CAJ | 학술논문

本文在将机构投资者划分为稳定型与交易型基础上,以2007-2012年沪深两市A股上市公司为研究对象,考察了机构投资者对会计稳健性的影响。研究发现,机构投资者能够显著提高企业的会计稳健性。进一步分析发现,与交易型机构投资者相比,稳定型机构投资者对提高会计稳健性的影响更加显著。本研究的结果表明,机构投资者尤其是稳定型机构投资者能有效缓解公司的代理冲突、降低信息不对称程度,发挥积极的公司治理作用。本研究的结论为监管机构积极引导机构投资者健康发展提供了重要参考。
본문재장궤구투자자화분위은정형여교역형기출상,이2007-2012년호심량시A고상시공사위연구대상,고찰료궤구투자자대회계은건성적영향。연구발현,궤구투자자능구현저제고기업적회계은건성。진일보분석발현,여교역형궤구투자자상비,은정형궤구투자자대제고회계은건성적영향경가현저。본연구적결과표명,궤구투자자우기시은정형궤구투자자능유효완해공사적대리충돌、강저신식불대칭정도,발휘적겁적공사치리작용。본연구적결론위감관궤구적겁인도궤구투자자건강발전제공료중요삼고。
In this article, we follow the existing literatures and di- vide institutional investors into the stable institutional investor and Short-termism institutional investor. Base on the above method, We collect the sample data of Shanghai and Shenzhen A-share listed companies between 2007 and 2012, using accruals-based model measures corporate＇s accounting conservatism, Utilizing ordinary least squares to explore institutional investors as a whole and in- stitutional investors＇ heterogeneity impact on accounting conser- vatism. Empirical evidence shows that institutional investors as a whole have a significant impact on improving corporate accounting conservatism, This conclusion Provides new empirical evidence for the a positive correlation between institutional ownership and ac- counting conservatism .On the basis of divide institutional investors into the unstable institutional investor and the stable institutional in- vestors, Further analysis shows that the stable institutional investor has more effect on accounting conservatism than the unstable insti- tutional investor, deepen the economic consequences of accounting conservatism, Institutional Investors Corporate Governance and the heterogeneity field of institutional investors.. The findings of this paper show that institutional investors, especially stable institution- al investor can effectively mitigate corporate agency conflicts, re- ducing the information asymmetry between stock shareholders and Enterprise, playing important role in the corporate governance. The findings of this paper also indicates that institutional investors as an important player in China＇s capital market and major shareholders of the listed company have played a positive effect on corporate gover- nance, It helps to ensure the transparency of capital markets, which also provide the new empirical evidence in transition for institution- al investors demand accounting vision departments should fully conservatism. Government super- understand the different nature of institutional investors＇ effect on the capital market transparency and quality of accounting information of listed companies have the sig- nificant differences, regulators should focus on the development of long type, value-based institutional investors （such as social securi- ty funds, pension funds and qualified foreign institutional investors （QFII））in order to ensure that institutional investors have a positive effect of corporate governance.