研究从探究机构投资者与上市公司的盈余管理之间的关系出发，对国内机构投资者的现状及特质进行了分析，以机构投资者是否具有介入被投资公司的盈余管理的动机为依据，将其划分为压力抵制型和压力敏感型两类。在此基础上，分别讨论了两类机构投资者对被投资公司的应计盈余管理和真实盈余管理的影响，并选取我国A股上市公司2010年至2014年的数据进行了实证研究。结果显示，压力抵制型机构投资者对被投资公司的应计盈余管理和真实盈余管理都存在显著抑制作用；压力敏感型机构投资者对被投资公司的应计盈余管理不存在显著影响，对真实盈余管理却产生了促进作用。而在对压力抵制型机构投资者的深入研究中，发现券商作为特例对于盈余管理的影响与同类机构投资者不一致，并就此提出了进一步的研究假设。

In order to figure out the relationship between institutional investors and the earnings management of listed companies, the research studied the current situation and characteristics of domestic institutional investors and divided them into pressure-resistant institutional investors and pressure-sensitive institutional investors based on their motivations to intervene in companies’ earnings management. The thesis then discussed the influence the two types of institutional investors have on both accrual earnings management and real earnings management. The empirical research results turned out that the pressure-resistant ones have negative effects on both earnings managements and that the pressure-sensitive ones have no influence on accrual earnings while have positive effects on real earnings management. And the further study of the pressure-resistant institutional investors found that the brokerage exerts a different impact on earnings management compared to the other pressure-resistant institutional investors, which raised a new topic worth studying.