公司治理、机构投资者与盈余管理

Corporate Governance,Institutional Investors,and Earnings Management

本文选取沪深两市2003至2005年(非金融类)上市公司的数据,采用最小二乘法和二阶段回归方法,对公司治理、机构投资者与盈余管理三者的关系进行了实证研究。研究发现:机构投资者在一定程度上参与了上市公司的治理,其持股比例与公司治理水平呈正相关关系,说明机构投资者的持股比例越高越有助于提高公司治理水平;公司治理水平与盈余管理程度呈负相关关系;机构投资者的持股比例与盈余管理程度呈负相关关系,说明机构投资者能有效地抑制管理层的盈余管理行为。

Based on the data of all Chinese(non-financial)listed companies from 2003 to 2005,this research paper empirically investigates the relationship among corporate governance,institutional investors and earnings management by the methods of ordinary least squares and two-stage least squares.The results demonstrate that institutional investors involve in corporate governance to some extent,and their shareholding ratio positively correlates with the quality of corporate governance;the quality of corporate governance negatively correlates with the degree of earnings management;and there is a negative relationship between the institutional shareholding ratio and the degree of earnings management,which means institutional investors can effectively restrict earnings management.