制度环境、机构投资者异质性与企业真实盈余管理行为  

Institutional Environment,Heterogeneity of Institutional Investors and Real Earnings Management

作　　者：姚靠华[1] 唐家财 李斐[1] 蒋艳辉[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410006

出　　处：《系统工程》2015年第5期40-47,共8页Systems Engineering

基　　金：国家自然科学基金资助项目(71201052);湖南省风险导向审计基地项目(12k021);湖南省科技计划项目(2013RS4052)

摘　　要：以2007~2012年A股主板上市公司为研究对象,从机构投资者持股规模、持股稳定性和持股独立性三个维度研究了机构投资者异质性与企业真实盈余管理行为的关系。实证结果显示,大机构投资者比小机构投资者发挥着更好的治理效应,其持股比例与真实盈余管理的负相关关系更强;稳定型机构投资者比非稳定型机构投资者发挥着更好的治理效应,稳定型机构投资者对真实盈余管理的抑制作用更强;独立型机构投资者比非独立型机构投资者发挥着更好的治理效应,其持股比例与真实盈余管理的负相关关系更强;进一步研究发现,制度环境能够正向调节大机构投资者、稳定型机构投资者与独立型机构投资者与企业真实盈余管理关系。Based on A share market enterprise from 2007-2012;this paper makes an empirical study on the relationship between heterogeneity of institutional investors and real earnings management from the perspective of institutional investors' scale,holding stability and independence.The results show that,large institutional investors have a little better governance effect than small institutional investors,whose proportion of shareholding correlates with real earnings management more negatively;stable institutional investors have a little better governance effect than unstable institutional investors,with the former being more able to inhibit real earnings management than the later;independent institutional investors have a little better governance effect than dependent institutional investors,whose proportion of shareholding correlates with real earnings management more negatively.Further study shows that,institutional environment positively moderates the relationship between large institutional investors/stable institutional investors/independent institutional investors and real earnings management.

关 键 词：机构投资者异质性 真实盈余管理 制度环境 

分 类 号：F832.51[经济管理—金融学]