基于机构调研的投资决策对盈余管理的影响研究  

Research on The Impact of Investment Decisions on Earnings Management Based on Institutional Investors’Site Visit

作　　者：岳思诗 杨墨 董大勇[2] YUE Sishi;YANG Mo;Dong Dayong(Chengdu Vocational and Technical College of Industry,Chengdu,Sichuan 610213;School of Economics and Management,Southwest Jiaotong University,Chengdu,Sichuan 610031)

机构地区：[1]成都工业职业技术学院,四川成都610213 [2]西南交通大学经济管理学院,四川成都610031

出　　处：《管理现代化》2023年第3期100-110,共11页Modernization of Management

基　　金：国家自然科学基金项目“流动性枯竭与股价崩盘风险-基于中国证券市场分析”(71773100)。

摘　　要：基于2009年至2018年我国A股上市公司数据,从披露调研信息文本的角度,研究了机构投资者调研信息获取与投资决策的一致性行为对上市公司盈余管理的影响。研究发现,机构投资者的调研信息获取与投资决策的一致性行为,能够减弱上市公司管理层的盈余管理活动,并且该行为对上市公司盈余管理的抑制作用,在非国有、规模较小、信息和法律环境较差的上市公司中更为显著。研究结果表明,机构投资者的调研信息获取与投资决策的一致性行为对上市公司具有积极的外部治理作用,有助于改善上市公司的治理水平。Based on the data of Chinese A-share listed companies from 2009 to 2018,this paper studies the influence of consistency behavior of institutional investors'site visit information acquisition and investment decision on listed companies’earnings management from the perspective of site visit information disclosure.It is found that the consistent behavior of institutional investors site visit information acquisition and investment decision can weaken the earnings management activities of listed companies,and the inhibition effect of this behavior on earnings management of listed companies is more significant in non-state-owned,small scale,and listed companies with poor information and legal environment.The results show that the consistency of institutional investors site visit information acquisition and investment decision plays a positive role in external governance of listed companies and helps to improve the governance level of listed companies.

关 键 词：机构投资者 调研信息 投资决策 盈余管理 

分 类 号：F832.5[经济管理—金融学]