会计制度变迁、机构持股与上市公司业绩的实证研究

文章主要在于考察会计制度变迁前后,机构投资者对持股上市公司业绩的影响.我们发现,总体而言,2007年新会计准则实施前后,机构投资者持股与上市公司业绩都是正相关,不存在差异.但是,在分年度样本中,新会计准则实施前后,这种相关性存在明显差异.新会计准则实施前的分年度样本中,机构投资者持股比例只与公司的Tobin＇Q值之间存在显著的正相关,与CoreROA和CFROA等业绩指标之间关系不显著.在新会计准则实施后,机构投资者持股比例与所有的公司业绩指标Tobin＇Q、CoreROA和CFROA等之间都存在显著的正相关关系,并且通过了敏感性测试.说明新会计准则实施后,机构投资者更能够发挥作用,全方位提高上市公司的业绩.

The Empirical Research of Accounting Principle Changes, Institutional Shareholder and the listed Company Performance

This paper researches whether the institutional investors have any influence over the performance of listed companies when the accounting standards changes. We found that, overall, there is a related relations between institutional investors and the performance of listed companies, there are no differences between before and after the implementation of the new accounting standards. However, respectively year, after the implementation of the new accounting standards, the relevant is obvious differences. Before the implementation of the new accounting standards, the proportion of institutional investors is significant related to Tobin＇Q, but has no related to CoreROA or CFROA. However, after the implementation of the new accounting standards, the proportion of institutional investors is significant related to Tobin＇Q, CoreROA and CFROA, and through the sensitive test. That says, after the implementation of the new accounting standards, the institutional investors can improve the performance of listed companies efficiently.