机构持股、盈余管理与公司绩效

Institutional Shareholding,Earnings Management and Corporate Performance

文章选取2000年至2020年在沪深两市上市的3493家A股上市公司作为研究样本,研究盈余管理(应计盈余管理和真实盈余管理)对公司绩效的影响,并进一步分析了机构持股对盈余管理与公司绩效之间关系的调节作用。实证研究发现:机构持股与公司绩效正相关;应计盈余管理与公司绩效显著负相关,真实盈余管理与公司绩效显著正相关,且真实盈余管理对公司绩效影响更大;机构持股负向调节盈余管理与公司绩效的关系,其中机构持股与应计盈余管理交叉项与公司绩效显著正相关,机构持股与真实盈余管理交叉项与公司绩效显著负相关,且机构持股与应计盈余管理交叉项对公司绩效影响更大,即机构持股背景下公司管理层倾向于采用应计盈余管理方式影响公司绩效。

This paper selects 3493 A-share listed companies in Shanghai and Shenzhen stock markets from 2000 to 2020 as research samples to empirically study the impact of earnings management(accrued earnings management and real earnings management)on corporate performance,and further analyzes the regulatory effect of institutional shareholding on the relationship between earnings management and corporate performance.The empirical study found that:Institutional shareholding is positively correlated with corporate performance;Accrued earnings management is significantly negatively correlated with corporate performance,real earnings management is significantly positively correlated with corporate performance,and real earnings management has a greater impact on corporate performance;Institutional shareholding negatively regulates the relationship between earnings management and corporate performance,in which the cross product of institutional shareholding and accrued earnings management is significantly positively correlated with corporate performance,the cross product of institutional shareholding and real earnings management is significantly negatively correlated with corporate performance,and the cross product of institutional shareholding and accrued earnings management has a greater impact on corporate performance,that is,the company’s management tends to adopt accrued earnings management to affect the company’s performance under the background of institutional shareholding.