The Research On Influence Of Heterogeneous Institutional Investors On Corporate Real Earnings Management Behavior

Real earnings management has been popular issues in theory and practice, Listed companies use a variety of means to implement real earnings management for a lot of reasons, earnings management damage the authenticity and reliability of accounting information, which will damage the interests of investors and interfere the normal operation of capital market.Since our country has put forward the strategy of “extraordinary development of institutional investors”, institutional investors represented by securities investment fund has achieved rapid development and participated in corporate governance gradually.By use its advantage signed by strong profession and information, institutional investors can continuous track and analyze the listed companies to find out the problem of listed companies.Therefore, study the influence of institutional investors on real earnings management has vital significance.However, many scholars regard institutional investors as homogeneous institutional investors when they study the relationship between institutional investors and real earnings management.In addition,the research of institutional investors and real earnings management moderate effect of potential factors. Therefore,this article will study the different influence of institutional investors on real earnings management from the perspective of heterogeneity of institutional investors, at the same time, this article will consider our country's actual situation to study institutional environment's moderate influence on the relationship between heterogeneous institutional investors and real earnings management.This paper,which selects mainboard A share listed companies as the research object,analyses the effect of heterogeneous institutional investors on real earnings management from the perspective of three different dimensions and three different levels of heterogeneity, and further analyse institutional environment's moderate influence on the relationship between heterogeneous institutional investors and real earnings management.The research results show that:in the first place,from the perspective of one dimensional heterogeneity, large institutional investors holding \stable institutional investors\pressure-resisted institutional investors can inhibit real earnings management stronger;secondly,from the perspective of two dimensional heterogeneity, large stable institutional investors \pressure-resisted stable institutional investors can inhibit real earnings management stronger;again, from the perspective of three dimensional heterogeneity, large stable pressure-resisted institutional investors can inhibit real earnings management stronger than large unstable pressure-resisted institutional investors, small stable pressure-resisted institutional investors do not have a significant correlation with real earnings management, large stable pressure-sensitive institutional investors do not have a significant correlation with real earnings management, small unstable pressure-resisted institutional investors do not have a significant correlation with real earnings management, large unstable pressure-sensitive institutional investors do not have a significant correlation with real earnings management;finally, institutional environment can't moderates the relationship between stable pressure-resisted large institutional investors and real earnings management.