發(fā)布時(shí)間：2018-04-15 12:30

  本文選題：機(jī)構(gòu)投資者 + 異質(zhì)性　； 參考：《財(cái)會(huì)月刊》2017年11期

【摘要】：本文以2011~2015年我國國有上市公司為研究樣本,以機(jī)構(gòu)投資者獨(dú)立性為視角,實(shí)證研究了股權(quán)集中度與異質(zhì)機(jī)構(gòu)投資者持股偏好的關(guān)系,以及會(huì)計(jì)穩(wěn)健性對(duì)二者關(guān)系的調(diào)節(jié)作用。研究結(jié)果表明:股權(quán)集中度與機(jī)構(gòu)投資者總體持股偏好呈現(xiàn)U型關(guān)系。股權(quán)集中度與獨(dú)立機(jī)構(gòu)投資者持股偏好顯著負(fù)相關(guān),而與非獨(dú)立機(jī)構(gòu)投資者持股偏好顯著正相關(guān)。會(huì)計(jì)穩(wěn)健性對(duì)股權(quán)集中度與機(jī)構(gòu)投資者總體持股偏好之間關(guān)系起到U型調(diào)節(jié)作用。會(huì)計(jì)穩(wěn)健性對(duì)股權(quán)集中度與獨(dú)立機(jī)構(gòu)投資者持股偏好之間關(guān)系的負(fù)調(diào)節(jié)效應(yīng)不顯著,而對(duì)股權(quán)集中度與非獨(dú)立機(jī)構(gòu)投資者持股偏好之間的關(guān)系的正向調(diào)節(jié)效應(yīng)顯著。
[Abstract]:This paper takes the state-owned listed companies in China from 2011 to 2015 as the research sample, and from the perspective of institutional investor independence, empirically studies the relationship between ownership concentration and heterogeneity institutional investors' preference for holding shares, and the role of accounting conservatism in regulating the relationship between them.The results show that the relationship between ownership concentration and institutional investors' overall ownership preference is U-shaped.The degree of ownership concentration is negatively correlated with the preference of independent institutional investors, while it is positively correlated with the preference of non-independent institutional investors.Accounting conservatism plays a U-type role in regulating the relationship between ownership concentration and institutional investors' overall ownership preference.Accounting conservatism has no significant negative adjustment effect on the relationship between ownership concentration and ownership preference of independent institutional investors, but positive adjustment effect on the relationship between ownership concentration and preference of non-independent institutional investors.
【作者單位】： 四川師范大學(xué)商學(xué)院;
【基金】：四川省教育廳基金項(xiàng)目(項(xiàng)目編號(hào):15SB0027)
【分類號(hào)】：F832.51;F275

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