CAJ | 학술논문

采用异常操控性项目的计算方法度量企业应计盈余管理和真实盈余管理程度，以2003年至2011年中国上市公司为研究样本，构建多元线性回归模型和联立方程模型，考察机构投资者持股对应计盈余管理和真实盈余管理行为选择的影响。研究结果表明，机构投资者持股比例与真实盈余管理程度显著负相关，与应计盈余管理程度显著正相关；对机构投资者明细类别的检验结果发现这种相关关系在投资基金、证券公司、QFII、保险公司和社保基金这5类机构投资者中均存在，但企业年金、信托公司、财务公司和银行持股对盈余管理行为的影响不显著；按照机构投资者持股规模、股权分置改革和终极控制人性质的分组检验结果表明，这种相关关系在不同的内外部环境中均存在，且相对于国有控股上市公司，非国有控股上市公司中机构投资者抑制真实盈余管理行为的作用更强；机构投资者持股与整体盈余管理程度显著负相关。
채용이상조공성항목적계산방법도량기업응계영여관리화진실영여관리정도，이2003년지2011년중국상시공사위연구양본，구건다원선성회귀모형화련립방정모형，고찰궤구투자자지고대응계영여관리화진실영여관리행위선택적영향。연구결과표명，궤구투자자지고비례여진실영여관리정도현저부상관，여응계영여관리정도현저정상관；대궤구투자자명세유별적검험결과발현저충상관관계재투자기금、증권공사、QFII、보험공사화사보기금저5류궤구투자자중균존재，단기업년금、신탁공사、재무공사화은행지고대영여관리행위적영향불현저；안조궤구투자자지고규모、고권분치개혁화종겁공제인성질적분조검험결과표명，저충상관관계재불동적내외부배경중균존재，차상대우국유공고상시공사，비국유공고상시공사중궤구투자자억제진실영여관리행위적작용경강；궤구투자자지고여정체영여관리정도현저부상관。
Taking the methods of abnormal manipulation terms to measure corporate accrual and real earnings management respec -tively, this study constructs multiple linear regression model and simultaneous equation model to examine the influence of institu -tional ownership on the choice between accrual earnings management and real earnings management activities with Chinese listed companies from 2003 to 2011 as samples .The empirical results show that:institutional ownership is significantly and negatively correlated with real earnings management and positively and correlated with accrual earnings management .Details test according to the types of institutional investors finds that the relationship exists when the institutional investors are investment funds , securi-ties companies , QFII, insurance companies and pension funds , but not for the enterprise annuity , trust companies , finance com-panies and banks .The sub-sample test results according to the scale of institutional ownership , split-share status reform and property of the ultimate controller find that the relationship exists in different internal and external environments .In addition, compared to the state-controlled listed companies , the inhibiting effect of institutional investors on real earnings management ac -tivities is stronger in non-state-owned listed companies .The final analysis finds that institutional ownership has a significantly negative correlation with overall earnings management .