外国投资者持股对真实活动盈余管理的影响——来自韩国上市公司的经验证据

Impact of foreign investors holding on the real earning management activities ——Evidence from Korean listed companies

本文利用2008-2012年韩国KOSPI上市公司数据,从真实活动盈余管理角度考察了外国投资者对韩国上市公司的影响。结果表明,随着外国投资者持股比例的提高,真实活动盈余管理程度减少。此外,持股比例超过5%的外国投资者也抑制了管理层的真实活动盈余管理行为,但是外国控股股东对真实活动盈余管理的影响不显著。进一步研究发现,在较好的公司治理环境下,外国投资者持股对真实活动盈余管理具有更为显著的抑制作用。

In this study, we select listed companies on the Korea Exchange between 2008 and 2012 as samples to empirically evaluate the impact of foreign shareholding on real earnings management. The result shows that with a higher proportion of foreign shareholding, the amount of real earnings management is significantly decreased. In addition, foreign shareholders with more than 5% of a company＇s outstanding shares can inhibit real earnings management activities of managers, but foreign controlling shareholder has no significant effect. We also found that with better corporate governance environment, foreign shareholding can inhibit real earnings management activities more effectively.