中文摘要：

文章采用定向增发股份解除锁定的独特事件,研究了盈余质量对机构投资者决策的影响。实证结果发现,在定向增发股份锁定结束后,参与定向增发的机构投资者的减持幅度与公司的盈余质量负相关,解锁后股东户数增长率和股票换手率的变化也与盈余质量负相关。以上结果一致说明盈余质量影响机构投资者的交易决策,盈余质量越高,定向增发股份解除锁定后机构投资者减持越少。

英文摘要：

The paper studies the impact of earnings quality on the investment decision of institutional investors after the lock-up period of private equity placement.The empirical results show that just after the lock-up period of private equity placement,the institutional investors who have participated in private equity placement will sell out shares according to earnings quality of firms,that is to say,the higher earnings quality is,the lower the selling-out magnitude of institutional investors is.As a result of selling-out of institutional investors,the increasing ratio of the number of shareholders and the change of turnover are negatively related to earnings quality.The results confirm the effect of earnings quality on the investment decision of institutional investors.