机构投资者持股能提高上市公司会计信息质量吗?——兼论不同类型机构投资者的差异  

The Institutional Ownership Can Improve The Accounting Information Quality?——The Difference of Institutional Investors Types

作　　者：杨海燕[1,2] 韦德洪[1,2] 孙健[1,2] 

机构地区：[1]广西大学商学院,530004 [2]中央财经大学会计学院,100081

出　　处：《会计研究》2012年第9期16-23,96,共8页Accounting Research

基　　金：国家自然科学基金(71102122);教育部人文社会科学青年基金(10YJC630214)的资助

摘　　要：本文以2006-2009年深圳A股上市公司为研究样本,实证检验了机构投资者总体以及各类型机构投资者持股对会计信息质量的影响。结果发现,机构投资者总体持股降低了财务报告可靠性,但能提高信息披露透明度。分类来看,证券投资基金、保险公司、社保基金和QFII等持股不影响财务报告可靠性,但能提高信息披露透明度;一般法人持股降低了财务报告可靠性,特别是加大了公司向下盈余管理程度,但不影响信息披露透明度;信托公司持股既不会影响财务报告可靠性,也不会影响信息披露透明度。结果表明,不仅机构投资者总体对上市公司会计信息质量影响的渠道不同,而且不同类型机构投资者对上市公司会计信息质量影响的渠道也存在差异。From 2006-2009 shenzhen A-share samples, we research on the overall institutional investors and different types of institutional investors influence on the accounting information quality. The results indicated that the higher overall institutional ownership, the lower financial reports reliability, but. the higher Information disclosure transparency. And the higher fund ownership, insurance companies ownership, public pensions ownership and QFII ownership, the higher Information disclosure transparency; but no influence on the the financial reports reliability; the general legal company ownership not only does not affect the information disclosure transparency, but also reduced the financial report reliability, especially increase the downward earning management; trust company ownership affects neither the financial reporting reliability, nor the information disclosure transparency. Which means Institutional investors have different channels to affact the accounting information quality, and different types of institutional investors have different roles, and their positive effect on corporate governance is limited.

关 键 词：会计信息质量 财务报告可靠性 信息披露透明度 机构投资者持股 

分 类 号：F832.51[经济管理—金融学] F233F224