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基于807家中国上市公司的数据,实证考察了机构异质性、企业性质与盈余管理的关系。结果表明:整体而言,机构持股与企业盈余管理之间不存在显著的正相关关系,机构持股只在非国有企业中能够有效地降低企业的盈余管理水平;不同机构投资者的治理效应不同,险资和QFII持股在国有企业中能显著地抑制上市公司的盈余管理行为,而证券投资基金的持股则相反,在非国有企业中,证券投资基金和QFII持股显著地降低了企业的盈余管理水平,而险资与盈余管理之间却不存在显著的相关关系。
Based on the data of 807 Chinese listed companies, this paper empirically examines the relationship between institutional heterogeneity, firm nature and earnings management. The results show that there is no significant positive correlation between institutional ownership and corporate earnings management, and institutional ownership can only reduce the earnings management of non-state-owned enterprises effectively. The governance effect of institutional investors Different, insurance and QFII holdings in state-owned enterprises can significantly inhibit the earnings management behavior of listed companies, while the securities investment funds hold the contrary, non-state-owned enterprises, securities investment funds and QFII holdings significantly reduced Enterprise earnings management level, but there is no significant correlation between insurance capital and earnings management.