【摘要】：2006年股權(quán)分置改革基本完成以來(lái),在政府部門(mén)的大力扶持下,機(jī)構(gòu)投資者在我國(guó)取得了飛速發(fā)展,已經(jīng)成為資本市場(chǎng)上的重要參與者之一。機(jī)構(gòu)投資者持股與盈余質(zhì)量的關(guān)系是研究外部投資機(jī)構(gòu)、資本市場(chǎng)與公司治理的有機(jī)結(jié)合,文章的研究意義主要體現(xiàn)在以下兩個(gè)方面：一是從公司治理的角度探索提高上市公司盈余質(zhì)量的可能途徑；二是加深對(duì)我國(guó)機(jī)構(gòu)投資者參與公司治理程度的認(rèn)識(shí),為相關(guān)政府部門(mén)制定政策措施促進(jìn)機(jī)構(gòu)投資者的發(fā)展提供有益的參考。 文章以公司治理熱點(diǎn)問(wèn)題之一的盈余質(zhì)量作為研究視角,圍繞機(jī)構(gòu)持股特征與盈余質(zhì)量的關(guān)系這一課題進(jìn)行了理論探討和實(shí)證研究。在理論方面,文章首先對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行簡(jiǎn)要回顧,然后選取規(guī)范研究的方法分析了盈余質(zhì)量與機(jī)構(gòu)投資者的相關(guān)基礎(chǔ)理論,探討了機(jī)構(gòu)投資者持股影響盈余質(zhì)量的作用機(jī)制。在實(shí)證分析部分,本文首先采用因子分析法構(gòu)建盈余質(zhì)量評(píng)價(jià)體系,以盈余質(zhì)量綜合得分EQI作為因變量,然后分別以機(jī)構(gòu)投資者整體持股比例、持股機(jī)構(gòu)投資者的數(shù)量以及不同類(lèi)型的機(jī)構(gòu)投資者持股比例作為自變量,運(yùn)用多元回歸模型考察機(jī)構(gòu)投資者持股特征與上市公司盈余質(zhì)量之間的關(guān)系。 文章主要得出以下結(jié)論： (1)機(jī)構(gòu)投資者持股與上市公司盈余質(zhì)量正相關(guān),提高機(jī)構(gòu)投資者持股比例,增加持股的機(jī)構(gòu)數(shù)量,有利于促進(jìn)上市公司盈余質(zhì)量的提高。整體而言,我國(guó)機(jī)構(gòu)投資者能夠發(fā)揮股東積極主義作用,監(jiān)督管理層行為。 (2)我國(guó)資本市場(chǎng)上的機(jī)構(gòu)投資者存在異質(zhì)性,不同類(lèi)型的機(jī)構(gòu)投資者由于在持股份額、投資理念與動(dòng)機(jī)等方面存在區(qū)別,進(jìn)而導(dǎo)致其介入公司治理的程度不同,對(duì)盈余質(zhì)量的作用方向與程度也存在較大差異。
[Abstract]:Since the completion of the split share structure reform in 2006, with the support of the government, institutional investors have made rapid development in China, and have become one of the important participants in the capital market. The relationship between institutional investors' shareholding and earnings quality is to study the organic combination of external investment institutions, capital markets and corporate governance. The research significance of this paper is mainly reflected in the following two aspects: first, to explore the possible ways to improve the earnings quality of listed companies from the perspective of corporate governance; second, to deepen the understanding of the degree of participation of institutional investors in corporate governance in China. It provides a useful reference for relevant government departments to formulate policies and measures to promote the development of institutional investors. From the perspective of earnings quality, which is one of the hot issues in corporate governance, this paper makes a theoretical and empirical study on the relationship between the characteristics of institutional ownership and earnings quality. In theory, the article reviews the relevant literature at home and abroad briefly, then selects the normative research method to analyze the relevant basic theories of earnings quality and institutional investors. This paper discusses the mechanism of institutional investor's stock holding affecting earnings quality. In the part of empirical analysis, this paper first uses factor analysis to construct the earnings quality evaluation system, taking EQI as the dependent variable, and then taking the overall shareholding ratio of institutional investors. The number of institutional investors and the proportion of different types of institutional investors as independent variables are used to study the relationship between the ownership characteristics of institutional investors and the earnings quality of listed companies by using the multiple regression model. The main conclusions are as follows: (1) Institutional investors' shareholding is positively related to the earnings quality of listed companies. Increasing the proportion of institutional investors' shareholding and increasing the number of institutions holding shares will help to improve the earnings quality of listed companies. As a whole, institutional investors in China can play an active role of shareholders and supervise the behavior of management. (2) there is heterogeneity among institutional investors in China's capital market. There are differences in investment concepts and motives, which leads to different degrees of intervention in corporate governance, and the direction and extent of the effect on earnings quality are also quite different.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F224

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