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论文编号：	9353
作者编号：	2120152424
上传时间：	2017/6/20 17:11:06
中文题目：	机构投资者异质性与会计稳健性研究 ——基于中国民营上市公司的经验证据
英文题目：	The Heterogeneity ofInstitutional Investors and Accounting Conservatism: Based on the Chinese Capital Market Private Listed Companies
指导老师：	王志红
中文关键字：	机构投资者异质性，会计稳健性，民营公司
英文关键字：	The Heterogeneity of Institutional Investors,Accounting Conservatism,Private Companies
中文摘要：	近些年，关于养老金入市的话题被大家广泛热议，近万亿的养老金将在不久的将来进入我国资本市场。机构投资者的迅速发展，使其在资本市场上扮演着越来越重要的角色，已经成为一股不容忽视的力量。但由于各机构投资者的背景、资金来源等不同，其进行投资时的风格与关注点也并不相同。此外，财政部颁布的会计准则中明确提出将会计稳健性作为衡量会计信息质量的重要要求之一。上市公司稳健的财务报告可以有效缓解信息不对称带来的影响，对于公司治理产生积极的作用，但对于国有公司来说会计信息起到的治理作用较为有限。 基于这样的情况，本文的研究着眼于机构投资者异质性对于我国民营上市公司会计稳健性的影响。首先介绍了相关的定义，解释了将机构投资者划分为抑制型或敏感型的标准，并对于机构投资者、会计稳健性等主要研究对象进行了文献综述。之后介绍了本文用到的委托代理理论等相关理论，并基于理论基础提出了研究假设，通过选取2012-2015年我国A股民营上市公司的财务数据，利用K-W模型进行相关的实证研究。 通过理论和实证分析，本文得到的结论为：我国民营上市公司的会计稳健性与机构投资者持股比例有显著的正相关关系；在考虑机构投资者的独立性后，根据机构投资者与持股企业之间有无业务往来，将机构投资者区分成压力抑制型和压力敏感型两类，发现压力抑制型机构投资者对于上市公司会计稳健性的影响显著大于压力敏感型机构投资者的影响，其中证券投资基金与社保基金发挥了主要作用；在进一步分析的过程中，考虑到机构投资者持股比例不同，其对公司治理的影响也不同，故在检验时按照持股比例是否大于3%进行了大小机构投资者的区分，发现大机构投资者对于上市公司会计稳健性的影响显著大于小机构投资者的影响。
英文摘要：	In recent years, the subject of the pension entering the capital market has been widelydiscussed, almost trillions of pension will enter the capital market in China in the near future. With the rapid development of institutional investors,they play more and more important roles in the capital market, becoming anindispensable force. But due to the differences between their background and funding sources, the investing stylesof institutional investors are not same with each other. In addition, the ministry of finance promulgated the accounting standards clearly putting forward that the accounting conservatism is one of the most important requirements to measure the accounting information quality. Sound financial reports of listed companies can effectively alleviate the impact of information asymmetry, which do good to corporate governance, but for state-owned companies the governance effect of accounting informationis relatively limited. Based on this situation, this paper focus on the heterogeneity of institutional investors for the influence of Chinese private listed companies accounting conservatism. Firstly introducethe related definitions,explaining thestandards of dividing institutional investors into the pressure resistant and the pressure sensitive, and introduce the research status of institutional investors, accounting conservatismetc. And then introduce the related theory used in this paper, such as the principal-agent theory, and put forward the research hypotheses based on the theoretical basis, through the selection of Chinese a-share listed private companies in 2012-2015 financial data, using the K-W model to carry on related empirical studies. Through theoretical and empirical analysis, this paper get the conclusions: Chinese private listed companies accounting conservatism and institutional investors holding a significant positive correlation; After considering the independence of the institutional investors, according to if institutional investors have business between shareholding enterprises distinguish them into the pressure resistant type and the pressure sensitive type, found thatthe pressure resistant type institutional investors have greater influence on the accounting conservatism of listed companies than the pressure sensitive type institutional investors, especially the securities investment fund and the social security fund ; In the process of further analysis, considering the proportion of institutional investors is different, its impact on corporate governance also different, so according to if with the institutional investors holding stake greater than 3%,wedistinguish them intolarge institutional investors andsmall institutional investors, found that large institutional investorshave greater influence on the accounting conservatism of listed companies than the small institutional investors.
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