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本文运用中国上市公司的数据,研究了两权分离与会计盈余稳健性的关系,以及机构投资者对这种关系的影响。研究结果发现,上市公司终极控制人的两权分离程度越高,会计盈余稳健性越低;具有行业专长的机构投资者能够显著抑制两权分离对盈余稳健性的负面影响。研究结果表明,在中国目前的股票市场上,具有行业专长的机构投资者已经发挥了积极的治理作用。
This paper uses the data of Chinese listed companies to study the relationship between the separation of two rights and the robustness of accounting earnings and the impact of institutional investors on the relationship. The results show that the higher the degree of separation of the ultimate controlling shareholder of listed companies, the lower the stability of accounting earnings; institutional investors with industry expertise can significantly inhibit the negative impact of separation of ownership and rights on earnings robustness. The results show that in China’s current stock market, institutional investors with industry expertise have played an active governance role.