機構(gòu)投資者對我國上市公司會計信息質(zhì)量影響問題探討
發(fā)布時間：2019-05-20 00:30
【摘要】：近年來,西方發(fā)達國家的資本市場上機構(gòu)投資者持股比例日益上升。作為資本市場的兩大投資主體,機構(gòu)投資者逐漸取代個人投資者在國家經(jīng)濟生活中發(fā)揮著越來越大的作用。自20世紀80年代起,機構(gòu)投資者股東積極主義悄然興起。國內(nèi)外學者研究認為機構(gòu)投資者的壯大徹底改變了公司股權(quán)結(jié)構(gòu),改善了傳統(tǒng)的公司治理,成為多數(shù)發(fā)達資本市場建設過程和上市公司治理進程中不可或缺的重要力量。機構(gòu)投資者有助于緩和公司大股東與中小股東之間的利益沖突,實施對管理層的有效監(jiān)督,提高投資項目的經(jīng)濟效益,促進公司治理中會計信息質(zhì)量的完善,并最終推動一國資本市場的健康發(fā)展。因此資本市場強烈呼喚專業(yè)化和相對成熟的機構(gòu)投資者加入到公司治理的行列中來,發(fā)揮他們的監(jiān)督作用。處于轉(zhuǎn)型經(jīng)濟下的中國,伴隨著資本市場的不斷發(fā)展,市場的參與群體也不斷豐富,二十世紀九十年代初期,以證券投資基金為代表的機構(gòu)投資者開始進入中國證券市場,經(jīng)過多年的理論探索和試點工作,機構(gòu)投資者不斷發(fā)展,到目前已形成了一個組織形式多樣、規(guī)模龐大的機構(gòu)投資者群體,通過對內(nèi)約束制衡其他利益相關(guān)者、對外在資本市場上采取相應行動來影響會計信息質(zhì)量。機構(gòu)投資者作為重要的外部股東,對公司會計信息質(zhì)量的影響主要表現(xiàn)在機構(gòu)投資者具有專業(yè)能力和豐富經(jīng)驗,相對于個人投資者更具信息分析能力,擁有更充分的財力人力資源,有動力也有能力要求上市公司提供更充分的會計信息。 機構(gòu)投資者促進了資本市場經(jīng)濟功能的完善,帶來了資本所有權(quán)的日益集中,并且資本市場成熟化程度越高,投資機構(gòu)化的發(fā)展趨勢越顯著,這一趨勢引發(fā)了理論界對機構(gòu)投資者與日俱增的關(guān)注。上市公司會計信息質(zhì)量的問題己經(jīng)成為投資者、理論界、政府和公眾關(guān)注的焦點,但學術(shù)界對于機構(gòu)投資者是否能夠起到提高上市公司會計信息質(zhì)量的作用一直都沒有定論。本文的意義在于：1、鑒于機構(gòu)投資者在公司治理中的重要作用以及上市公司信息質(zhì)量問題日益引起的關(guān)注,有必要對我國機構(gòu)投資者問題和會計信息質(zhì)量問題這些具有研究價值的課題進行研究探討。對這些問題進行全面、系統(tǒng)的歸納和梳理將有利于加深對中國機構(gòu)投資者和上市公司會計信息質(zhì)量的認識,從而為中國機構(gòu)投資者的發(fā)展及會計信息質(zhì)量的提高提供一個有益的參考。2、機構(gòu)投資者問題和會計信息質(zhì)量問題作為公司治理理論體系中的重要組成部分,不僅具有一定的學術(shù)價值,而且具有較高的應用價值。成熟資本市場的發(fā)展經(jīng)驗和我國資本市場的發(fā)展實踐都表明,資本市場的健康穩(wěn)定發(fā)展必須要有一支實力強、多元化的機構(gòu)投資者隊伍。機構(gòu)投資者擁有較強的研究實力和豐富的投資經(jīng)驗,規(guī)避風險能力較強,其發(fā)展壯大有效地改善了資本市場投資者結(jié)構(gòu),對市場長足穩(wěn)定發(fā)展起到了重要的作用。 本文分為五個部分,各部分研究的主要內(nèi)容如下：第一部分,介紹了本文的研究目的、國內(nèi)外研究現(xiàn)狀、研究方法和研究內(nèi)容。第二部分,闡述了機構(gòu)投資者和上市公司會計信息質(zhì)量的相關(guān)概念和理論,并討論了上市公司會計信息質(zhì)量的評價標準,同時分析了機構(gòu)投資者影響上市會計信息質(zhì)量的動因,并從內(nèi)部治理結(jié)構(gòu)和外部治理結(jié)構(gòu)的角度分析了機構(gòu)投資者如何影響上市公司的會計信息質(zhì)量。第三部分,分析了我國上市公司會計信息質(zhì)量存在的主要問題,包括由于內(nèi)部治理結(jié)構(gòu)不完善導致會計信息在生成過程中被操縱和由于外部治理結(jié)構(gòu)不完善導致會計信息的披露不規(guī)范。第四部分,論述了我國上市公司會計信息質(zhì)量存在問題的原因,主要從上市公司內(nèi)部治理結(jié)構(gòu)和外部治理結(jié)構(gòu)兩個方面對原因進行分析,并從機構(gòu)投資者角度闡述其對會計信息質(zhì)量的影響。第五部分,基于前面的分析,就機構(gòu)投資者參與上市公司內(nèi)部治理結(jié)構(gòu)和外部治理結(jié)構(gòu)兩方面對提高會計信息質(zhì)量提出建議。
[Abstract]:In recent years, the proportion of institutional investors in the capital market of the western developed countries has increased. As the main body of the capital market, the institutional investors gradually replace the individual investors to play a more and more important role in the national economic life. Since the eighties of the 20th century, the active principle of institutional investor's shareholder has been rising. The research of domestic and foreign scholars holds that the growth of institutional investors has completely changed the ownership structure of the company, improved the traditional corporate governance, and became an indispensable important force in the construction process of most developed capital markets and the governance process of the listed companies. The institutional investors can help to mitigate the conflict of interest between the large shareholders and the small and medium-sized shareholders of the company, implement the effective supervision of the management, improve the economic benefit of the investment project, promote the improvement of the quality of the accounting information in the corporate governance, and finally promote the healthy development of a country's capital market. Therefore, the capital market strongly calls for professional and relatively mature institutional investors to join in the company's governance, and play their supervisory role. In China under the transformation economy, with the continuous development of the capital market and the continuous development of the market, the participating groups of the market are also rich. In the early 1990s, the institutional investors represented by the Securities Investment Fund began to enter China's securities market, and through many years of theoretical exploration and pilot work, With the development of institutional investors, a large-scale institutional investor group has been formed, and the quality of accounting information is affected by taking corresponding actions on the capital market through internal constraints and balance of other stakeholders. As an important external shareholder, the influence of the quality of the accounting information of the company is mainly manifested in the professional ability and rich experience of the institutional investors, more information analysis ability with respect to the individual investors, and more adequate financial and human resources. The power also has the ability to ask the listed company to provide more adequate accounting information. Institutional investors have promoted the perfection of the function of the capital market economy, brought about the increasing concentration of the capital ownership, and the higher the maturity of the capital market, the more the development trend of the investment mechanism, which has led to the