论文部分内容阅读
不同于以往研究分析机构投资者总持股比例与盈余管理之间的关系,本文发掘了总持股比例下机构投资者治理效应产生的具体机制。通过计算所有持有公司股票机构投资者的HHI指数来描述机构投资者股权集中程度和相互影响程度,分析了机构投资者股权集中度与上市公司盈余管理的关系以及国有控股对这种关系的影响,研究发现机构投资者股权集中度与上市公司正向应计盈余管理以及总真实盈余管理之间呈现倒U形关系,而且机构投资者股权集中度与正向应计盈余管理的关系只在国有企业样本中显著,机构投资者股权集中度与真实盈余管理之间的关系只在非国有企业中显著。
Different from the previous research and analysis of the relationship between institutional investors ’total shareholding and earnings management, this paper explores the specific mechanism of institutional investors’ governance effect under the total shareholding ratio. By calculating the HHI index of all the institutional investors who hold shares of the company to describe the degree of concentration and mutual influence of the institutional investors, the paper analyzes the relationship between the ownership concentration of institutional investors and the earnings management of listed companies and the influence of the state-owned holding on the relationship , The study found that there is an inverted U-shaped relationship between institutional investors ’ownership concentration and the positive accruals of listed companies and total real earnings management. Moreover, the relationship between institutional investors’ ownership concentration and forward accruals earnings only exists in the state-owned Significantly in the corporate sample, the relationship between institutional investor ownership and real earnings management is significant only in non-SOEs.