机构投资者对真实活动盈余管理的影响.docVIP

PAGE PAGE 27 机构投资者对真实活动盈余管理的影响 摘要: 在我国当前的资本市场中，随着机构投资者的队伍不断壮大，持股比例的不断提高，机构投资者越来越成为一支不可忽视的力量。而盈余管理问题一直是学术界与实务界关注的焦点，近来一系列财务丑闻都给投资者和整个证券市场造成了严重的危害。将此二者结合，探究机构投资者在盈余管理问题上所起的作用就有了十分重要的现实意义。基于此，本文在对国内外相关文献进行回顾、梳理和述评的基础上，结合我国当前发展现状，站在真实活动盈余管理的角度，选取2012-2014 年沪深两市A股上市公司作为样本，并按持股比例和独立性对机构投资者做了区分，通过实证分析，研究了机构投资者对真实活动盈余管理的影响。最终发现：机构投资者整体持股比例与上市公司真实活动盈余管理水平呈显著负相关，独立型机构投资者比非独立型机构投资者对真实活动盈余管理具有更强的抑制性作用。基于该结论，本文分别从机构投资者和公司治理角度对改善上市公司盈余管理问题提出了建议。 关键词：机构投资者公司治理真实活动盈余管理 The impact of institutional investors on real activity earnings management Abstract: In Chinas current capital market, with the growing ranks of institutional investors, the increasing proportion of ownership, institutional investors increasingly become a force that can not be ignored. And earnings management has always been the focus of academic and practical circles. A series of financial scandals have caused serious harm to investors and the whole securities market. Combining those two, and studying the role of institutional investors in the issue of earnings management has a very important practical significance. Based on this, this paper starts from the concept of institutional investors and earnings management definition, combined with Chinas current development situation, reviews, cards, and analyses the related literatures both at home and abroad. From the real earnings management point of view, this paper selects the listed corporations from 2012 to 2014 in A-share main board stock markets of Shanghai and Shenzhen as samples, and makes a distinction to institutional investors according to the proportion of ownership and independence, and assess the impact of institutional investors on the real activity earnings management through empirical analysis. Finally found: the overall shareholding ratio of institutional investors is significantly negatively correlated with the level of the real activity earnings management of the listed corporations, and independent institutional investors have a stronger inhibit