本文選題：機構投資者　切入點：企業(yè)特征　出處：《吉林大學》2017年碩士論文

【摘要】：會計穩(wěn)健性體現(xiàn)了會計處理的謹慎性,是會計信息質量研究中最重要的問題之一。20世紀80年代,以養(yǎng)老金為代表的機構投資者在美國出現(xiàn)后,機構投資者通過持股參與上市公司治理的作用在西方國家被廣泛檢驗和認可,其對會計穩(wěn)健性的作用也被廣泛探討,20世紀90年代,我國機構投資者出現(xiàn)并快速成長,對兩者關系的研究也相應地在國內興起。國內外學者從總體和異質性角度對機構投資者與穩(wěn)健性關系進行探索,近年來,在相關的研究中開始考慮不同的企業(yè)特征對兩者關系的影響。在機構投資者發(fā)展勢頭強勁,規(guī)模和數(shù)量不斷壯大,于企業(yè)決策中的話語權不斷加大的現(xiàn)狀下,研究機構投資者的治理效應無疑是有重要的實際意義的,企業(yè)特征中,股權結構決定著建立在其基礎上的公司治理結構及經營績效,成長能力描述企業(yè)的發(fā)展趨勢和速度,營運能力體現(xiàn)著企業(yè)經營的過程的良好與否。本文在此背景下,選擇企業(yè)特征中股權結構、成長能力、營運能力三個具體維度,探討機構投資者持股與會計穩(wěn)健性的關系,不但有助于更清晰地認識和理解機構投資者在經濟發(fā)展中的作用和重要性,更有助于認識其在不同企業(yè)中所發(fā)揮治理作用的差異性,為上市公司優(yōu)化股權結構,提升企業(yè)整體治理水平提供啟示,為市場監(jiān)管部門和政府相關機構保護各投資者利益,規(guī)范資本市場,健康促進機構投資者成長的實踐提供理論和經驗支持。在規(guī)范分析的基礎上,本文以2010-2015年上市企業(yè)數(shù)據(jù)進行實證檢驗,研究結果發(fā)現(xiàn),機構投資者持股比例與會計穩(wěn)健性呈正相關關系,“壓力抵制型”機構投資者能夠顯著提高會計穩(wěn)健性,而“壓力敏感型”機構投資者不能顯著提高會計穩(wěn)健性,建議我國大力支持機構投資者發(fā)展,尤其是“壓力抵制型”;在股權制衡度高的公司,機構投資者持股比例與會計穩(wěn)健性之間的正向作用加強了,建議政府監(jiān)管部門倡導制衡形式股權結構應用;在凈利潤增長率高的公司,機構投資者持股比例與會計穩(wěn)健性之間的正向作用削弱了;在應收賬款周轉率高的公司,機構投資者持股比例與會計穩(wěn)健性之間的正向作用同樣被削弱了,建議對機構投資者作用的認識不能一概而論,要結合具體的企業(yè)情況,在高成長運營力的公司,機構投資者對會計穩(wěn)健性的改善作用會被削弱。本文由六個部分組成。第一部分為緒論,闡述了論文研究的背景、意義、方法和框架。第二部分是文獻綜述,歸納了機構投資者與會計穩(wěn)健性、企業(yè)特征與會計穩(wěn)健性、以及三者之間的研究成果。第三部分是理論分析和假設,介紹了機構投資者治理的相關理論,并提出假設。第四部分是研究設計,主要說明數(shù)據(jù)選取、各變量的選擇以及模型的構建。第五部分為實證分析,主要對假設的驗證結果進行分析。第六部分是結論及建議。
[Abstract]:Accounting conservatism reflects the caution of accounting treatment. It is one of the most important problems in the study of accounting information quality. In the 1980s, institutional investors, represented by pension funds, appeared in the United States. The role of institutional investors in the governance of listed companies through shareholding has been widely tested and recognized in western countries, and the role of institutional investors in accounting conservatism has also been extensively discussed. In the 1990s, institutional investors in China emerged and grew rapidly. The relationship between institutional investors and robustness has been explored by domestic and foreign scholars from the perspective of overall and heterogeneity. In the relevant research, we begin to consider the influence of different enterprise characteristics on the relationship between the two. With the strong development momentum, scale and quantity of institutional investors, and the increasing speaking power in enterprise decision-making, There is no doubt that it is of great practical significance to study the governance effect of institutional investors. Among the characteristics of enterprises, the ownership structure determines the corporate governance structure and business performance based on it, and the growth ability describes the development trend and speed of the enterprises. Under this background, this paper chooses three specific dimensions of ownership structure, growth ability and operation ability to explore the relationship between institutional investors' shareholding and accounting conservatism. It not only helps to understand and understand clearly the role and importance of institutional investors in economic development, but also helps to understand the differences of governance roles played by institutional investors in different enterprises, so as to optimize the equity structure for listed companies. To improve the overall level of corporate governance, to provide inspiration for market regulatory authorities and relevant government institutions to protect the interests of investors and standardize the capital market, On the basis of normative analysis, this paper uses the data of listed enterprises from 2010 to 2015 to carry out an empirical test. The proportion of institutional investors holding shares is positively correlated with accounting conservatism. "pressure-resistant" institutional investors can significantly improve accounting conservatism, while "pressure-sensitive" institutional investors can not significantly improve accounting conservatism. It is suggested that our country should vigorously support the development of institutional investors, especially the "pressure resistance type". In companies with high equity checks and balances, the positive effect between institutional investors' shareholding ratio and accounting conservatism has been strengthened. It is suggested that government regulators advocate the use of equity structure in the form of checks and balances; in companies with high net profit growth, the positive role between institutional investor shareholding and accounting conservatism is weakened; and in companies with high turnover of accounts receivable, The positive effect between institutional investor's shareholding ratio and accounting conservatism has also been weakened. It is suggested that the understanding of institutional investor's role should not be generalized. The improvement of accounting conservatism by institutional investors will be weakened. This paper consists of six parts. The first part is an introduction, which describes the background, significance, methods and framework of the research. The second part is a literature review. The research results of institutional investors and accounting conservatism, enterprise characteristics and accounting conservatism are summarized. The third part is theoretical analysis and hypothesis, and introduces the related theories of institutional investor governance. The fourth part is the research design, mainly explains the data selection, the variable selection and the model construction. The fifth part is the empirical analysis, mainly carries on the analysis to the hypothesis verification result. The sixth part is the conclusion and the suggestion.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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