机构投资者真的有助于降低盈余管理吗？——来自中国上市公司混合与平衡面板数据的证据

本文采用中国上市公司2004～2008年相对较长时期数据,在控制机构投资者持股比例与盈余管理程度内生性基础上,通过混合与平衡面板数据模型回归分析发现：机构投资者持股比例与正向盈余管理显著正相关,其中国有控股企业的这种相关性较非国有控股企业更显著;国有控股企业中机构投资者持股比例与负向盈余管理显著负相关,而非国有控股企业中则变成显著正相关;机构投资者持股比例与盈余管理绝对值显著正相关,其中国有控股企业的这种相关性较非国有控股企业也更为显著。这些证据充分说明中国机构投资者仍然是短视的,对盈余管理不存在制约作用反而推动了企业的盈余管理。

Can Institutional Investors Really Decrease Earnings Management？——Evidence from the China＇s Listed Firms

Based on the longer term data of China's listed firms from 2004 to 2008 and controlling the endogenous relation between the share ratio of institutional investors and earnings management,this paper finishes regression analysis on the pool data and balanced panel data.we find:(1) the correlation between share ratio of institutional investors and positive earnings management is significantly positive,while this correlation is more significant in state-controlling firms than in non-state-controlling firms.(2) the correlation between share ratio of institutional investors and negative earnings management is significantly negative in state-controlling firms,while this correlation turns to significantly positive in non-state-controlling firms.(3) the correlation between share ratio of institutional investors and absolute value of earnings management is significantly positive,while this correlation is more significant in state-controlling firms than in non-state-controlling firms.Our evidence proves that the institutional investors in China are myopic,which can not bring active but passive effect on the earnings management.