The Influence Of Institutional Investors On The Quality Of Accounting Information Of Listed Companies

The quality of accounting information has an important impact on the decision of investors and managers.Because of the asymmetric information between the manager and the owner,the manager who is the trustee will probably cheat the accounting information in order to realize his own interests better,which violates the authenticity and reliability of the quality of the accounting information.In recent years,some cases of false accounting information such as "Silver Guangxia" and "Wuliangye"have taken place in China,which shows that the governance structure of listed companies in China needs to be improved,the phenomenon of earnings manipulation exists,and the quality of accounting information needs to be improved.Moreover,although China has promulgated and implemented some relevant laws and regulations to protect small and medium-sized investors,it is because of the small and medium-sized investors The restriction of physical strength is difficult to ensure the realization of its interests,and the restriction and supervision to the management is even more difficult to exert,which is not conducive to the improvement of the quality of accounting information of listed companies in our country.Institutional investor shareholding is of great help in solving this problem,because institutional investors have strong strength,sufficient funds,professional team,strong risk tolerance,and can actively participate in corporate governance.Give full play to the role of supervision of listed companies,easy to restrict and identify the phenomenon of false accounting information of listed companies.So this paper will study whether institutional investors can improve the quality of accounting information.Firstly,this paper points out what is institutional investor and what is accounting information quality,then combs the relevant theories and literatures,and finds that there are still great differences in this research at home and abroad,and most of the research uses earlier data.It can not reflect the current situation of China's securities market in time,so it is necessary to do further research on this issue.Therefore,this paper selects Shenzhen A-share listed companies from 2012 to 2016 as a sample,measures the reliability of financial reports with the degree of earnings management,and measures the transparency of information disclosure with the results of information disclosure evaluation published by Shenzhen Stock Exchange.Both reflect the Accounting of listed companies Quality of information The influence of institutional investor's shareholding ratio on it is studied respectively.Then the conclusion is drawn by empirical analysis:the higher the proportion of institutional investors,the higher the quality of accounting information.Finally,the paper puts forward some suggestions and the shortcomings and prospects of this paper.