商业研究
商業研究
상업연구
COMMERCIAL RESEARCH
2015年
9期
55-63
,共9页
机构投资者%应计项目盈余管理%真实活动盈余管理
機構投資者%應計項目盈餘管理%真實活動盈餘管理
궤구투자자%응계항목영여관리%진실활동영여관리
institutional investor%accruals earnings management%real activities earnings management
本文以我国上市公司2007-2011数据为样本,将应计项目操控和真实活动操控纳入分析框架,采用两阶段最小二乘法对机构投资者持股与盈余管理之间的关系进行实证研究。结果显示:机构投资者持股比例与上市公司的应计项目盈余管理水平及真实活动盈余管理水平显著负相关,表明机构投资者在公司治理活动中发挥了积极的监督作用;真实活动盈余管理水平与上市公司长期业绩表现显著负相关,应计项目盈余管理水平与上市公司短期业绩表现显著负相关,而机构投资者持股与上市公司长期业绩表现显著正相关,说明机构投资者持股比例的增加有助于提升上市公司的长期价值,其积极治理作用的一个重要体现在于对盈余管理行为的监督和制约。
本文以我國上市公司2007-2011數據為樣本,將應計項目操控和真實活動操控納入分析框架,採用兩階段最小二乘法對機構投資者持股與盈餘管理之間的關繫進行實證研究。結果顯示:機構投資者持股比例與上市公司的應計項目盈餘管理水平及真實活動盈餘管理水平顯著負相關,錶明機構投資者在公司治理活動中髮揮瞭積極的鑑督作用;真實活動盈餘管理水平與上市公司長期業績錶現顯著負相關,應計項目盈餘管理水平與上市公司短期業績錶現顯著負相關,而機構投資者持股與上市公司長期業績錶現顯著正相關,說明機構投資者持股比例的增加有助于提升上市公司的長期價值,其積極治理作用的一箇重要體現在于對盈餘管理行為的鑑督和製約。
본문이아국상시공사2007-2011수거위양본,장응계항목조공화진실활동조공납입분석광가,채용량계단최소이승법대궤구투자자지고여영여관리지간적관계진행실증연구。결과현시:궤구투자자지고비례여상시공사적응계항목영여관리수평급진실활동영여관리수평현저부상관,표명궤구투자자재공사치리활동중발휘료적겁적감독작용;진실활동영여관리수평여상시공사장기업적표현현저부상관,응계항목영여관리수평여상시공사단기업적표현현저부상관,이궤구투자자지고여상시공사장기업적표현현저정상관,설명궤구투자자지고비례적증가유조우제승상시공사적장기개치,기적겁치리작용적일개중요체현재우대영여관리행위적감독화제약。
Bringing accruals earnings management and real activities earnings management into the framework of analysis and adopting Chinese listed companies’ data from 2007 to 2011, the paper empirically examines the relationship between institutional ownership and earnings management using two-stage least squares method.The results demonstrate that:institutional ownership positively correlates with accruals earnings management as well as real activities earnings manage-ment, suggesting that institutional investor plays an active monitoring role in corporate governance; real activities earn-ings management negatively correlates with long-term operating performance, accruals earnings management negatively correlates with short-term operating performance, while institutional ownership positively correlates with long-term op-erating performance, suggesting that institutional investor contributes to companies’ long-term value, and monitoring and restricting earnings management is one of the roles it plays in corporate governance.