机构投资者持股、盈余管理与市场反应  

Institutional investors holding、Earnings Management and Market reaction

作　　者：丁方飞[1,2] 李苏[1] 何慧[1] 郭娜瑛 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082 [2]湖南财政与会计研究基地,湖南长沙410205

出　　处：《财经理论与实践》2013年第4期59-63,共5页The Theory and Practice of Finance and Economics

基　　金：国家社科基金青年项目(09CJY081);SIT国家级项目(2012-22)

摘　　要：由于会计信息的专业性,个人投资者往往难以从会计数据中识别盈余管理;而作为投资专家的机构投资者能否识别盈余管理,并将其融入到市场价格机制中则成为人们关注的焦点。通过检验机构投资者持股对公司股票累计超额报酬率和盈余管理之间关系的影响,研究发现:机构投资者持股较高的股票的超额报酬率与正向操纵性应计利润显著负相关,说明机构投资者股东能从会计信息中识别公司的盈余管理行为,并将其反映到市场价格机制中去。It is difficult for individual investors to recognize the earnings management behavior from accounting data. Institutional investors as investment experts, whether they have the ability to recognize earnings and put it into the market price mechanism has become the focus of attention. The influence from the institution investment holding on cumulative abnormal returns and earnings management has been analyzed. It is found that a significantly negative correlation between unexpected discretionary accruals and cumulative abnormal returns. It shows that institutional investors can identify the earnings and transfer the message into the market.

关 键 词：机构投资者持股 盈余管理 市场反应 

分 类 号：F830.9[经济管理—金融学]