發(fā)布時(shí)間：2018-01-15 02:33

  本文關(guān)鍵詞：信息不對(duì)稱、共同基金與公司盈余質(zhì)量　出處：《華中科技大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 信息不對(duì)稱 共同基金 盈余質(zhì)量

【摘要】：本文以2004年至2010年間滬深兩市A股一般上市公司為樣本，以Dechow andDichev(2002)的DD模型作為盈余質(zhì)量的計(jì)量模型，區(qū)分開(kāi)正向盈余和負(fù)向盈余的差別。選取基于特質(zhì)風(fēng)險(xiǎn)的標(biāo)準(zhǔn)差作為信息不對(duì)稱的測(cè)度，依據(jù)Yan and Zhang (2009)的基金分類方法，將我國(guó)共同基金分為長(zhǎng)期和短期基金，將長(zhǎng)短期基金各自持有上市公司股票的比例作為機(jī)構(gòu)持股的測(cè)度指標(biāo)，控制了基礎(chǔ)變量和公司治理因素，來(lái)研究信息不對(duì)稱的大小以及長(zhǎng)短期共同基金的行為是如何影響上市公司的盈余質(zhì)量的，并按信息不對(duì)稱程度分類，研究?jī)烧邔?duì)于公司盈余質(zhì)量的交互影響。 研究發(fā)現(xiàn)：第一，信息不對(duì)稱程度的降低可以提升公司盈余質(zhì)量；第二，將基金分為長(zhǎng)期和短期投資者，，發(fā)現(xiàn)長(zhǎng)期基金能夠通過(guò)監(jiān)督公司管理層的治理行為來(lái)提升公司的盈余質(zhì)量，而短期基金更加注重短期收益而非長(zhǎng)期績(jī)效導(dǎo)致管理層正向盈余操縱，而使盈余質(zhì)量變差；第三，按信息不對(duì)稱程度分組，發(fā)現(xiàn)隨著信息環(huán)境的變差，長(zhǎng)期基金的監(jiān)管效應(yīng)大幅削弱，而短期基金的投機(jī)效應(yīng)卻越演越烈，使上市公司盈余質(zhì)量進(jìn)一步變差。本文為機(jī)構(gòu)投資者在我國(guó)資本市場(chǎng)上所扮演的角色提供了新的證據(jù)，并具有清晰的政策含義，即提升公司信息透明度對(duì)促進(jìn)長(zhǎng)期基金的監(jiān)管作用和抑制短期基金的投機(jī)作用均具有重要的意義。
[Abstract]:In this paper, the Shanghai and Shenzhen from 2004 to 2010, two general A share listed companies as samples, using Dechow andDichev (2002) DD model as econometric model of earnings quality, distinguish between positive earnings and negative earnings differences. Select the measurement of difference of information asymmetry as idiosyncratic risk based on the criteria, according to the Yan and Zhang (2009) the fund classification method, our mutual funds into long-term and short-term funds will fund their long-term holdings of shares of listed companies as a measure index proportion of institutional ownership, control of the basic variables and corporate governance factors, to study the information asymmetry and long term mutual fund behavior is how to affect the earnings quality of listed companies the classification, and according to the degree of information asymmetry, both for interactive effects of earnings quality.
The study found: first, reduce the degree of information asymmetry can improve earnings quality; second, the fund will be divided into short-term and long-term investors, that long-term funds can improve the company's earnings quality through the supervision of the management of the company governance behavior, while short-term funds pay more attention to short-term profits rather than long-term performance management leads to positive earnings manipulation so, the earnings quality variation; third, grouped according to the degree of information asymmetry, with the information of the environment becomes worse, the supervision effect of long-term funds significantly weakened, and the effect of short-term speculative funds has intensified, the earnings quality of listed companies becomes worse. This paper provides new evidence for institutional investors to play in China's capital market role, and has clear policy implications, namely the promotion of information transparency on the regulatory role of promoting long-term funds and short-term suppression The speculation of the fund is of great significance.

【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F275

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本文編號(hào)：1426434