机构投资者持股比例与上市公司盈余管理的实证研究

本文分析了机构投资者在完善上市公司治理结构、约束管理层盈余管理中的作用。首先通过管理者与机构投资者的博弈分析发现,当机构持股比例很低时,机构不存在监管意愿,只有当机构持股比例较高时,才会积极地监管盈余管理。其次,以2004-2006年沪深两市的上市公司为样本,通过实证研究发现盈余管理与机构投资者持股之间存在倒U型关系,持股比例13.07%是机构投资者是否有效抑制盈余管理行为的临界值;盈余管理程度与机构股东的数量呈正相关关系,即随着上市公司中机构股东数量的增加,机构的监管效率会下降。

An Empirical Study on Institutional Investors and Earnings Management in Listed Companies

The research analyzes the role of institutional investors in improving corporate governance and constraining earnings management.First,we find,through a game theory model,that the institutional investor is less likely to restrict earnings management when their shares are too small.They will have incentive to monitor earnings management when they have a substantial shareholding.Second,we prove the existence of the invert U-ship by empirical regression with the sample of listed companies in 2004 to 2006 and f...