此篇文獻為研究機構投資者與盈餘管理的關聯性，研究對象為中國大陸上海證交所與深圳證交所登記的1441家多角化公司，期間為2007年。中國大陸政府為促使國內經濟市場的完善，積極推動各種政策，如B股的建立與國有股民營化等政策，在各種政策之推動下，中國股票市場存有數種投資者，包含外資機構投資者（FII）、政府投資者（GII）、國內一般機構投資者（OII）與自然人，機構投資者一般被認為具備專業能力並且具有資訊收集與資訊處理之能力，因此，本篇文獻主要觀測機構投資者之特性以及機構投資者對公司的影響力。本篇文獻發現不同的機構投資者會有不同的投資決策，外資機構投資者（FII）因其持股率甚小，不具影響能力，政府投資者（GII）扮演監督角色，並與盈餘管理（EM）為負相關，此外，文獻發現國內一般機構投資者（OII）與盈餘管理（EM）為顯著正相關，並且國內一般機構投資者（OII）扮演加重多角化公司盈餘管理的角色。

This paper examines the relationship between institutional investors and earnings management of 1441 diversified-firms listed on China's SHSE and SZSE Stock Exchange in the period of 2007. Because China government wants to improve their economic market into a perfect and healthy market and released more policies such as established B shares, and reform SOEs system. Due to these mechanisms, there are several types of investors in China security market. The institutional investors generally are profession and have strong ability to collect and process information. Therefore, this study is going to observe the characteristic of institutional investors and how they impact to the firms. We find that different types of institutional investors have different decision making. Foreign institutional investors (FII) are not influence in China listed firms because their holdings are very small. Government investors (GII) are negative impacts on earnings management (EM) and play a monitoring role. Moreover, we find domestic ordinary institutional investors (OII) are significantly effective in aggravating earnings management of diversified-firms.

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