机构投资者持股论文：机构投资者持股与上市公司盈余质量相关性研究.doc

机构投资者持股论文：机构投资者持股与上市公司盈余质量相关性研究【中文摘要】随着我国资本市场日益扩张,上市公司逐渐增多,机构投资者顺应产生。由于机构投资者在资金、专业等方面具有特定优势,其市场份额日益扩大,逐渐成为资本市场上不可或缺的成员,并对资本市场的发展起到重要的作用。上市公司盈余质量不仅是利益相关者决策的重要依据,也是外部投资者利益保护的重要保障,同时还是政府及社会监管的焦点。然而,目前上市公司普遍存在着盈余操控现象,直接影响到盈余质量,加强对上市公司监督是控制盈余操控行为的有效措施之一。我国机构投资者作为股东持有上市公司股份,在对公司治理特别是对监督管理层方面能否发挥作用,机构投资者持股是否有利于上市公司盈余质量的提高等问题值得我们深入研究。本文在国内外研究的基础上,对机构投资者持股与盈余质量的相关性进行理论分析和实证研究,以此为我国机构投资者的发展及公司盈余质量的提高提出政策建议。本文的研究内容分为五个部分：第一部分为绪论,介绍本文的与研究意义、国内外研究综述、研究思路和研究方法、阐明本文研究的创新点及贡献；第二部分为机构投资者持股与盈余质量相关性的理论分析,本文首先对机构投资者持股、盈余质量的内涵及其计量标准进行界定,然后对二者的相关性进行理论分析；第三部分为机构投资者持股与盈余质量相关性的现状分析,本文首先介绍我国机构投资者目前的种类及发展现状,再结合我国实际情况,分析制约我国机构投资者发展及其功能发挥的因素。第四部分为机构投资者持股与盈余质量相关性的实证分析,利用我国A股上市公司2007年至2009年财务数据及机构投资者持股数据,建立模型,进行相关性及回归分析,同时按行业进行了扩展性测试,验证机构投资者持股与上市公司盈余质量之间的相关性。第五部分为结论与建议,总结研究结论,提出相关建议、不足及展望。本文研究结果表明,在特定的环境下,机构投资者持股与上市公司盈余质量存在相关性,从整体上看,机构投资者持股与盈余质量正相关。但是由于机构投资者存在异质性,导致与盈余质量的相关性方向不同,积极机构投资者与盈余质量正相关、消极机构投资者与盈余质量负相关、不确定型机构投资者与盈余质量的相关性不确定。本文的主要创新之处在于考虑了机构投资者的异质性,对机构投资者持股与盈余质量的相关性进行了分类研究,验证了不同类型机构投资者持股与盈余质量相关性不同的结论,弥补我国在该研究领域的缺陷。【英文摘要】As Chinas capital market increasingly expansion, the listed company increases gradually, institutional investors appeared. Because of the funds, professional institution investors has special advantage, its market shareing is expanding and gradually become an integral member of the capital market, and playing an important role on the capital markets developing. The listed company earnings quality is not only an important basis for decision-making stakeholders, but also the external investor benefit protection of important protection, is also the focus of government and social supervision. At present, however, there is a widespread surplus listed company manipulated phenomenon, directly affect the earnings quality of listed company, strengthen supervision and control surplus one of the effective measures to control behavior. Chinese investors as a listed company of its shares held by shareholders of corporate governance especially supervision and management can play a role, institutional ownership whether it helps to improve the quality of surplus problems worth our in-depth research. In this paper, on the basis of the domestic and foreign research on institutional shares and earnings quality between theory and empirical studies, this reasoning for the development of Chinese institutional investors and corporate earnings quality improving policy recommendationsThis paper is made up of the following five parts:The first part is the introduction to this paper, an introduction to the background and significance of the research, research, summary and research ideas and research methods, clarify this paper studies the innovation points and contribution;The second part is the institutional investorownership and earnings quality theory analysis. This paper firstly define institutional investorownership, earnings quality and measurement criteria, then define a theoretical analysis of institutional investorownership and earnings quality; The third part is the institutional investor ownership and earnings quality relationship, analyses the current situation of Chinese institutional investors. In this article first introduce the current situation, and then analysis institutional investor ownership restricting our influence factors of earnings quality;The fourth part ownership for institutional investors and earnings quality empirical research, this paper using a listed company in China in 2007 to 2009 financial data and institutional investor ownership data, a model for correlation and regression analysis, but also the scalability testing chat, validation of institutional ownership listed company with the relationship between the earnings quality;The fifth part is the conclusion and suggestion are given, summarizes research conclusion, related Suggestions, deficiency and prospect.The results of this study indicate that in certain circumstances, there is the relationship between institutional investor ownership and earnings quality, look from whole, institutional investor ownership and earnings quality positive correlation. But because of institutional investors, investment strategy different heterogeneity exists, leading to the correlation and earnings quality is different. The innovation of this paper lies in the institutional investors consider heterogeneity of institutional investors, and earnings quality correlation holding classified research, and verifies the different types of institutional shares and earnings quality correlation between different conclusions. Offset in the research field in the defects.【关键词】机构投资者持股 上市公司 盈余质量 可操控应计利润【英文关键词】instituional investorownership list companies earnings quality discretional accrual【目录】机构投资者持股与上市公司盈余质量相关性研究摘要3-5Abstract5-6第一章 绪论8-17一、研究背景与意义8-10二、国内外研究综述10-14三、研究思路与方法14-16四、研究创新与特色16-17第二章 机构投资者持股与盈余质量相关性理论分析17-30一、研究对象相关概念界定17-21二、机构投资者持股与盈余质量相关性的基础