稳定型机构投资者、盈余平滑与股价同步性

Stable Institutional Investors, Earnings Smoothing and Stock Price Synchronization

中文关键词:  稳定型机构投资者  信息属性盈余平滑  机会主义属性盈余平滑  股价同步性  内部控制  市场竞争

英文关键词:stable institutional investors  information attribute earnings smoothing  opportunism attribute earnings smoothing  stock price synchronization  internal control  market competition

中文摘要:

      稳定型机构投资者秉承长期投资和价值投资理念,在提高上市公司信息披露质量、增强资本市场韧性等方面能够发挥重要作用。基于2010—2021年中国沪深A股上市公司数据,以盈余平滑为会计信息质量的衡量维度,考察了稳定型机构投资者对不同属性盈余平滑的影响,并探讨了其在降低股价同步性方面的治理作用。研究发现:稳定型机构投资者可以促进企业的信息属性盈余平滑,抑制机会主义属性盈余平滑；稳定型机构投资者通过促进信息属性盈余平滑降低了资本市场的股价同步性；异质性分析表明,当企业内部控制较差、市场竞争程度较高时,稳定型机构投资者对信息属性盈余平滑的促进作用更大。因此,要加快建设机构投资者体系,发挥稳定型机构投资者提高企业会计信息质量的积极作用,以提升资本市场资源配置效率,推动资本市场高质量发展。

英文摘要:

      Stable institutional investors, adhering to the philosophy of long-term investment and value investment, play an important role in improving the information disclosure quality of listed firms and the resilience of the capital market. Based on the research samples of A-share listed firms from 2010 to 2021, this paper, with earnings smoothing as the measurement dimension of accounting information quality, investigates the influence of stable institutional investors on earnings smoothing of different attributes, and discusses the role of their governance in reducing the stock price synchronization. Research results show that stable institutional investors can promote the information attribute earnings smoothing and inhibit the opportunism attribute earnings smoothing. Moreover, stable institutional investors reduce stock price synchronization in the capital market by promoting the information attribute earnings smoothing. Heterogeneity test shows that the positive effect of stable institutional investors on the information attribute earnings smoothing becomes larger in the situation of lower-level corporate internal control and higher-level market competition. Therefore, we should accelerate the development of institutional investor system to give play to the positive role of stable institutional investors in improving the quality of firms' accounting information, which can improve the efficiency of resource allocation in the capital market, promoting the high-quality development of the capital market. 