作者：王霞 罗莉
摘要/Abstract
本文以2003-2006年的财务重述公司为样本，探求我国机构投资者对会计信息质量的辨别能力和投资取向。实证分析的结果表明，社保基金与QFII在财务重述信息披露前和信息披露后都明显减持了重述公司的股票；以商业银行、保险公司为代表的其它机构投资者在重述前显著减持，在重述后不再减持；重述变量对证券公司与基金公司的买卖行为没有显著的解释力。研究结论对培育成熟的机构投资者、治理会计信息失真具有重要的理论意义与参考价值。
This paper examine how institutional investors respond to accounting restatements. We show that QFII, Social insurance fund and other institutional investors (such as insurance companies) significantly reduce their holdings in a restating firm prior to the announcement of the restatement. Besides this, QFII and Social insurance fund also reduce their holdings after the restatement announcement. We find no evidence that security companies and fund institutional investors adjust their holdings before and after accounting restatements.