机构投资者持股与盈余管理

Institutional Ownership and Earnings Management

本文以我国上市公司2007-2011数据为样本,将应计项目操控和真实活动操控纳入分析框架,采用两阶段最小二乘法对机构投资者持股与盈余管理之间的关系进行实证研究。结果显示:机构投资者持股比例与上市公司的应计项目盈余管理水平及真实活动盈余管理水平显著负相关,表明机构投资者在公司治理活动中发挥了积极的监督作用;真实活动盈余管理水平与上市公司长期业绩表现显著负相关,应计项目盈余管理水平与上市公司短期业绩表现显著负相关,而机构投资者持股与上市公司长期业绩表现显著正相关,说明机构投资者持股比例的增加有助于提升上市公司的长期价值,其积极治理作用的一个重要体现在于对盈余管理行为的监督和制约。

Bringing accruals earnings management and real activities earnings management into the framework of analysis and adopting Chinese listed companies＇ data from 2007 to 2011,the paper empirically examines the relationship between institutional ownership and earnings management using two- stage least squares method. The results demonstrate that：institutional ownership positively correlates with accruals earnings management as well as real activities earnings management,suggesting that institutional investor plays an active monitoring role in corporate governance; real activities earnings management negatively correlates with long- term operating performance,accruals earnings management negatively correlates with short- term operating performance,while institutional ownership positively correlates with long- term operating performance,suggesting that institutional investor contributes to companies＇ long- term value,and monitoring and restricting earnings management is one of the roles it plays in corporate governance.