中国证券市场机构投资者与上市公司盈余管理关联性的研究

An Empirical Study on the Relationship between Institutional Investors and Earnings Management of China Listed Companies

本研究从中国证券市场机构投资者与上市公司盈余管理之间关系这一视角出发,来说明机构投资者在公司治理中的作用,通过对相关理论的归纳和分析,构建了研究假设,在此基础上,利用中国上市公司数据,设计实证模型,对研究假设进行了论证.研究发现了在中国证券市场当机构投资者持股比例高时抑制盈余管理,机构持股比例低时加剧盈余管理,即倒U型的关系。研究应用截面数据分析、面板数据分析、单变量分析等方法,从2005年和2007年的数据验证出倒U型的拐点在机构持股6%,说明机构持股6%以后,在公司治理中发挥了抑制操纵盈余的盈余管理的积极作用。利用2004～2007年的数据,进一步的研究发现,随着近年机构投资者的发展和国家的政策导向,机构投资者对盈余管理的抑制作用越来越强,在公司治理中越来越显示出重要的作用。

This paper illustrates the role of institutional investors in corporate governance from the perspective of the relationship between institutional investors of China's securities market and the earnings management of listed companies. An inverted-U relationship between these two factors is found. We also find that the curve inflection is 6% of shareholding using data 2005 and 2007,which means that institutional shareholders play positive role in inhibiting the manipulation of earnings management in corporate governance when the percentage is higher than 6%. Further study with data through 2004-2007 shows that institutional investors have increasing effect on the inhibition of earnings management and play more and more important role in corporate governance.