本文選題：機(jī)構(gòu)投資者　切入點(diǎn)：企業(yè)特征　出處：《吉林大學(xué)》2017年碩士論文

【摘要】：會計(jì)穩(wěn)健性體現(xiàn)了會計(jì)處理的謹(jǐn)慎性,是會計(jì)信息質(zhì)量研究中最重要的問題之一。20世紀(jì)80年代,以養(yǎng)老金為代表的機(jī)構(gòu)投資者在美國出現(xiàn)后,機(jī)構(gòu)投資者通過持股參與上市公司治理的作用在西方國家被廣泛檢驗(yàn)和認(rèn)可,其對會計(jì)穩(wěn)健性的作用也被廣泛探討,20世紀(jì)90年代,我國機(jī)構(gòu)投資者出現(xiàn)并快速成長,對兩者關(guān)系的研究也相應(yīng)地在國內(nèi)興起。國內(nèi)外學(xué)者從總體和異質(zhì)性角度對機(jī)構(gòu)投資者與穩(wěn)健性關(guān)系進(jìn)行探索,近年來,在相關(guān)的研究中開始考慮不同的企業(yè)特征對兩者關(guān)系的影響。在機(jī)構(gòu)投資者發(fā)展勢頭強(qiáng)勁,規(guī)模和數(shù)量不斷壯大,于企業(yè)決策中的話語權(quán)不斷加大的現(xiàn)狀下,研究機(jī)構(gòu)投資者的治理效應(yīng)無疑是有重要的實(shí)際意義的,企業(yè)特征中,股權(quán)結(jié)構(gòu)決定著建立在其基礎(chǔ)上的公司治理結(jié)構(gòu)及經(jīng)營績效,成長能力描述企業(yè)的發(fā)展趨勢和速度,營運(yùn)能力體現(xiàn)著企業(yè)經(jīng)營的過程的良好與否。本文在此背景下,選擇企業(yè)特征中股權(quán)結(jié)構(gòu)、成長能力、營運(yùn)能力三個具體維度,探討機(jī)構(gòu)投資者持股與會計(jì)穩(wěn)健性的關(guān)系,不但有助于更清晰地認(rèn)識和理解機(jī)構(gòu)投資者在經(jīng)濟(jì)發(fā)展中的作用和重要性,更有助于認(rèn)識其在不同企業(yè)中所發(fā)揮治理作用的差異性,為上市公司優(yōu)化股權(quán)結(jié)構(gòu),提升企業(yè)整體治理水平提供啟示,為市場監(jiān)管部門和政府相關(guān)機(jī)構(gòu)保護(hù)各投資者利益,規(guī)范資本市場,健康促進(jìn)機(jī)構(gòu)投資者成長的實(shí)踐提供理論和經(jīng)驗(yàn)支持。在規(guī)范分析的基礎(chǔ)上,本文以2010-2015年上市企業(yè)數(shù)據(jù)進(jìn)行實(shí)證檢驗(yàn),研究結(jié)果發(fā)現(xiàn),機(jī)構(gòu)投資者持股比例與會計(jì)穩(wěn)健性呈正相關(guān)關(guān)系,“壓力抵制型”機(jī)構(gòu)投資者能夠顯著提高會計(jì)穩(wěn)健性,而“壓力敏感型”機(jī)構(gòu)投資者不能顯著提高會計(jì)穩(wěn)健性,建議我國大力支持機(jī)構(gòu)投資者發(fā)展,尤其是“壓力抵制型”;在股權(quán)制衡度高的公司,機(jī)構(gòu)投資者持股比例與會計(jì)穩(wěn)健性之間的正向作用加強(qiáng)了,建議政府監(jiān)管部門倡導(dǎo)制衡形式股權(quán)結(jié)構(gòu)應(yīng)用;在凈利潤增長率高的公司,機(jī)構(gòu)投資者持股比例與會計(jì)穩(wěn)健性之間的正向作用削弱了;在應(yīng)收賬款周轉(zhuǎn)率高的公司,機(jī)構(gòu)投資者持股比例與會計(jì)穩(wěn)健性之間的正向作用同樣被削弱了,建議對機(jī)構(gòu)投資者作用的認(rèn)識不能一概而論,要結(jié)合具體的企業(yè)情況,在高成長運(yùn)營力的公司,機(jī)構(gòu)投資者對會計(jì)穩(wěn)健性的改善作用會被削弱。本文由六個部分組成。第一部分為緒論,闡述了論文研究的背景、意義、方法和框架。第二部分是文獻(xiàn)綜述,歸納了機(jī)構(gòu)投資者與會計(jì)穩(wěn)健性、企業(yè)特征與會計(jì)穩(wěn)健性、以及三者之間的研究成果。第三部分是理論分析和假設(shè),介紹了機(jī)構(gòu)投資者治理的相關(guān)理論,并提出假設(shè)。第四部分是研究設(shè)計(jì),主要說明數(shù)據(jù)選取、各變量的選擇以及模型的構(gòu)建。第五部分為實(shí)證分析,主要對假設(shè)的驗(yàn)證結(jié)果進(jìn)行分析。第六部分是結(jié)論及建議。
[Abstract]:Accounting conservatism reflects the caution of accounting treatment. It is one of the most important problems in the study of accounting information quality. In the 1980s, institutional investors, represented by pension funds, appeared in the United States. The role of institutional investors in the governance of listed companies through shareholding has been widely tested and recognized in western countries, and the role of institutional investors in accounting conservatism has also been extensively discussed. In the 1990s, institutional investors in China emerged and grew rapidly. The relationship between institutional investors and robustness has been explored by domestic and foreign scholars from the perspective of overall and heterogeneity. In the relevant research, we begin to consider the influence of different enterprise characteristics on the relationship between the two. With the strong development momentum, scale and quantity of institutional investors, and the increasing speaking power in enterprise decision-making, There is no doubt that it is of great practical significance to study the governance effect of institutional investors. Among the characteristics