机构投资者异质性对我国上市公司盈余管理的影响研究

发布时间：2018-08-23 21:09

【摘要】：新世纪以来,我国市场经济迅速发展,我国资本市场逐步趋于完善和成熟。社会资源在资本市场中进一步配置,同时上市公司作为市场主体也扮演着越来越重要的角色。上市公司的会计信息关系着多方利益主体,其中会计盈余信息对于各利益主体来讲意义更为重大。不论是对于各类投资者还是企业的高层管理者,以及政府机构来说,都是非常重要的。然而,部分上市公司的管理层,根据自身需要,或者出于不同动机对企业的盈余进行操纵。从而,在一定程度上影响了会计信息的真实性,可靠性和有用性。因此,扰乱了资本市场原有的正常经济秩序,破坏了资本市场的结构,影响了外部信息使用者对于信息的真实把握。同时,随着投资多元化,机构投资者作为拥有深厚背景的专业团队,能够获得雄厚的资金支持,并且拥有广阔的人脉资源,同时具有较强的信息处理技术,以及丰富的多渠道投资经验,从而构成了资本市场的又一主力军。他们能够通过挖掘具有投资价值的信息帮助上市公司获利,从而实现双方利益。不同类型的机构投资者可以通过对被投资企业的长期持股,从而加强公司信息披露的透明程度。与此同时,不同类型的机构投资者对于公司所起的监督作用也会有一定的差异。本文根据不同类型机构投资者的持股比例,同时将机构投资者的稳定性指标进行量化,从时间维度和行业维度对机构投资者进行分类,从而来研究异质性机构投资者对于我国上市公司盈余管理的影响。本文利用实证研究和规范性研究相结合的方法,证明了相对于交易型机构投资者而言,稳定型机构投资者对我国上市公司的盈余管理抑制作用会更加明显。从而为进一步发展我国多元化机构投资者提出建设性意见。同时,也有利于进一步提升资本市场的稳定性,为发展和繁荣我国的市场经济贡献一份力量。
[Abstract]:Since the new century, our country market economy develops rapidly, our country capital market gradually tends to perfect and mature. Social resources are further allocated in the capital market, while listed companies play an increasingly important role as the main body of the market. The accounting information of listed companies is related to various stakeholders, among which the accounting earnings information is more significant to each interest body. It is important for investors, top executives, and government agencies. However, the management of some listed companies, according to their own needs, or for different motives to manipulate the earnings of enterprises. Thus, to some extent, it affects the authenticity, reliability and usefulness of accounting information. Therefore, the original normal economic order of the capital market is disturbed, the structure of the capital market is destroyed, and the real grasp of the information is affected by the external information users. At the same time, with the diversification of investment, institutional investors, as a professional team with a deep background, are able to obtain strong financial support, have a broad network of resources, and have strong information processing technology. As well as rich multi-channel investment experience, thus constituted the capital market another main force. They can help the listed company profit by mining the information with investment value, thus realizing the mutual benefit. Different types of institutional investors can enhance the transparency of corporate information disclosure through long-term ownership of invested enterprises. At the same time, different types of institutional investors will play a different role in the supervision of the company. According to the shareholding ratio of different types of institutional investors, this paper quantifies the stability index of institutional investors, classifies institutional investors from time dimension and industry dimension. Thus, the influence of heterogeneous institutional investors on earnings management of listed companies in China is studied. By combining empirical research with normative research, this paper proves that stable institutional investors have a more obvious restraining effect on earnings management of listed companies than transactional institutional investors. In order to further develop the diversification of institutional investors in China put forward constructive advice. At the same time, it is also conducive to further enhancing the stability of the capital market and contributing to the development and prosperity of China's market economy.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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