机构投资者持股偏好与上市公司会计信息质量研究-会计学专业论文.docxVIP

上海交通大学硕士学位论文 上海交通大学硕士学位论文 PAGE PAGE 6 RESEARCH ON ASSOCIATION BETWEEN INVESTMENT PREFERENCE OF INSTITUTIONAL INVESTOR AND QUANLITY OF ACCOUNTING INFORMAITION OF LISTED COMPANIES ABSTRACT This article is based on institutional investors` ability of information interpretation ,and tested whether they could identify different quality of accounting information and influence their investment preference.We view accounting information in two dimension ,and test each dimension in different models. The first model is based on accounting transparency.We use the integrity files’ the disclosure rating results as the measure of the accounting information transparency.We control other variables , based on data from 2003-2008,and use static and dynamic model to test whether institutional investors can show information interpretation in the selective behaviour.The conclusion is that institutional investors could identify the quality of accounting information transparency and reflect on the investment preference. The second model is based on earnings aggressiveness.We use earnings aggressiveness which is constipated by accruals on the basis of modified Jones model. We tested whether investment preference exist on different earnings aggressiveness.The conclusion is that institutional investors prefer high earnings aggressiveness (high accruals) .We divided sample into two group :group 1 with positive accruals and group 2 with negative accruals .Institutional investors still show significant investment preference to group 1,however ,no significant preference or aversion is showed to group 2. KEY WORDS: Institutional investor ,investment preference, quality of accounting information, 10 10 图表目录 图表 1 论文研究逻辑与框架图 错误！未定义书签。 图表 2 机构投资者发展阶段图 错误！未定义书签。 图表 3 我国机构投资者持股市值及占比情况表 错误！未定义书签。 图表 4 开放式基金历年发行情况 20 图表 5 投资者与上市公司信息传递机理 26 图表 6 模型一的变量汇总 38 图表 7（4-1）静态模型中所有变量的描述性统计 39 图表 8（4-1） 静态模型中所有变量的 person 相关性分析 40 图表 9（4-2）动态模型中所有相关变量的描述性统计 41 图表 10（4-1）静态方程多元结果分析 42 图表 11（4