The Influence Of Institutional Investors Heterogeneity Of Accounting Conservatism?

Institutional investors is developing rapidly in recent years, although the institutional investors of China starts relatively late, but the momentum is quite eye-catching. In 2001, the China securities regulatory commission management authorities officially proposed "extraordinary development of institutional investors" development train of thought, in this context, the timely introduction of open-end funds, approved the establishment of the new fund, and many other initiatives to institutional investors provide a good opportunity to enter the stock market, so that the overall size of the rapid expansion, and presented the coexistence of diverse development of the situation of insurance companies, QFII, securities companies,securities investment funds and social security funds. In recent years, discussions on the pension market has not stopped, two sessions from 2012 for two-track pension questioned, and later Guangdong one hundred billion pension into the market, "the basic pension insurance fund investment management approach" to promulgated in2015, to the closing of the two sessions in 206, a series of related policies to promote comprehensive open pension trust investment is also expected to accelerate, with local pension funds gradually into the market, A-share market institutional investors fairly good momentum of development, its line-up has also been further growth.In this paper, from the Angle of accounting conservatism in corporate governance, combined with the particularity of Chinese property rights and corporate growth opportunities between different, respectively discussing under these conditions the influence of institutional investors on accounting conservatism. Paper is selected seven years of data between 2006 when the new accounting standards promulgated to 2014 when accounting standards has a big revision, using the model of basu to test the hypothesis empirically. First we discuss the different types of institutional investors, which is classified into two categories, namely,pressure-sensitive and pressure-resistant, respectively, discussed the overall shareholding of institutional investors on accounting conservatism and two different types of accounting robustness of the impact; then according to different property right, the sample companies can be divided into state-owned and non-state-owned two groups, the study of institutional investors in the state-owned and non-state-owned enterprises influence on accounting conservatism is different; and finally adding the growth factor in the model with revenue growth represents growth opportunities, theproportion of institutional investors holding cross multiplying the positive and negative terms as a criterion. Ultimately concluded show that accounting conservatism exists in Chinese listed companies; Institutional investor shareholding and accounting conservatism is negative correlation relationship, especially the pressure sensitive, this kind of institutional investors holding up the result is that accounting conservatism sharply declining; Nature of state-owned enterprises in the sample group, institutional ownership and accounting conservatism is stronger than the negative correlation between non-state enterprises, state-owned enterprises and the sensitive institutional investors than resistance type of accounting conservatism in a more negative relationship in the growth; The better enterprise sensitive relationship between institutional investors holding is negatively related to the accounting conservatism is more obvious..