of enterprises, the ownership structure determines the corporate governance structure and business performance based on it, and the growth ability describes the development trend and speed of the enterprises. Under this background, this paper chooses three specific dimensions of ownership structure, growth ability and operation ability to explore the relationship between institutional investors' shareholding and accounting conservatism. It not only helps to understand and understand clearly the role and importance of institutional investors in economic development, but also helps to understand the differences of governance roles played by institutional investors in different enterprises, so as to optimize the equity structure for listed companies. To improve the overall level of corporate governance, to provide inspiration for market regulatory authorities and relevant government institutions to protect the interests of investors and standardize the capital market, On the basis of normative analysis, this paper uses the data of listed enterprises from 2010 to 2015 to carry out an empirical test. The proportion of institutional investors holding shares is positively correlated with accounting conservatism. "pressure-resistant" institutional investors can significantly improve accounting conservatism, while "pressure-sensitive" institutional investors can not significantly improve accounting conservatism. It is suggested that our country should vigorously support the development of institutional investors, especially the "pressure resistance type". In companies with high equity checks and balances, the positive effect between institutional investors' shareholding ratio and accounting conservatism has been strengthened. It is suggested that government regulators advocate the use of equity structure in the form of checks and balances; in companies with high net profit growth, the positive role between institutional investor shareholding and accounting conservatism is weakened; and in companies with high turnover of accounts receivable, The positive effect between institutional investor's shareholding ratio and accounting conservatism has also been weakened. It is suggested that the understanding of institutional investor's role should not be generalized. The improvement of accounting conservatism by institutional investors will be weakened. This paper consists of six parts. The first part is an introduction, which describes the background, significance, methods and framework of the research. The second part is a literature review. The research results of institutional investors and accounting conservatism, enterprise characteristics and accounting conservatism are summarized. The third part is theoretical analysis and hypothesis, and introduces the related theories of institutional investor governance. The fourth part is the research design, mainly explains the data selection, the variable selection and the model construction. The fifth part is the empirical analysis, mainly carries on the analysis to the hypothesis verification result. The sixth part is the conclusion and the suggestion.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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