Institutional Investors Research,Information Disclosure And Earnings Management

In order to better supervise the management of the company and ensure the efficient operation of the capital market and the convenience of stock trading and circulation,the Shenzhen Stock Exchange has firstly put forward the requirement of mandatory and timely disclosure of institutional investor research information in the market economy of our country.In 2009,it was only required to be disclosed annually in the annual financial report,and over time,the disclosure of research information with intervals of one fiscal year has clearly not met the requirement of accounting information timeliness.At the beginning of 2013,the listed companies began to disclose the information of the interaction between the institutional investors and the company at any time in the cninfo network,not only to arrange the detailed meeting minutes of the research information,but also to publish on the Internet,the purpose of the Shenzhen Stock Exchange's gradually advancing information disclosure system is that,on the one hand,it can improve the openness and transparency of information,reduce the cost of obtaining information,reduce the degree of information asymmetry,promote the capital market of our country to the high efficiency of the strong efficient market steadily;on the other hand,through the external strengthened supervision of institutional investor research,we can dig deep into the information that the company selectively discloses but does not disclose,feedback the company's management progress in real time,and the company is placed on a bigger and more transparent platform to receive more attention and supervision,which is helpful to reduce the management staff's inaction,lack of due diligence,urge the management to reduce the earnings management behavior,improve the level of corporate governance,in turn,the company will bring the injection of new capital after institutional investor research helps the formation of compliance operation,the abundant capital will further expand the production scale of the company,and the certain size of the company will bring about the increase of marginal profit,increase the rate of return on equity,continue to attract potential investors to enter,and the development of the company will form a virtuous cycle mechanism of sustainable development.Then institutional investor research,information disclosure and earnings management,the relationship between the three,and the mechanism of the three,this paper will further explore.Based on the above analysis,using the theory of principal-agent theory,information asymmetry theory and corporate governance mechanism,this paper puts forward three hypotheses: institutional investor research can restrain earnings management;institutional investor research can improve the quality of information disclosure institutional investor research can improve the quality of information disclosure and restrain the phenomenon of earnings management.This paper analyzes the data of Ashare non-financial listed companies in Shenzhen Stock Exchange from 2014 to 2018.In this paper,the institutional investor research is divided into two dimensions: the number of institutional investor research and the number of institutional investors participating in the research to test the effect of information disclosure.Through the intermediary effect model,this paper carries on the multiple regression to two independent variables,and the analysis shows that both variables can restrain the earnings management,both can improve the quality of information disclosure and the information disclosure plays a part of the intermediary effect.Further,when two variables are combined in one model to test the mediating effect,the foregoing conclusion remains true.Next,the paper carries on the robustness test,chooses the earnings management which lags one period as the replacement variable of the earnings management,the governance effect of the institutional investor research still exists,and the information disclosure still plays the intermediary effect,which proves that the conclusion obtained in this paper is robust.The conclusion of this paper enriches the literature on information disclosure as the intermediary effect way of corporate governance,this is also the innovation of the article,and provides some ideas for the research on the economic consequences of institutional investors,which has certain theoretical significance.The conclusion of this paper enriches the literature on information disclosure as the intermediary effect way of corporate governance,and provides some ideas for the research on the economic consequences of institutional investors,which has certain theoretical significance.In addition,this paper also has some practical significance,which provides a reference for the regulatory body to introduce a more perfect information disclosure system,provides an effective corporate governance mechanism for the shareholders of the company,and forms a flexible restraint and supervision mechanism for the management of the company,which can finally promote the long-term development of the company and the stable operation of our economy.