盈余质量与定向增发股份解锁后机构投资者的减持行为  

Earnings Quality and the Selling Behavior of Institutional Investors after the Lock-up Period of Private Equity Placement

作　　者：薛爽[1,2] 郑琦[2] 

机构地区：[1]上海财经大学会计与财务研究院,上海200433 [2]上海财经大学会计学院,上海200433

出　　处：《财经研究》2010年第11期93-103,共11页Journal of Finance and Economics

基　　金：教育部人文社会科学重点研究基地重大项目(08JJD630005);上海市哲学社会科学基金资助项目(2009BJB025);上海市浦江计划"公允价值的运用与会计信息质量"课题资助

摘　　要：文章采用定向增发股份解除锁定的独特事件,研究了盈余质量对机构投资者决策的影响。实证结果发现,在定向增发股份锁定结束后,参与定向增发的机构投资者的减持幅度与公司的盈余质量负相关,解锁后股东户数增长率和股票换手率的变化也与盈余质量负相关。以上结果一致说明盈余质量影响机构投资者的交易决策,盈余质量越高,定向增发股份解除锁定后机构投资者减持越少。The paper studies the impact of earnings quality on the investment decision of institutional investors after the lock-up period of private equity placement.The empirical results show that just after the lock-up period of private equity placement,the institutional investors who have participated in private equity placement will sell out shares according to earnings quality of firms,that is to say,the higher earnings quality is,the lower the selling-out magnitude of institutional investors is.As a result of selling-out of institutional investors,the increasing ratio of the number of shareholders and the change of turnover are negatively related to earnings quality.The results confirm the effect of earnings quality on the investment decision of institutional investors.

关 键 词：盈余质量 机构投资者 股份减持 股东户数变化 换手率变化 定向增发 

分 类 号：F230[经济管理—会计学] F830[经济管理—国民经济]