机构投资者股权集中、国有控股与上市公司盈余管理  

The Institutional Ownership Concentration, State-owned Controlling and Earnings Management of Listed Company

作　　者：孔东民[1] 王江元[1] 

机构地区：[1]华中科技大学经济学院

出　　处：《金融学季刊》2016年第3期65-83,共19页Quarterly Journal of Finance

基　　金：国家自然科学基金面上项目“机构投资者、交易制度与信息效率”(项目批号:71173078)的资助

摘　　要：不同于以往研究分析机构投资者总持股比例与盈余管理之间的关系，本文发掘了总持股比例下机构投资者治理效应产生的具体机制。通过计算所有持有公司股票机构投资者的HHI指数来描述机构投资者股权集中程度和相互影响程度，分析了机构投资者股权集中度与上市公司盈余管理的关系以及国有控股对这种关系的影响，研究发现机构投资者股权集中度与上市公司正向应计盈余管理以及总真实盈余管理之间呈现倒U形关系，而且机构投资者股权集中度与正向应计盈余管理的关系只在国有企业样本中显著，机构投资者股权集中度与真实盈余管理之间的关系只在非国有企业中显著。Different from the previous studies which analyze the relationship between the total shareholding of the institutional investors and earnings management, this paper explores the specific mechanism of governance effect of institutional investors. We describe the degree of institutional ownership concentration and the degree of mutual influence of institutional investor through the HHI index and then analyze the relationship between the HHI index and earnings management and the influence of state-owned share. This study finds that the ownership concentration of institution al investors and the positive accrued earnings management as well as the total real earnings manage- ment show the inverted U shaped relationship. The relationship of concentration degree and the ac- crual earnings management is significantly only in state-owned enterprise samples, and the relation- ship between concentration degree and real earnings management is significantly only in non state- owned enterprises.

关 键 词：机构投资者 股权集中度 国有控股 盈余管理 

分 类 号：F832.5[经济管理—金融学]