会计信息质量、机构持股与应计异象  

The Quality of Accounting Information,Institutional Ownership and Accruals Anomalies

作　　者：石泓[1] 房宏宇 Shi Hong Fang Hongyu(School of Economics and Management, Northeast Agricultural University, Heilongjiang Harbin 150030)

机构地区：[1]东北农业大学经济管理学院,黑龙江哈尔滨150030

出　　处：《金融发展研究》2017年第10期29-36,共8页Journal Of Financial Development Research

基　　金：黑龙江省哲学社会科学研究规划项目(项目编号:15GLB03);黑龙江省哲学社会科学研究扶持共建项目(项目编号:15GLE05)

摘　　要：以2012—2015年深市A股上市公司为研究样本,基于信息成本、行为金融、委托代理等理论,运用Mishkin检验、线性多元回归方法,检验了应计异象的存在性,验证了机构持股、会计信息质量对应计异象的影响。研究表明,深市总体存在应计异象,并且机构持股的高低对应计异象产生不同影响,机构持股比例高的公司比机构持股比例低的公司的应计异象程度低。进一步研究显示,会计信息质量对机构持股与应计异象的关系的影响存在差异,对低机构持股公司的影响更加显著。研究有助于减少应计项目的错误定价,提高资本市场定价的准确率,有利于投资者充分理解盈余信息,加强投资者利益保护。Taking companies listed on Shenzhen A-share from 2012-2015 as research samples, based on the theo- ries of information cost, behavioral finance and principal-agent, the paper uses Mishkin test and multiple linear regres- sion method to test the existence of accrual anomlay, verify the influence of institutional ownership andthe quality of accounting information on accrual anomaly. The research results show that the existence of accrual anomaly in Shen- zhen A-share, the level of institutional ownership and the accrual anomaly have different effects, the companies with high proportion of institutional ownership have lower accrual anomaly than companies with low proportion. Further re- search shows that the relationship between institutional ownership and accrual anomaly, which will be affected by the quality of accounting information, is different, especially for those low institutional holding companies. This research is helpful to reduce the mispricing of accruals, improve the accuracy of capital market pricing, and make investors fully understood the eamings information so as to strengthen investor＇s interest protection.

关 键 词：会计信息质量 机构持股 应计异象 

分 类 号：F830[经济管理—金融学]