中文摘要：

本文从会计盈余质量的角度来研究机构投资者①在公司治理中的作用。我们从盈余管理程度、盈余信息含量和盈余稳健性等三个方面来衡量会计盈余的质量。三方面的研究结果显示，机构投资者持股有助于改善会计盈余的质量：机构投资者持股公司的会计盈余质量显著高于其他公司，并且会计盈余的质量随着机构投资者持股比例的增加而增加。进一步研究发现，机构投资者还能够缓解大股东对会计盈余信息含量的恶化，起到一定的制衡作用。本文的研究表明，机构投资者能够在一定程度上改善上市公司的盈余质量，其快速成长有助于公司治理结构的改善，也有助于资本市场信息披露环境的良性发展。

英文摘要：

This paper examines the role of institutional ownership in corporate governance based on earnings quality. We examine the relation between institutional ownership and three attributes of earnings： discretionary accrual, value relevance, and conservatism. We find that institutional ownership plays a positive role in earnings quality： firms with institutional ownership have better earnings quality than firms without institutional ownership, and there is positive relation between institutional shareholding and earnings quality. Further study shows that institutional ownership can assuage the negative association between ownership concentration and earnings quality, suggesting the possible monitoring role of institutional shareholder. As a whole, this study provides evidence about the positive influence of institutional shareholder on earnings quality. It suggests that the fast development of institutional investors is beneficial for both the corporate governance system and the information environment in capital market.