盈余管理与机构投资者持股的实证研究  

Empirical Study of Earnings Management and Institutional Ownership

作　　者：唐洋[1] 郭静洁[1] 田玉兰[2] 

机构地区：[1]天津商业大学商学院,天津300134 [2]哈尔滨金融学院会计系,哈尔滨150030

出　　处：《天津商业大学学报》2011年第1期33-37,共5页Journal of Tianjin University of Commerce

摘　　要：以我国上市公司为研究对象,考察机构投资者持股比例对上市公司盈余管理的影响,实证结果表明,无论是正向盈余管理还是负向盈余管理公司,其机构投资者持股比例与盈余管理水平均呈正相关关系,说明我国机构投资者持股不但没有发挥其应有的治理作用,反而刺激了企业的盈余管理倾向。研究结果有助于揭示机构投资者持股作为公司治理的外部机制所带来的经济后果。Based on the study of listed companies in China, the paper examines the effect of institutional ownership on earnings management. The empirical results show that institutional ownership is positively associated with both levels of ineome-increasing earnings management and income-decreasing earnings management in China. It shows that institutional ownership doesn＇ t play a part in corporate governance, lint improves the level of earnings managemeni. The results help to reveal the economic effects of institutional ownership as external mechanism of corporate governance.

关 键 词：盈余管理 机构投资者持股 公司治理 

分 类 号：F275.2[经济管理—企业管理]