机构投资者持股与会计稳健性

Institutional Investors Holdings and Accounting Conservatism

以2007～2012年沪深两市A股公司为样本，采用应计——现金流模型研究机构持股对会计稳健性的影响。结论表明：机构投资者持股比例越高，会计稳健性越好；相对于持非国有上市公司股份而言，持有国有股份的机构投资者有助于推动会计稳健性，即在国有控股公司中，机构持股与稳健性的关系越明显；在其它条件不变的情况下，相比于成长性较好以及信息高度不对称的公司而言，机构持股与会计稳健性的相关性在企业成长性较差以及信息对称的公司会更显著。

Using 2007-2012 Shanghai and Shenzhen A-share companies as samples, we studies how the Institutional Ownership impacts on accounting conservatism through accrued cash flow model. The results indicate that： （1） The higher the proportion of institutional investors holding, the better accounting conservatism will be. （2） Relative to non-state-owned shares of listed companies held, the state-owned shares held by institutional investors promote accounting conservatism. Namely, the institutional ownership relationship with the accounting conservatism has a higher degree of robustness in the state-owned holding company. （3） In the case of the other conditions remain unchanged, compared to the high growth and high degree of information asymmetry companies, institutional ownership and the relevance of accounting conservatism in business growth is poor and symmetric information companies will be more pronounced.