摘要
文章以2008-2013年A股上市公司为研究对象,从机构投资者持股规模、稳定性和独立性三个维度研究了机构投资者的异质性与上市公司应计和真实盈余管理的关系,通过联立方程控制内生性,利用两阶段最小二乘法进行回归分析。研究发现:大机构投资者和小机构投资者持股与负向应计项目盈余管理显著正相关,但大机构投资者持股与负向应计项目盈余管理的正相关关系更强,大机构投资者持股与小机构投资者持股与正向应计项目盈余管理没有显著的相关性;大机构投资者持股与真实盈余管理显著负相关,小机构投资者持股与真实盈余管理没有显著的相关性。
Taking A-share listed companies from 2008 to 2013 as the research object,this paper makes a study on the rela-tionship between institutional investors＇ heterogeneity and accrual and real earnings management of listed companies fromthree dimensions of institutional investors＇ size,stability and independence of holdings,applies simultaneous equations tocontrol endogeneity,and uses two-stage least square method to make a regression analysis. The results show that： Both largeand small institutional investors have a significant positive correlation with negative accrual earnings management, whilelarge institutional investors have a stronger positive correlation with negative accrual earnings management. Both large andsmall institutional investors have no significant correlation with positive accrual earnings management. Large institutional investors have a significant negative correlation with real earnings management,while small institutional investors have no significant correlation with real earnings management.
出处
《华东经济管理》
CSSCI
北大核心
2015年第8期153-164,共12页
East China Economic Management
基金
国家自然科学基金项目(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)
管理学科类研究生创新人才培养模式与过程质量评估研究(JG2013B013)
关键词
机构投资者
异质性
应计项目盈余管理
真实盈余管理
institutional investors
heterogeneity
accrual earnings management
real earnings management
