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本文以2009-2011年披露的半年度证券投资基金为样本,将机构投资者分类为积极、消极和混合三类后,提取了机构投资者的持股异质性变量。然后以2009-2011年沪深上市公司为样本,实证检验机构投资者整体持股以及持股异质性对上市公司盈余管理行为的影响,研究发现机构投资者整体持股与上市公司盈余管理呈负相关关系;机构投资者的积极持股行为与盈余管理负相关;而机构投资者的消极持股行为与盈余管理呈正相关关系。
Based on the semi-annual securities investment funds disclosed in 2009-2011, this paper classifies institutional investors into three types: positive, negative and mixed, and extracts the heterogeneity of holdings of institutional investors. Then, taking the listed companies in Shanghai and Shenzhen from 2009 to 2011 as samples, this paper empirically tests the impact of the overall ownership of institutional investors and the ownership heterogeneity on the earnings management behavior of listed companies. It is found that the overall ownership of institutional investors and the earnings management of listed companies Negative correlations between them; the positive shareholding behavior of institutional investors is negatively correlated with earnings management; while the negative shareholdings of institutional investors are positively correlated with earnings management.