increasing turn of the theoretical circle on the institutional investors Note: The problem of the quality of the accounting information of the listed company has become the focus of the investors, the theoretical circles, the government and the public, but the academic circles have not fixed the role of the institutional investors to improve the quality of the accounting information of the listed companies The significance of this paper is as follows:1. In view of the important role of institutional investors in corporate governance and the increasing attention of the information quality problems of listed companies, it is necessary to study the problems of institutional investors and the quality of accounting information. In order to provide a useful reference for the development of Chinese institutional investors and the improvement of the quality of accounting information, the paper will be helpful to the development of Chinese institutional investors and the quality of accounting information. 2. The issue of institutional investors and the quality of accounting information are an important part of the theoretical system of corporate governance, not only have certain academic value, but also have higher application price The development experience of the mature capital market and the development of the capital market of our country have shown that the healthy and stable development of the capital market must have a strong and diverse group of institutional investors The institutional investors have strong research strength and rich experience in investment, and the ability to avoid the risks is strong. The development of the investors has improved the structure of the capital market investors and played an important role in the long-term and stable development of the market. This paper is divided into five parts. The main contents of the research are as follows: Part one, the research purpose of this paper, the research situation, research method and research in home and abroad are introduced. The second part expounds the relevant concepts and theories of the quality of the accounting information of the institutional investors and the listed companies, and discusses the evaluation criteria of the quality of the accounting information of the listed companies, and analyzes the quality of the listed accounting information by the institutional investors. This paper analyzes the influence of institutional investors on the accounting information of the listed companies from the perspective of the internal governance structure and the external governance structure. The third part analyzes the main problems of the accounting information quality of listed companies in China, including the disclosure of accounting information due to the imperfect internal governance structure and the imperfect structure of the external governance structure. In the fourth part, the reason of the problem of the quality of the accounting information of listed companies in China is discussed, and the reasons are analyzed from the two aspects of the internal governance structure and the external governance structure of the listed company, and the quality of the accounting information from the perspective of the institutional investors The fifth part, on the basis of the previous analysis, to improve the quality of accounting information in terms of institutional investors' participation in the internal governance structure and external governance structure of the listed company
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F233;F832.51
本文編號：2481205
[Abstract]:In recent years, the proportion of institutional investors in the capital market of the western developed countries has increased. As the main body of the capital market, the institutional investors gradually replace the individual investors to play a more and more important role in the national economic life. Since the eighties of the 20th century, the active principle of institutional investor's shareholder has been rising. The research of domestic and foreign scholars holds that the growth of institutional investors has completely changed the ownership structure of the company, improved the traditional corporate governance, and became an indispensable important force in the construction process of most developed capital markets and the governance process of the listed companies. The institutional investors can help to mitigate the conflict of interest between the large shareholders and the small and medium-sized shareholders of the company, implement the effective supervision of the management, improve the economic benefit of the investment project, promote the improvement of the quality of the accounting information in the corporate governance, and finally promote the healthy development of a country's capital market. Therefore, the capital market strongly calls for professional and relatively mature institutional investors to join in the company's governance, and play their supervisory role. In China under