公司盈餘平穩化行為與盈餘資訊性之關係-合格境外機構投資者角色之檢測

This study uses the unbalanced-panel data to establish empirical regression and examines the role of qualified foreign institutional investors (hereafter QFIIs) in earnings informativeness of firms with income smoothing. We also examine whether the role of QFIIs in earnings informativeness for firms with income smoothing has changed since the deregulation of QFIIs' ownership restrictions. The empirical result reveals that high QFIIs' ownership weaken the informativeness of earnings for firms with income smoothing in the postderegulation period. It suggests that the deregulation of QFIIs' ownership accelerates the opportunistic role of QFIIs, in turn, reduces the informative component of earnings for firms with income smoothing. We also find that the result is sensitive to the high QFIIs' shareholdings volatility case. The result supports the opportunistic role of QFIIs in firm's income smoothing, yet, is related to QFIIs' trading strategy.