| The healthy development of institutional investors plays an important role on the effectivefunctioning of a country’s capital market. Scholars have studied the effects of institutionalinvestors from different aspects. Include the effects on the stock market and listed companies.There also have studies about the effects of different types of institutional investors on thequality of accounting information. However, the classifications are too general, mainly classifiedaccording to the presence or absence of institutional investors in the commercial relationshipwith the company. Besides, the present papers lack of researches on accounting conservatism.In this context, I classify institutional investors as securities investment funds, securitiescompanies, insurance companies, pension funds and qualified foreign institutional investors inaccordance with the funding sources. And classify institutional investors as long-term andshort-term institutional investors according to the holding period. Then study the different typesof institutional investors’s impact on accounting conservatism. This study find that the rolesecurities investment funds and securities companies play on accounting conservatism issignificantly weaker than the social security funds, insurance companies and qualified foreigninstitutional investors. To further test the relationship of the securities investment fund andaccounting conservatism, I select the holding share and the number of securities investment fundin the top ten shareholders, then examines the two variables’s impact on accounting conservatism.I find that higher shareholding and fewer number of securities investment funds of the top tenshareholders will lead higher accounting conservatism.Finally, I study the impact of institutionalinvestors holding period for accounting conservatism, the results show that compared toshort-term institutional investors, the long-term institutional investors play a stronger role onaccounting conservatism. |
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