CAJ | 학술논문

机构投资者作为证券市场的主要力量，其参与上市公司治理并对上市公司盈余管理的影响作用引起了理论界和实务界的关注。选取了我国沪深两市A股市场上市公司2008年-2011年的数据作为研究对象，实证考察了机构投资者整体及不同类型机构投资者对上市公司盈余管理的影响。研究结果发现我国机构投资者整体在一定程度上约束了不同方向的盈余管理行为，在众多类型的机构投资者中，证券投资基金对盈余管理的影响作用对于其它类型的机构投资者相对显著。
궤구투자자작위증권시장적주요역량，기삼여상시공사치리병대상시공사영여관리적영향작용인기료이론계화실무계적관주。선취료아국호심량시A고시장상시공사2008년-2011년적수거작위연구대상，실증고찰료궤구투자자정체급불동류형궤구투자자대상시공사영여관리적영향。연구결과발현아국궤구투자자정체재일정정도상약속료불동방향적영여관리행위，재음다류형적궤구투자자중，증권투자기금대영여관리적영향작용대우기타류형적궤구투자자상대현저。
As a major force in the securities market , institutional investors ’ participation in the governance of listed companies and their influence on earnings management cause a theoretical and practical attention .This paper re-searches the effect of different types of institutional investors on earnings management in listed companies by empiri -cal regression with the sample of listed companies in the 2008 to 2011 from Shanghai and Shenzhen A-share mar-ket.The results show that overall institutional investors constrain the behavior of earnings management in different directions to some extent .Compared with other types of institutional investors , securities investment fund ’ s influ-ence on earnings management is relatively significant .