本文關鍵詞：獨立董事、機構投資者與管理層盈余預告性質的實證研究　出處：《新疆財經(jīng)大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 獨立董事 特征 機構投資者 盈余預告性質

【摘要】：盈余預告信息在資本市場中扮演著十分重要的角色，我國股票市場上的股價及股息等信息經(jīng)常發(fā)生變化，而投資者正是根據(jù)上市公司的一系列股票信息及盈余預告信息的相關內容來作出自己的投資決策的。所以，管理層盈余預告信息質量，直接關系到投資者戰(zhàn)略決策的正確與否。那么，管理層盈余預告主要受哪些因素的影響？如何提高管理層盈余預告的質量？這正是本文所要重點研究的。 本文以管理層盈余預告性質為研究對象，在控制了其他影響盈余預告的影響因素后，對獨立董事和機構投資者對管理層盈余預告性質的影響進行分析，回顧了國內外相關研究文獻，歸納分析了盈余預告性質的概念、獨立董事的特征、相關假設的發(fā)展及模型。與以往研究不同的是，本文還引入了機構投資者作為自變量，來考察獨立董事和機構投資者對管理層盈余預告性質的影響。針對獨立董事對管理層盈余預告性質的影響，本文主要從獨立董事比例、參加董事會會議次數(shù)及薪酬三個方面來刻畫獨立董事的特征，進而考察獨立董事的特征對管理層盈余預告性質的影響。針對機構投資者對管理層盈余預告性質的影響，本文主要用機構投資者持股比例來刻畫。本文以2006-2011共六年深滬A股上市公司為初始樣本，，應用Eviews6.0對所有自變量和因變量進行描述性統(tǒng)計分析，SPSS13.0對所有自變量和因變量進行相關性分析，對模型進行Ordered Probit回歸分析。 結果發(fā)現(xiàn)：（1）獨立董事的特征與管理層盈余預告性質呈正相關關系。（2）機構投資者持股比例與管理層盈余預告性質呈正相關關系。即機構投資者持股比例越大，管理層盈余預告信息越詳細和具體，管理層盈余預告質量也就越高。 本文的結果表明，獨立董事、機構投資者與管理者層盈余預告有密切聯(lián)系，這一結果能夠促進公司更好的治理，也可以促進更透明的信息披露。在市場經(jīng)濟高度發(fā)展的時期，投資者對上市公司管理層盈余預告信息質量的要求不斷提高，證券監(jiān)管部門也在不斷的加大力度完善上市公司管理層盈余預告信息質量的相關制度。對此，本文也相應地提出了提高上市公司管理層盈余預告信息質量的相關對策。
[Abstract]:Earnings forecasting information plays a very important role in the capital market. The stock price and dividend information often change in our stock market. However, investors make their own investment decisions according to a series of stock information and earnings forecast information of listed companies. It is directly related to whether the investor's strategic decision is correct or not. So, what are the main factors that affect the management earnings forecast? How to improve the quality of management earnings forecast? This is the focus of this paper. This paper takes the nature of management earnings forecast as the research object, after controlling other influencing factors of earnings forecast, analyzes the impact of independent directors and institutional investors on the nature of management earnings forecast. This paper reviews the relevant research literature at home and abroad, summarizes and analyzes the concept of earnings forecast, the characteristics of independent directors, the development of relevant assumptions and models. This paper also introduces institutional investors as independent variables to examine the impact of independent directors and institutional investors on the nature of management earnings forecast. This paper mainly describes the characteristics of independent directors from three aspects: the proportion of independent directors, the number of meetings of the board of directors and the remuneration. Then it examines the influence of the characteristics of independent directors on the nature of management earnings forecast, aiming at the impact of institutional investors on the nature of management earnings forecast. This paper mainly describes the proportion of institutional investors holding shares. This paper takes the six years of Shenzhen and Shanghai A-share listed companies as the initial sample from 2006 to 2011. Eviews6.0 was used to analyze all independent variables and dependent variables. SPSS 13.0 was used to analyze the correlation between all independent variables and dependent variables. The model was analyzed by Ordered Probit regression analysis. The results show that the characteristics of independent directors are positively correlated with the nature of earnings forecast. The proportion of institutional investors holding shares is positively correlated with the nature of management earnings forecast, that is, the larger the proportion of institutional investors is. The more detailed and specific the management earnings forecast information, the higher the quality of the management earnings forecast. The results of this paper show that independent directors, institutional investors and managers are closely related to earnings forecasting, which can promote better corporate governance. It can also promote more transparent information disclosure. In the period of high development of market economy, investors' demands on the quality of earnings forecast information of listed companies are constantly improving. Securities regulatory authorities are also constantly increasing efforts to improve the listed company management earnings warning information quality related systems. This paper also puts forward the relevant countermeasures to improve the quality of earnings forecast information of listed companies.
【學位授予單位】：新疆財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F271;F832.51

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