本研究旨在探討機構投資人與會計盈餘穩健之關聯性,藉以檢測機構投資人之持股比率是否會影響到會計盈餘的品質。當公司之機構投資人持股比率越高時,與盈餘反應壞消息為正相關,而與反應好消息為負相關,以檢測機構投資人持股比例是否會增加盈餘之穩健性。本研究以2002年到2012年之一般產業上市上櫃公司為研究對象,主要是擴展Basu (1997)的模型,結合機構投資人持股比例進行實證分析。本研究的焦點在於機構投資人持股比例是否有助於提升會計盈餘穩健性,實證結果發現,機構投資人持股比例越高,則公司之盈餘越穩健並未受到顯著支持,但機構投資人持股比例變動,與公司之盈餘穩健呈正相關受到顯著支持,由此結果可以看出,機構投資人持股比例會對公司之盈餘穩健造成影響。
This research investigates the relationship between institutional investors and accounting conservatism in order to test the shareholding percentage of institutional investors will or will not affect the accounting conservatism. When the institutions’ shareholding is higher, the earnings response bad news as positive and good news as negative; we use this to investigate whether the shareholding percentage of institutional investors will increase the accounting conservatism. This research expends the Basu (1997) model, combining the shareholding percentage of institutional investors to make empirical analysis. Finding out that the higher the percentage of institutional investors’ shareholding is, the more conservatism will not be significant supported. However, the change of the institutional investor’s shareholding percentage is significant positive with accounting conservatism. As a result, institutional investors’ shareholding percentage will affect the accounting conservatism.