作　　者： ;

机构地区： 华南理工大学经济与贸易学院金融工程研究中心

出　　处： 《证券市场导报》 2018年第3期41-47,58,共8页

摘　　要： 本文基于2010~2016年的沪深两市A股上市公司的样本,实证分析了机构投资者持股对会计稳健性及企业价值的影响。结果表明,机构投资者持股对上市公司会计稳健性水平有着显著的正向影响,尤其当持股比例较高且会计稳健性水平较高时,这种正向影响效果更为明显。同时,整体而言,机构投资者通过提升公司会计稳健性水平可提升公司的市场价值。并且当公司会计稳健性水平较高且持股比例较高时,机构投资者通过影响会计稳健性水平,可显著地提升公司价值。 This paper studies the impacts of institutional investors on accounting conservatism and firm value, based on a sample of A-share listed companies from 2010 to 2016. The results show that, overall, institutional investors have a significant positive impact on the accounting conservatism of listed companies. Especially, when the proportion of institutional investors＇ shareholding is large and the level of accounting conservatism is high, the positive effect is more obvious. At the same time, institutional investors, by increasing the level of accounting conservatism, can improve the long-term market value of companies. Meanwhile, when the level of accounting conservatism is high and the proportion of institutional investors＇ shareholding is large, institutional investors can significantly improve the firm value by influencing the level of accounting conservatism.

关 键 词： 会计稳健性 机构投资者持股 企业价值 公司治理

领　　域： [经济管理—金融学]