机构投资者,营商环境与真实盈余管理  

Institutional Investors,Business Environment and Real Earnings Management

作　　者：赵传伟 徐文学[1] Chuanwei Zhao;Wenxue Xu(School of Finance and Economics,Jiangsu University,Zhenjiang Jiangsu)

机构地区：[1]江苏大学财经学院,江苏镇江

出　　处：《运筹与模糊学》2024年第6期645-652,共8页Operations Research and Fuzziology

摘　　要：在我国资本市场不断壮大、社会主义市场经济体制不断完善的背景下,资本市场中的机构投资者行为对企业的影响倍受关注。特别是在营商环境不断改善的条件下,机构投资者会对企业起到什么样的作用,更是炙手可热的话题。本课题以2011~2022年我国A股上市公司数据为样本对机构投资者持股与企业真实盈余管理之间的关系进行了研究,并从外部制度环境角度对其影响机制进行了分析。研究表明:1)机构投资者持股会有效推动企业进行真实盈余管理。2)从外部制度环境看,营商环境改善越多,机构投资者持股对企业进行真实盈余管理的推动作用越小。3)从企业产权性质角度看,企业的国有性质所带来的管理与监督环境可以有效抑制机构投资者持股对企业进行真实盈余管理所产生的推动效应。In the context of the continuous growth of China’s capital market and the continuous improvement of the socialist market economy system,the impact of institutional investors in the capital market on enterprises has attracted much attention.Especially under the condition of continuous improvement of the business environment,what role institutional investors will play for enter-prises is a hot topic.Based on the data of China’s A-share listed companies from 2011 to 2022,this project studies the relationship between institutional investors’shareholdings and corporate real earnings management,and analyzes its influencing mechanism from the perspective of external in-stitutional environment.The results show that:1)Institutional investor shareholding can effec-tively promote real earnings management.2)From the perspective of the external institutional en-vironment,the more the business environment improves,the less the role of institutional investors’shareholding in promoting the real earnings management of enterprises.3)From the perspective of the nature of enterprise property rights,the management and supervision environment brought about by the state-owned nature of enterprises can effectively inhibit the driving effect of institu-tional investors’shareholding on the real earnings management of enterprises.

关 键 词：机构投资者 真实盈余管理 营商环境 合谋效应 机制研究 

分 类 号：F27[经济管理—企业管理]