【摘要】：新世紀(jì)以來,我國市場經(jīng)濟迅速發(fā)展,我國資本市場逐步趨于完善和成熟。社會資源在資本市場中進一步配置,同時上市公司作為市場主體也扮演著越來越重要的角色。上市公司的會計信息關(guān)系著多方利益主體,其中會計盈余信息對于各利益主體來講意義更為重大。不論是對于各類投資者還是企業(yè)的高層管理者,以及政府機構(gòu)來說,都是非常重要的。然而,部分上市公司的管理層,根據(jù)自身需要,或者出于不同動機對企業(yè)的盈余進行操縱。從而,在一定程度上影響了會計信息的真實性,可靠性和有用性。因此,擾亂了資本市場原有的正常經(jīng)濟秩序,破壞了資本市場的結(jié)構(gòu),影響了外部信息使用者對于信息的真實把握。同時,隨著投資多元化,機構(gòu)投資者作為擁有深厚背景的專業(yè)團隊,能夠獲得雄厚的資金支持,并且擁有廣闊的人脈資源,同時具有較強的信息處理技術(shù),以及豐富的多渠道投資經(jīng)驗,從而構(gòu)成了資本市場的又一主力軍。他們能夠通過挖掘具有投資價值的信息幫助上市公司獲利,從而實現(xiàn)雙方利益。不同類型的機構(gòu)投資者可以通過對被投資企業(yè)的長期持股,從而加強公司信息披露的透明程度。與此同時,不同類型的機構(gòu)投資者對于公司所起的監(jiān)督作用也會有一定的差異。本文根據(jù)不同類型機構(gòu)投資者的持股比例,同時將機構(gòu)投資者的穩(wěn)定性指標(biāo)進行量化,從時間維度和行業(yè)維度對機構(gòu)投資者進行分類,從而來研究異質(zhì)性機構(gòu)投資者對于我國上市公司盈余管理的影響。本文利用實證研究和規(guī)范性研究相結(jié)合的方法,證明了相對于交易型機構(gòu)投資者而言,穩(wěn)定型機構(gòu)投資者對我國上市公司的盈余管理抑制作用會更加明顯。從而為進一步發(fā)展我國多元化機構(gòu)投資者提出建設(shè)性意見。同時,也有利于進一步提升資本市場的穩(wěn)定性,為發(fā)展和繁榮我國的市場經(jīng)濟貢獻一份力量。
[Abstract]:Since the new century, our country market economy develops rapidly, our country capital market gradually tends to perfect and mature. Social resources are further allocated in the capital market, while listed companies play an increasingly important role as the main body of the market. The accounting information of listed companies is related to various stakeholders, among which the accounting earnings information is more significant to each interest body. It is important for investors, top executives, and government agencies. However, the management of some listed companies, according to their own needs, or for different motives to manipulate the earnings of enterprises. Thus, to some extent, it affects the authenticity, reliability and usefulness of accounting information. Therefore, the original normal economic order of the capital market is disturbed, the structure of the capital market is destroyed, and the real grasp of the information is affected by the external information users. At the same time, with the diversification of investment, institutional investors, as a professional team with a deep background, are able to obtain strong financial support, have a broad network of resources, and have strong information processing technology. As well as rich multi-channel investment experience, thus constituted the capital market another main force. They can help the listed company profit by mining the information with investment value, thus realizing the mutual benefit. Different types of institutional investors can enhance the transparency of corporate information disclosure through long-term ownership of invested enterprises. At the same time, different types of institutional investors will play a different role in the supervision of the company. According to the shareholding ratio of different types of institutional investors, this paper quantifies the stability index of institutional investors, classifies institutional investors from time dimension and industry dimension. Thus, the influence of heterogeneous institutional investors on earnings management of listed companies in China is studied. By combining empirical research with normative research, this paper proves that stable institutional investors have a more obvious restraining effect on earnings management of listed companies than transactional institutional investors. In order to further develop the diversification of institutional investors in China put forward constructive advice. At the same time, it is also conducive to further enhancing the stability of the capital market and contributing to the development and prosperity of China's market economy.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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本文編號：2199924