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本文以2010年到2015年深市A股上市公司为研究样本,在考虑机构投资者异质性的情况下,建立联立方程组并采用两阶段最小二乘法,分析机构投资者与上市公司会计信息质量之间的相互影响关系。研究发现:压力抑制型机构投资者青睐选择财务报告可靠度低而会计信息披露透明度高的公司,持股后,会对上市公司的会计信息质量产生积极作用;压力敏感型机构投资者倾向选择财务报告可靠度高且信息披露透明度高的公司,持股后,对上市公司财务报告可靠度产生消极作用,而对信息披露透明度产生积极作用。
In this paper, we take Shenzhen A-share listed companies from 2010 to 2015 as the research sample, establish the simultaneous equations considering the heterogeneity of institutional investors, and adopt the two-stage least squares method to analyze the relationships between institutional investors and listed companies The relationship between the quality of information. The research shows that pressure-suppressed institutional investors prefer companies with low reliability of financial reporting and high transparency of accounting information disclosure, which will have a positive effect on the quality of accounting information of listed companies after they hold the shares. Pressure-sensitive institutional investors tend to choose financial Companies that have high reliability of reporting and high transparency of information disclosure will have a negative effect on the reliability of financial reports of listed companies after holding the shares, and will have a positive effect on the transparency of information disclosure.