作　　者： ;

机构地区： 山西大学工程管理系

出　　处： 《云南财经大学学报》 2017年第3期124-131,共8页

摘　　要： 资本市场的发展受会计信息质量的影响,两权分离制度使管理层和股东利益不一致,基于自利动机考虑,管理层存在盈余管理的需求。机构投资者作为外部监管机制能否发挥其公司治理效应,是信息使用者关注的话题。基于中国沪、深2010~2014年A股上市公司数据,实证检验了机构投资者异质性和应计盈余管理及真实盈余管理的关系。研究表明,与交易型机构投资者相比,稳定型机构投资者与应计盈余管理显著负相关,与真实盈余管理显著正相关。投资者保护、盈余管理、机构投资者异质性相关经验研究,对中国证券监管机构更好地提高会计信息质量具有一定的借鉴。 The development of capital market has been influenced by the quality of accounting information,and the separation of ownership and management leads to the inconsistence in the benefits of managers and stock holders. From the angle of self-interest motivation,managers have demands of earnings management. As an external regulation mechanism,whether institutional investors can exert corporate governance effects has been concerned by information users. Based on the data of A-listed companies in Shenzhen and Shanghai Stock Exchanges from 2010 to 2014,an empirical test is made on the heterogeneity of institutional investors and the relationship between accrual earnings management and real earnings management. Results show that compared with trading institutional investors,there is a significant negative correlation between stable institutional investors and accrual earnings management while the relationship is significantly positive between stable institutional investors and real earnings management. This paper enriches the empirical researches about investor protection,earnings management and the heterogeneity of institutional investors,which provides reference for securities regulators in China to improve the quality of accounting information.

关 键 词： 机构投资者异质性 应计盈余管理 真实盈余管理

领　　域： [经济管理—政治经济学]