| 机构投资者持股能提高上市公司盈余持续性吗?——基于中国A股上市公司的经验证据 |
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| 引用本文： | 宋建波,高升好,关馨姣.机构投资者持股能提高上市公司盈余持续性吗?——基于中国A股上市公司的经验证据[J].中国软科学,2012(2):128-138. |
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| 作者姓名： | 宋建波 高升好 关馨姣 |
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| 作者单位： | 中国人民大学商学院,北京,100872 |
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| 基金项目： | 国家社科基金(07BJY024) |
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| 摘 要： | 随着机构投资者在中国资本市场发挥越来越重要的作用,其行为会影响公司业绩和盈余质量。本文从盈余持续性角度探讨机构投资者作用,研究结果发现,较没有机构投资者持股的上市公司而言,有机构投资者持股的上市公司的盈余持续性显著更低;机构投资者持股比例越高,上市公司的盈余持续性越低;机构投资者年度间的增持行为,会显著降低上市公司的盈余持续性。研究结果表明在我国机构投资者会促使上市公司增加更多的暂时性盈余,从而降低上市公司的盈余持续性。可见,现阶段我国机构投资者并没有发挥促使上市公司改善经营实质的积极作用,反而使上市公司增加了更多的短期行为。
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| 关 键 词： | 机构投资者 盈余持续性 永久性盈余 暂时性盈余 |
Institutional Ownership and Earnings Persistence of Listed Company Empirical Evidence from China’s Share A Listed Company |
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| SONG Jian-bo
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GAO Sheng-hao
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GUAN Xin-jiao.Institutional Ownership and Earnings Persistence of Listed Company Empirical Evidence from China’s Share A Listed Company[J].China Soft Science,2012(2):128-138. |
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| Authors: | SONG Jian-bo GAO Sheng-hao GUAN Xin-jiao |
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| Institution: | (School of Business,Renmin University of China,Beijing 100872,China) |
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| Abstract: | With the institutional investors play an increasingly important role in China’s capital market,their behaviors will affect firm performance and earnings quality of listed companies.This study intends to investigate the influence of institutional investors from the perspective of earnings persistence.The study finds that the listed companies that have institutional ownership have significant lower earnings persistence compared with the listed companies without institutional ownership.With the institutional ownership become higher,the earnings persistence of the listed companies significantly become lower.The increasing ownership between years will significantly lower the earnings persistence of the listed companies.The study result shows that institutional investors impel listed company to add more transitory earnings,thereby reducing the earnings persistence of the listed company,which manifest that at the present stage institutional investors are not positively helping listed companies promote operating competence,but impel listed companies add more short-term behaviors instead. |
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| Keywords: | institutional investor earnings persistence permanent earnings temporary surplus |
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