产品市场竞争与机构投资者的治理效应——基于盈余管理的视角  

The Governance Roles of Product Market Competition and Institutional Investors—— From the Perspective of Earnings Management

作　　者：申景奇[1,2] 伊志宏[1] 

机构地区：[1]中国人民大学商学院,北京100872 [2]内蒙古财经学院会计学院,内蒙古呼和浩特010070

出　　处：《山西财经大学学报》2010年第11期50-59,共10页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(项目编号:70972130);教育部博士点基金项目(项目编号:20090004110001);内蒙古自治区高等学校科学研究项目(项目编号:NJ09131)

摘　　要：从盈余管理的角度研究了产品市场竞争和机构投资者的治理效应,以及产品市场竞争与机构投资者在公司治理方面的交互作用。研究结论表明,产品市场竞争与机构投资者作为影响管理层决策行为的重要治理机制,能够有效抑制上市公司的盈余管理;产品市场竞争对于机构投资者治理机制的发挥产生显著的影响;适度的产品市场竞争为机构投资者监督职能的发挥提供了良好的平台。This study aims to examine the corporate governance characters of product market competition and institutional investors and their interactive effect from the perspective of earnings management.Research findings show that,as the important governance mechanism,product market competition and institutional investors can effectively inhibit the earnings management of listed companies;in different competitive markets,governance mechanisms of institutional investors is significantly affected;the moderate product market competition provide a good platform to institutional investors in supervision.

关 键 词：产品市场竞争 机构投资者 盈余管理 

分 类 号：F253.7[经济管理—国民经济]