以制造业上市公司2006-2009年R&D支出数据为基础,本文采用LOGIT模型实证研究了我国机构投资者对公司通过削减R&D支出进行的盈余管理行为的影响。结果表明对于盈亏幅度较小的公司,削减R&D支出已经成为公司盈余管理的重要手段,我国机构投资者整体及证券投资基金持股与公司盈余管理行为显著负相关。另外验证了机构投资者持股比例较高时对国有控股公司及非国有控股公司的盈余管理行为都能发挥有效的抑制作用,但持股比例较低时对国有控股公司盈余管理行为的抑制作用显著小于非国有控股公司。
Abstract
Based on the R&D output data of manufacturing firms during the period of 2006-2009, by using LOGIT model, an empirical research involving the impact of institutional investors and mutual fund shareholders on company earning management through cutting R&D expenditure is conducted. The results show that as to companies with minor gains or losses, cutting R&D expenditure has become an important means of earning management, entire institutional investors and mutual fund shareholders in China are significantly negative correlated with earning management behavior of the companies. In addition, following conclusion is also empirically verified: when institutional investors hold higher proportion of shares, they could play an effective monitoring role in earning management behavior of both state-owned holding companies and non-state-owned holding companies; however when the proportion of holding shares is lower, their monitoring role to earning management behavior for state-owned holding companies is significantly lower than that for non-state-owned holding companies
关键词
R&D支出 /
机构投资者 /
公司盈余管理
Key words
R&D expenditure /
institutional investor /
earning management
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参考文献
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基金
国家自然科学基金重点项目(71032006):中国企业管理会计理论与方法研究(2011-2014);国家自然科学基金青年项目(71102040):我国资本市场交叉持股行为研究:动因、路径与效应分析(2011-2014);国家社会科学基金青年项目(12CGL034):机会不平等下的家族企业成长与治理优化研究(2012-2015);华南农业大学经管学院211工程项目:农业龙头企业内部治理理论与实践研究(2011-2012);广东省会计科研课题(20111088):机构投资者持股与公司研发支出关系研究(2011-2012)。
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