【摘要】 以2015～2018年沪深A股上市公司为样本,分析机构投资者对真实盈余管理的影响方式,并提出研究假设,然后进行实证研究设计,最后根据实证检验结果提出相应的政策建议。研究结论表明:(1)机构投资者与真实盈余管理负相关,即适量机构投资者持股能抑制真实盈余管理;(2)相比于非制造业,机构投资者对制造业真实盈余管理作用更强。同时文章在此基础上,从完善法律、机构投资者参与公司治理、加强监督、优化股权属性几方面提出建议。更多还原

【Abstract】 Based on the sample of A-share listed companies in Shanghai and Shenzhen in 2015～2018.This paper analyzes the impact of institutional investors on real earnings management, and puts forward research hypotheses.Finally, according to the empirical test results, the corresponding policy recommendations are put forward.The results show that:(1)institutional investors are negatively correlated with real earnings management, i.e.,a certain amount of institutional investors’ shareholding can inhibit real earnings management;(2)institutional investors have a stronger role in real earnings management of manufacturing than non-manufacturing.On this basis, suggestions are put forward from the aspects of improving laws, institutional investors’ participation in corporate governance, strengthening supervision and optimizing equity attributes.更多还原