摘要
QFII（合格的境外机构投资者）自 2002 年引入我国以来一直受到广大投资
者的关注，成为了在资本市场投资的一项风向标，而 QFII 是否参与到公司治理、
监督企业发展决策，从而达成引入 QFII 的目的也为学界所关注。关注 QFII 对
盈余管理的影响，有利于探索 QFII 在企业事务中的参与程度和影响力度，保护
中小投资者，在理论和现实中都具有一定的意义。现有学者对此方面的影响还
存在着不足之处，尤其是随着真实盈余管理理论的完善，为本文的研究提供了
思路

本文首先从 QFII 的优势、理论基础以及盈余管理的动机等方面出发，探索
了 QFII 影响盈余管理的原因和途径。从 QFII 的能力和意愿的内因角度以及政
策法律等外因角度说明了 QFII 进行盈余管理的必要性和可能性。从 QFII 在话
语权、股价等方面说明了 QFII 影响盈余管理的途径。其次，依据理论分析提出
了研究假设并构建相应的实证模型。选取深沪两市 2013 年至 2015 年的 A 股上
市公司作为研究的样本，运用 SPSS 软件进行分析和检验

研究表明：QFII 进入上市公司而未成为十大股东时，其对真实盈余管理的
影响不显著，当 QFII 成为上市公司的十大股东与真实盈余管理负相关；QFII
持股比例与真实盈余管理程度呈负相关关系；而 QFII 持股比例与上市公司应计
盈余管理正相关。研究结果表明，QFII 在达到一定的持股比例后，出于成本收
益的要求，会参与公司治理，抑制盈余管理尤其是真实性盈余管理的发生。另
一方面，应计盈余管理对真实盈余管理具有替代的作用，当真实盈余管理受到
抑制时，管理层会转向采取应计盈余管理。这些结论为政府推进 QFII 的发展，
发挥 QFII 的作用提供了支持，也对抑制盈余管理具有一定积极意义

关键词：QFII；真实盈余管理；应计盈余管理；持股比例哈尔滨工业大学管理学硕士学论文
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Abstract
QFII (qualified foreign institutional investors) since the introduction of China
since 2002 has been the concern of the majority of investors, became a benchmark
in the capital market investment. and QFII whether to participate in corporate
governance, supervise decision-making of enterprise development, so as to
achieve the purpose of introducting the QFII is also of concern to academics.
Concerned about the impact of QFII on earnings management is conducive to
exploring QFII participation in corporate affairs and the impact of efforts to protect
small and medium investors in theory and reality have a certain significance. There
are still some shortcomings in the study of existing scholars, especially with the
improvement of real earnings management theory, which provides the idea for the
research of this paper.
This paper first explores the reasons and ways of QFII&39;s earnings management
from the aspects of QFII&39;s advantage, theoretical basis and motivations of earnings
management. The necessity and possibility of QFII for earnings management are
described from the perspective of QFII&39;s ability and willingness, and policy and
other external factors. From QFII in the right to speak, the stock price and other
aspects of the QFII affect earnings management approach. Secondly, according to
the theoretical analysis, the paper puts forward the research hypothesis and
constructs the corresponding empirical model. A-listed listed companies in
Shenzhen and Shanghai Exchange from 2013 to 2015 were selected as samples of
the study, and analyzed and tested by SPSS software.
The results show that QFII has no significant effect on earnings management
when QFII enters the listed companyand did not become the top ten shareholders.
When QFII becomes the top ten shareholders of listed companies, it is negatively
correlated with earnings management. The shareholding ratio of QFII is negatively
correlated with the real earnings management. QFII holds The proportion of shares
is positively related to the accrued earnings management of listed companies. The
results show that, after reaching a certain shareholding ratio, QFII will participate
in corporate governance and curb earnings management, especially real earnings哈尔滨工业大学管理学硕士学论文
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management, for cost-benefit requirements. On the other hand, accrued earnings
management has an alternative effect on real earnings management, and when real
earnings management is suppressed, management will turn to accrual earnings
management. These conclusions provide support for the government to promote the
development of QFII, play the role of QFII, but also have a certain positive effect
on the suppression of earnings management.
Key words: QFII, real earnings management, accrual earnings management,
shareholding ratio哈尔滨工业大学管理学硕士学位论文
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目 录
摘要 ....... I
ABSTRACT .......... II
第 1 章 绪 论......1
1.1 选题背景及意义 ......1
1.1.1 选题背景...........1
1.1.2 选题意义 ...........2
1.2 国内外研究现状.......3
1.2.1 关于盈余管理的研究现状 .........3
1.2.2 关于 QFII 持股的研究现状 .......6
1.2.3 QFII 持股与盈余管理 ....8
1.2.4 研究现状评述 .. 10
1.3 主要研究内容 ........ 11
1.4 研究方案及技术路线图 ..... 11
1.4.1 研究方案 ......... 11
1.4.2 技术路线图 ..... 12
第 2 章 QFII 持股与盈余管理的理论分析 .........13
2.1 QFII 的理论分析 .... 13
2.1.1 QFII 概述 ......... 13
2.1.2 QFII 与机构投资者的比较 ...... 14
2.1.3 QFII 的理论基础 ......... 14
2.2 盈余管理的理论分析 ........ 15
2.2.1 盈余管理的理论基础.. 16
2.2.2 盈余管理的动机 ......... 17
2.2.3 盈余管理的手段 .......... 19
2.3 QFII 与盈余管理相关性 ..... 21
2.3.1 QFII 影响盈余管理的原因 ...... 21
2.3.2 QFII 影响盈余管理的途径 ...... 23
2.4 本章小结 ... 24
第 3 章 QFII 持股对盈余管理影响的研究设计..26哈尔滨工业大学管理学硕士学位论文
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3.1 研究假设 ... 26
3.2 盈余管理的计量方法 ........ 27
3.2.1 应计盈余管理计量方法 ........... 27
3.2.2 真实盈余管理计量方法 ........... 28
3.3 变量选取 ... 29
3.3.1 因变量 ......
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