QFII Holding Shares, Equity Concentration and Positive Real Earnings Management

Abstract

In this paper, samples of 1,910 listed companies in Shanghai and Shenzhen Stock markets from 2014 to 2017 are used as research objects to conduct multiple regression. The research results show that the increase of QFII shareholding ratio can inhibit the positive real earnings management. And the increase in equity concentration will promote the improvement of earnings management. Further analysis shows that QFII holdings can indirectly affect positive earnings management through equity concentration.