境内外机构投资者与会计稳健性:谁参与了公司治理?

Domestic and Foreign Institutional Investors and Accounting Conservatism:Who Is Involved in Corporate Governance?

异质性机构投资者的投资风格和持股动机差异,可能导致对会计稳健性的不同需求和影响。基于对境内外机构投资者中最具代表性的投资基金和QFII的分析,探讨二者对公司治理的影响,实证研究机构持股与会计稳健性的关系。研究发现,基金持股显著降低了上市公司的会计稳健性,而QFII持股则有助于改善公司治理水平,其从个体治理和机构互动两个方面促进了会计稳健性水平的提升。研究证明了异质性机构投资者对公司治理机制的不同效用,提供了QFII参与公司治理的证据,拓展了对机构间互动关系影响公司治理的理解。

Different investment styles and share holding motives of heterogeneous institutional investors may lead to different demands and influences on accounting conservatism. Based on the analysis of the investment funds and QFII, which are the most representative ones of domestic and foreign institutional investors respectively, this paper tries to explore their influences on corporate governance,particularly the relationship between institutional holdings and accounting conservatism. The results suggest that fund holdings can significantly reduce the accounting conservatism of the listed companies. By contrast, QFII holdings can help to improve the level of corporate governance, so that the level of accounting conservatism from both individual governance and institutional interaction can be improved. This study has not only confirmed that the heterogeneous institutional investors have different effects on the corporate governance mechanism, but also provided the evidences of the involvement of QFII in corporate governance, and extended the understanding of the influence of inter-institutional interaction on corporate governance.