机构投资者异质性与会计稳健性——来自中国上市公司的经验证据  

Institutional Investors Heterogeneity and Accounting Conservatism: The Empirical Evidence from Chinese Listed Companies

作　　者：李争光[1,2] 赵西卜[2] 曹丰[2] 刘向强[2] 

机构地区：[1]盐城工学院管理学院 [2]中国人民大学商学院

出　　处：《南开管理评论》2015年第3期111-121,共11页Nankai Business Review

基　　金：国家自然科学基金项目(71303024);中国人民大学商学院研究生科学研究基金项目(14XNH234)资助

摘　　要：本文在将机构投资者划分为稳定型与交易型基础上,以2007-2012年沪深两市A股上市公司为研究对象,考察了机构投资者对会计稳健性的影响。研究发现,机构投资者能够显著提高企业的会计稳健性。进一步分析发现,与交易型机构投资者相比,稳定型机构投资者对提高会计稳健性的影响更加显著。本研究的结果表明,机构投资者尤其是稳定型机构投资者能有效缓解公司的代理冲突、降低信息不对称程度,发挥积极的公司治理作用。本研究的结论为监管机构积极引导机构投资者健康发展提供了重要参考。In this article, we follow the existing literatures and di- vide institutional investors into the stable institutional investor and Short-termism institutional investor. Base on the above method, We collect the sample data of Shanghai and Shenzhen A-share listed companies between 2007 and 2012, using accruals-based model measures corporate＇s accounting conservatism, Utilizing ordinary least squares to explore institutional investors as a whole and in- stitutional investors＇ heterogeneity impact on accounting conser- vatism. Empirical evidence shows that institutional investors as a whole have a significant impact on improving corporate accounting conservatism, This conclusion Provides new empirical evidence for the a positive correlation between institutional ownership and ac- counting conservatism .On the basis of divide institutional investors into the unstable institutional investor and the stable institutional in- vestors, Further analysis shows that the stable institutional investor has more effect on accounting conservatism than the unstable insti- tutional investor, deepen the economic consequences of accounting conservatism, Institutional Investors Corporate Governance and the heterogeneity field of institutional investors.. The findings of this paper show that institutional investors, especially stable institution- al investor can effectively mitigate corporate agency conflicts, re- ducing the information asymmetry between stock shareholders and Enterprise, playing important role in the corporate governance. The findings of this paper also indicates that institutional investors as an important player in China＇s capital market and major shareholders of the listed company have played a positive effect on corporate gover- nance, It helps to ensure the transparency of capital markets, which also provide the new empirical evidence in transition for institution- al investors demand accounting vision departments should fully conservatism. Government super- understand the different nature of inst

关 键 词：会计稳健性 机构投资者 异质性 稳定型机构投资者 交易型机构投资者 

分 类 号：F832.51[经济管理—金融学] F275