the transformation economy, with the continuous development of the capital market and the continuous development of the market, the participating groups of the market are also rich. In the early 1990s, the institutional investors represented by the Securities Investment Fund began to enter China's securities market, and through many years of theoretical exploration and pilot work, With the development of institutional investors, a large-scale institutional investor group has been formed, and the quality of accounting information is affected by taking corresponding actions on the capital market through internal constraints and balance of other stakeholders. As an important external shareholder, the influence of the quality of the accounting information of the company is mainly manifested in the professional ability and rich experience of the institutional investors, more information analysis ability with respect to the individual investors, and more adequate financial and human resources. The power also has the ability to ask the listed company to provide more adequate accounting information. Institutional investors have promoted the perfection of the function of the capital market economy, brought about the increasing concentration of the capital ownership, and the higher the maturity of the capital market, the more the development trend of the investment mechanism, which has led to the increasing turn of the theoretical circle on the institutional investors Note: The problem of the quality of the accounting information of the listed company has become the focus of the investors, the theoretical circles, the government and the public, but the academic circles have not fixed the role of the institutional investors to improve the quality of the accounting information of the listed companies The significance of this paper is as follows:1. In view of the important role of institutional investors in corporate governance and the increasing attention of the information quality problems of listed companies, it is necessary to study the problems of institutional investors and the quality of accounting information. In order to provide a useful reference for the development of Chinese institutional investors and the improvement of the quality of accounting information, the paper will be helpful to the development of Chinese institutional investors and the quality of accounting information. 2. The issue of institutional investors and the quality of accounting information are an important part of the theoretical system of corporate governance, not only have certain academic value, but also have higher application price The development experience of the mature capital market and the development of the capital market of our country have shown that the healthy and stable development of the capital market must have a strong and diverse group of institutional investors The institutional investors have strong research strength and rich experience in investment, and the ability to avoid the risks is strong. The development of the investors has improved the structure of the capital market investors and played an important role in the long-term and stable development of the market. This paper is divided into five parts. The main contents of the research are as follows: Part one, the research purpose of this paper, the research situation, research method and research in home and abroad are introduced. The second part expounds the relevant concepts and theories of the quality of the accounting information of the institutional investors and the listed companies, and discusses the evaluation criteria of the quality of the accounting information of the listed companies, and analyzes the quality of the listed accounting information by the institutional investors. This paper analyzes the influence of institutional investors on the accounting information of the listed companies from the perspective of the internal governance structure and the external governance structure. The third part analyzes the main problems of the accounting information quality of listed companies in China, including the disclosure of accounting information due to the imperfect internal governance structure and the imperfect structure of the external governance structure. In the fourth part, the reason of the problem of the quality of the accounting information of listed companies in China is discussed, and the reasons are analyzed from the two aspects of the internal governance structure and the external governance structure of the listed company, and the quality of the accounting information from the perspective of the institutional investors The fifth part, on the basis of the previous analysis, to improve the quality of accounting information in terms of institutional investors' participation in the internal governance structure and external governance structure of the listed company
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F233;F832.51
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