Research On The Influence Of Institutional Investor Heterogeneity On Earnings Management Of Listed Companies In China

Since the new century, Chinese market economy has developed rapidly. And our capital market operation gradually tends to be improved and mature. Social capital plays a further role in the capital market, while listed companies as the main body of the operational market economy also play increasingly important roles. Therefore, the financial information of the listed company is related to the vital interests of all size. The accounting surplus information has very vital influence on the future decision for community of interests.Especially it is great significant for the managers of enterprises, and all kinds of investors or government agencies and so on. However, some managers are usually out of their different motivations and do the earnings management, thus have the native impacts on the listed companies financial accounting information of the authenticity, reliability or usefulness.What is more, it also affects the proper capital economic order of the market to a certain extent. And it interferes with the decision-making of external information users and disrupts the rational structure of the capital market at the same time.With the diversification of investment, institutional investors have a more professional knowledge background, and can get more abundant financial support. What is more, they have the strong information processing technology, and rich multi-channel investment experience and they have a more special relationship with other investors in the capital market. They get the information with investment value and achieve the company's information monitoring and make the appropriate investment strategy, which can achieve their goals. Different types of institutional investors can increase the company's information disclosure transparency through increasing or decreasing the holdings of listed companies.However, different types of institutional investors also have a greater discrepancy when they play the supervisory role in the company. Therefore, according to the proportion of institutional investors and the stability index of institutional investors, this paper classifies the institutional investors from the perspective of time dimension and spatial dimension.And then studies the impact of the heterogeneity institutional investors for the surplus of listed companies in China Management. Based on the combination of empirical research and normative research, this paper proves that the stability of listed investors is more obvious than that of transactional institutional investors. Therefore,this study provides recommendations for the future development of China's diversified institutional investment policy. At the same time, it is also conducive to further enhance the stability of the capital market for the development and prosperity of China's market economy to make a certain contribution.