中国上市公司的盈余管理对机构投资者投资的影响研究

On the Investment Effects of Institutional Investors In the Face of Earnings Management of China Listed Companies

通过对相关理论的分析,研究中国上市公司盈余管理现象对机构投资者投资的影响,构建了研究假设,在盈余管理度量模型以及报酬模型的基础上,得出上市公司盈余管理与市场报酬率关系的模型,同时结合市场报酬率与机构投资者持股比例的关系,研究不同盈余管理程度下机构投资者的反应。按照机构投资者的持股比例,将机构投资者以6%为分界点,分成持股比例高与持股比例低两组。研究发现机构持股比例高时,在面对上市公司盈余管理现象时,并没有明显减少持股比例的动机,因为持股比例高的机构投资者除了关注收益外,更注重收益和公司治理的长期性和稳定性。当机构持股比例低,面对盈余管理现象时,更多表现为采取抛售股票马上获利的行为。

This paper is about the investment effects of institutional investors in the face of earnings management of China listed companies.By the summary and analysis of the relevant theory,the study establishes hypothesis.By building the correlation model between earnings management and market returns ratio,and on the basis of the empirical analysis on market returns and the shareholder ratios of different institutional investors,with 6% as the boundary of the levels of the shareholder ratio,the study finds such a phenomenon： when the proportion of institutional shareholders in a corporation is high,in the face of earnings management in listed companies,the institutional investors have no apparent motive to reduce the proportion of shares held,because institutional investors with high proportions of shares not only concern earnings,but also pay more attention to corporate governance and long-term stability.On the other hand,when the institutional investors have low proportions of sharers in a corporation,in the face of earnings management phenomenon,they often sell more stocks to take immediate profits.