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论文编号：	12431
作者编号：	2120192848
上传时间：	2021/6/11 0:13:12
中文题目：	投资者情绪对上市公司盈余管理行为的影响——基于机构投资者持股的调节作用
英文题目：	The Influence of Investor Sentiment on Earnings Management in Listed Companies: A Study Based on the Moderating Effect of Institutional Investors
指导老师：	黄福广 教授
中文关键字：	投资者情绪；应计盈余管理；真实盈余管理；机构投资者
英文关键字：	Investor Sentiment；Accrued Earnings Management；Real Earnings Management；Institutional Investor
中文摘要：	投资者情绪作为行为金融学领域的热点话题，一直以来都受到国内外学者的广泛关注。近年来，A股市场运行态势堪称跌宕起伏，说明以投资者情绪为代表的非理性因素在我国市场中仍占有重要地位，投资者结构的不平衡更加剧了非理性行为的蔓延。同时，盈余管理现象在上市公司内变得愈发普遍，不仅影响到市场上流通信息的质量，干扰投资者决策，还会降低市场整体的资源配置效率，引发系统性风险的上升。将这二者纳入同一个框架，不仅能在理论层面丰富有关研究，研究结论也具有较强的现实意义，能够在一定程度上指导实践。本文主要讨论了两项现实问题，首先，上市公司的盈余管理行为是否存在迎合投资者情绪的动机，如果存在，这种迎合行为又将如何影响企业价值；随后讨论机构投资者的存在能否帮助削弱迎合行为的负向影响。在实证研究中，以2011-2019年沪深A股上市公司为研究样本对这两项问题进行探讨，首先关注投资者情绪整体上如何影响上市公司的盈余管理行为，更进一步，通过将样本进行分组，考察盈余管理策略在情绪高涨期与情绪低落期是否存在差异，随后引入机构投资者持股指标作为调节变量，对外部效应进行检验。经过实证分析，共得到以下四点结论：（1）当投资者情绪处于高涨（低落）状态时，管理者更倾向于进行正向（负向）盈余管理，且盈余管理程度会随投资者情绪水平的上升而增加；（2）在投资者情绪高涨期，管理者会综合利用应计与真实两种方式进行正向盈余管理，充分迎合市场对利好消息的强烈需求；（3）在投资者情绪低落期，管理者会对以往调增的会计应计予以转回，真实盈余管理表现出调增趋向，但并不显著；两个情绪期内的鲜明对比在一定程度上体现了盈余管理策略的非对称性；（4）机构投资者在我国市场上表现为利益攫取效应，其持股比例的上升会助长上市公司的迎合性盈余管理行为，这一点在应计盈余管理上表现得更加明显。通过对研究结论进行分析，本文有针对性地提出了几项政策建议，这些建议具备一定的现实基础，可以为有关部门着力削弱上市公司盈余管理行为、保护中小投资者利益、健全资本市场发展提供参考。
英文摘要：	As a hot topic in behavioral finance, investor sentiment has been widely concerned by scholars. In recent years, the A-share market has experienced ups and downs, which indicates that irrational factors represented by investor sentiment still occupy an important position in our market. And the imbalance of investor structure further aggravates the spread of irrational behaviors. At the same time, earnings management becomes common in listed companies, which not only affects the quality of information circulating in the market and interferes with the investment decisions of stakeholders, but also reduces the overall efficiency of resource allocation in the market and leads to the rise of systemic risks. Integrating the two into the same framework can not only enrich relevant research at the theoretical level, but also have strong practical significance. The research conclusions can guide practice to a certain extent. This thesis mainly discusses two practical issues. First, whether the earnings management behavior in listed companies has the motivation to cater to investor sentiment, if so, how the catering behavior will affect the enterprise value; Then, we discuss whether the presence of institutional investors can help mitigate the negative effects of the catering behavior. In empirical research, we select A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2013 to 2019 as the research sample. First of all, we focus on how the investor sentiment influences the earnings management behavior. Further, we explore whether earnings management strategies differ between periods of high and low investor sentiment by grouping the samples. Finally, we introduce the institutional investors as a moderator variable to test the external effect. The empirical analysis draws four conclusions as following :(1) When investor sentiment is high, managers are more inclined to carry out positive earnings management and vice versa. Moreover, the degree of earnings management will increase when the investor sentiment goes up; (2) In the period of high investor sentiment, managers will make comprehensive use of accrual and real ways to carry out positive earnings management, to cater to the strong demand for good news in the market; (3) In the period of low investor sentiment, managers will reverse the accounting accruals adjusted in the past, and the real earnings management shows an upward trend, but not significant; The sharp contrast between the two sentiment periods reflects the asymmetry of earnings management strategy; (4) The institutional investors shows collusion effect in our market, and the increase of its shareholding ratio will encourage the catering earnings management behavior in listed companies, especially for accrued earnings management. Based on the analysis of the research conclusions, the thesis puts forward several policy recommendations, which have a certain practical basis and can provide reference for the relevant departments to reduce the earnings management behavior in listed companies, protect the interests of small and medium investors, and improve the development of the capital market.
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