中文摘要：

本文运用中国上市公司的数据,研究了两权分离与会计盈余稳健性的关系,以及机构投资者对这种关系的影响。研究结果发现,上市公司终极控制人的两权分离程度越高,会计盈余稳健性越低;具有行业专长的机构投资者能够显著抑制两权分离对盈余稳健性的负面影响。研究结果表明,在中国目前的股票市场上,具有行业专长的机构投资者已经发挥了积极的治理作用。

英文摘要：

The paper examines the relationship between control divergence and conservatism using the data from Chinese stock market.The authors find that the control divergence is negatively correlated with the conservatism,and the institutional investors specialization can reduce this negative correlation.The results show that institutional investors with industry expertise have played an active governance role in Chinese stock market.