相关关系；同时稳定型机构投资者也缓解丫会 计稳健性与投资不足之间的正相关关系。这表明不同性质的机构投资者对会计稳 健性与过度投资、会计稳健性与投资不足之间的关系具有调节作用。 关键词： 过度投资;投资不足;会计稳健性;交易型机构投资者;稳定型机构投资者; 李争光，屮国人民大学博士研究生，盐城工学院讲师，主要从事资本市 场会计、审计问题研宄，联系方式lzgyc-it@126. com; 赵西卜，中国人民大学教授，博士生导师，主要从事会计理论、会计准 则研究； 曹丰，中国人民人学博士研究生,主要从事资本市场财务理论与实务研 宂； 吴青川，中国人民大学博士研宂生，主要从事资本市场会计、审计问题 研宄。 2014-09-16 基金：国家自然科学基金资助项0 “公允价值计量下的信息披露与监管行为一一 基于医院治理视角的研宂” Institutional Investors Heterogeneity, Accounting Conservatism and Investment Efficiency: Empirical Evidence from Chinas Listed Companies LI Zheng-guang ZHAO Xi-bo CAO-feng WU Qing-chuan Renmin University of China; Abstract： Taking Chinas A-share listed companies from 2007 to 2012 as research samples，this paper tries to measure the accounting conservatism with the cumulative non-operating accrued profits and explores the influences of accounting conservatism on investment efficiency from the perspective of institutional investors’ heterogeneity. The findings show that the level of accounting conservatism is negatively correlated with overinvestment and positively correlated with underinvestment significantly. On the basis of dividing institutional investors into the transactional institutional investors and the stable institutional investors, a further analysis finds that compared with transactional institutional investors, the stable institutional investors have exacerbated the negative correlation between accounting conservatism and overinvestment. At the same time, the stable institutional investors have also eased the positive correlation between accounting conservatism and underinvestment. This indicates that different types of institutional investors can play a regulatory role in the relationships between accounting conse