In the late twentieth Century,the rise of institutional investors in the western capital market changed the ownership structure of listed companies,but also for the corporate governance environment has brought revolutionary changes.In order to adapt to the international market situation and the development of active capital market,from 2000,our country through the development of policy,put low barriers to entry,and promote institutional investors to actively participate in capital market activities.Institutional investors have gradually become the focus of research,domestic and foreign scholars with a different perspective,the study of institutional investors to improve corporate governance is to play a role,to draw a large number of research results.However,on the basis of a clear distinction between institutional investors to explore its role in the management of the company also has a certain lack of,Institutional investors are with their own unique advantages to choose the efficient governance mechanism of listed companies as the object of investment? Or really play a role in improving corporate governance? Or adopt strategic alliance strategy,the negative impact of corporate governance?At present,the role of institutional investors and play the role in governance is still vague,define the role of institutional investors,in the corporate governance role,for the countries to develop relevant policies and measures,has an importance for theoretical and practical to improve the corporate governance environment.The quality of accounting information has been the focus of attention of various stakeholders.The accounting information can provide services such as the financial situation of the company for management and investors to make decisions in a certain extent,on the basis of the operating results and other information.At the same time,the operation of market economy also needs the accounting information as a medium,the information quality has a direct impact on the efficiency of capital market resource allocation and the accuracy of the national economic regulation.However,the existingresearch shows that in our country,accounting information distortion phenomenon has a long history,in this case,the promotion of the quality of accounting information,so that further improve the capital market is no time to delay.This paper uses a combination of theory and practice of institutional investors and the quality of accounting information.Firstly,this paper summarizes the relevant literatures,including institutional investors about stock preference,the institutional investors affect the quality of accounting information.Analysis the relationship between the quality of accounting information and institutional investors related to the principal-agent theory deeply on the basis of on the information asymmetry theory,behavior finance theory,and put forward the hypothesis.In the part of empirical analysis,2010-2015 Shenzhen A shares of the listed company data from a sample of this study,endogenous effects from the perspective of a simultaneous equation,based on using two stage least squares method,the empirical study of the relationship between the mutual influence of investment institutions overall shareholding ratio and the quality of accounting information.Then the independence as a standard,the investment institutions are divided into two types,namely pressure suppression type and pressure sensitive type,to study the relationship between heterogeneous investment proportion of institutional ownership and the quality of accounting information.At the same time using the T-1 period the proportion of institutional investors holding the robustness test.The results showed that:(1)the total experience of institutional investors to choose the quality of accounting information,accounting reports tend to choose low reliability and high transparency of accounting information disclosure of the company’s stock,at the same time,institutional investors will be positive effect to the listed company information disclosure transparency,have a positive impact on financial reporting reliability the negative effect;(2)pressure resistant institutional investors favor selection of disclosure of accounting information transparency and financial reporting low reliability,at the same time,pressure resistant institutional investors shareholding,will have a positive effect on listed companies;(3)pressure sensitive institutional investors tend to choose accounting information disclosure transparency of company stock,and the reliability of the financial report of the company did not affect the ownership choice of institutional investors,pressure sensitive institutional investors,the reliability of the financial report of the listed companies have a negative effect,but no significant negative effect on information disclosure transparency.The contribution of this paper lies in:(1)considering the endogeneity problem,through establishing simultaneous equations and based on two stage least squares method,starting from the two different aspects of the quality of accounting information,research on the relationship between the quality of accounting information and institutional investors,and the independence of the criteria for the classification,the relationship between the quality of accounting information and the different types of institutional investors,to improve and enrich the research about the institutional investors and the quality of accounting information;(2)the research conclusions of this paper can provide some references for the government and regulatory authorities to actively guide the healthy development of institutional investors and improve the quality of accounting information. |