机构投资者在上市公司治理结构中的角色分析——基于盈余稳健性的视角

本文选取我国沪深两市A股上市公司2009—2013年之间的非金融类上市公司作为研究样本,通过非平衡面板数据和固定效应回归模型进行实证分析。研究发现,机构投资者持股比例对公司盈余稳健性呈负相关关系,即机构投资者对上市公司并没有发挥监督治理效应。

Role Analysis of Institutional Investors in the Governance Structure of Listed Companies——Based on the Perspective of Earnings Conservatism

This paper selects the financial data of China’s A-share listed non-financial companies from 2009 to 2013 as the research sample,and conducts an empirical analysis through the unbalanced panel data and fixed-effect re-gression model. The shareholding ratio of institutional investors is negatively correlated with the earnings conservatism of companies,that is to say,the institutional investors haven’t exerted its effect of oversight and governance on listed companies. Therefore, the study shows that the institutional investors are not external supervisors on corporate gover-nance,and their role of oversight and governance of companies has gradually changed.