CAJ | 학술논문

利用2008－2013年739家上市公司数据，运用盈余分布法证明上市公司盈余管理市场阈值的存在性，探究机构投资者异质性对不同阈值盈余管理的影响。研究发现，上市公司市场阈值的重要性排序为避免亏损、避免业绩滑坡，分析师预测并未成为上市公司追求的重要市场阈值。压力抑制型机构投资者对于避免盈余亏损、盈余滑坡的盈余管理监管作用显著，对于盈余意外管理影响不显著。压力敏感型机构投资者会抑制避免盈余亏损的盈余管理，促进企业避免盈余滑坡、盈余意外的盈余管理。
이용2008－2013년739가상시공사수거，운용영여분포법증명상시공사영여관리시장역치적존재성，탐구궤구투자자이질성대불동역치영여관리적영향。연구발현，상시공사시장역치적중요성배서위피면우손、피면업적활파，분석사예측병미성위상시공사추구적중요시장역치。압력억제형궤구투자자대우피면영여우손、영여활파적영여관리감관작용현저，대우영여의외관리영향불현저。압력민감형궤구투자자회억제피면영여우손적영여관리，촉진기업피면영여활파、영여의외적영여관리。
By using the data of 739 listed companies from 2008 to 2013 ,the existence of the market threshold of earnings management in listed companies is verified by surplus distribution method ,and the influence of the heterogeneity of institutional investors on different thresholds of earnings manage‐ment is explored .The results show that avoiding market losses is of the greatest importance to the lis‐ted companies ,followed by avoiding performance landslide ,and the analysts forecast is not one of the important market thresholds w hich the listed companies pursue .Pressure‐suppressive institutional in‐vestors play an important regulatory role in avoiding surplus losses , surplus landslide by earnings management ,but for earnings surprises management ,the impact is not significant .Pressure‐sensitive institutional investors help companies avoid surplus landslide and earnings surprises by earnings man‐agement ,and play a negative role in avoiding surplus losses by earnings management .