异质机构投资者持股对上市公司盈余持续性的影响研究  

Study on the Impacts of Institutional Holders to Earnings Persistence of Listed Companies

作　　者：牛草林[1] 李娇 

机构地区：[1]内蒙古大学经济管理学院,内蒙古呼和浩特010021 [2]华宸信托有限责任公司,内蒙古呼和浩特010011

出　　处：《财经理论研究》2014年第6期88-94,共7页Journal of Finance and Economics Theory

摘　　要：通过对我国A股市场数据的实证检验和分析,检验不同类型的机构投资者持股行为对公司盈余持续性的影响。研究发现,我国A股市场上市公司存在盈余持续性,并且现金流量的持续性要高于会计应计的持续性;机构投资者持股比例越高,公司盈余持续性越强;独立机构投资者持股比例大的公司盈余持续性较强,非独立机构投资者持股比例对上市公司盈余持续性无显著影响;机构投资者持股集中度越高的公司盈余持续性越强。The study from the perspective of earnings persistence of different types of institutional investors holding the company＇s earnings persistence behavior influence. An Empirical Analysis of China＇s A - share market data, research draw the following three conclusions： China＇s A -share market listed company earnings persistence, and cash flow continued to be higher than the continued accrual accounting; the higher the proportion of the overall holdings of institutional investors, company earnings persistence three independent institutional investors holding a large proportion of company earnings persistence higher proportion of non - independent institutional investors hold- ing the persistent surplus of listed companies a significant impact ; institutional investors holding the higher the con- centration of the higher earnings persistence.

关 键 词：机构投资者 异质性 盈余持续性 现金流量 会计应计 

分 类 号：F276.6[经济管理—企业管理]