作　　者： ; (杜萌）;

机构地区： 南开大学商学院

出　　处： 《南京财经大学学报》 2015年第1期74-86,共13页

摘　　要： 盈余信息质量关系到投资者的切身利益和资本市场的稳定发展,近年来证券监管者、分析师、外部投资者、媒体等越来越关心会计信息质量,特别是盈余信息质量;机构投资者作为外部股东的代表,其不断发展是否提高了中小股东的话语权、对上市公司资本结构的不断调整和完善发挥的作用如何,是近年来的研究热点。盈余管理行为普遍存在的环境下,机构投资者持股能否抑制管理层机会主义行为呢?机构投资者是和管理层合谋获取私有收益还是相互制约呢?过去研究没有得到统一的结论。本文基于2007—2009年深沪A股上市公司数据,基于产权性质下的盈余管理视角研究机构投资者是否持股、持股比例及机构投资者类型在不同产权类型的企业中,对管理层机会主义行为产生的影响,本文对投资者保护、公司治理结构的完善、股权结构调整及会计信息质量的提高具有一定参考意义。 Earnings quality has significant effects on the behalf of corporate investors,as a result,recently,securities regulators,analysts,investors outside the corporate,and many kinds of medias more and more focus on the accounting information quality especially earnings information quality. As the spokesperson for outside shareholders,there are more and more studies focusing on whether the quickly development of Institutional Investors enhance the power of the minority shareholders,and how they related with the improvement and adjustment of corporate capital structure. As well known now,there is a widespread phenomenon that corporate managers manage earnings which is called earnings management. We want to know whether institutional investors can restrain manager＇s earnings management behavior Whether they two conspire with each other in order to get private benefit or just to beating each other up Previous studies have no unified conclusion. This study based on the data of A-share choosing from Shen Zhen and Shang Hai Stock Exchange,and from year 2007 to year 2009,also,from the perspective of property ownership and earnings management,and to investigate the relationships between institutional investors and managers of different property ownership. This paper is based on the shareholding of institutional investors,the proportion of shareholding and the different kinds of shareholders type,and this paper has a significant meaning to investor protection,to the improvement of corporate governance structure and accounting information quality,also our study is useful to the adjustments of corporate equity structure.

关 键 词： 机构投资者 管理层机会主义行为 盈余管理 公司治理 产权性质

领　　域： [经济管理—企业管理] [经济管理—国民经济]