机构投资者对我国上市公司信息披露影响的研究

发布时间：2018-04-11 06:23

本文选题：机构投资者 + 上市公司　；参考：《华南理工大学》2012年硕士论文

【摘要】：机构投资者不仅是各国证券市场发展的中坚力量，，也是优化公司治理、改善上市公司信息披露质量的重要因素。本文以我国上市公司机构投资者为研究对象，研究机构投资者对上市公司信息披露的影响，重点阐述以委托代理理论和机构股东积极主义为基础的机构投资者影响上市公司信息披露的原理，在分析机构投资者的本质属性和投资特性的基础上阐述机构投资者影响上市公司信息披露的内在动因和影响途径，并结合我国沪市A股主板上市公司的数据进行实证分析，讨论我国的机构投资者对上市公司信息披露的作用性质及其影响程度。本文实证分析结果表明在众多机构投资者中基金（指一般证券投资基金）和社保基金对上市公司信息披露的影响较为显著，其他类型的机构投资者如QFII、保险基金、企业年金、财务公司、综合类券商、信托投资公司、银行、其他金融机构（如投资公司、资产管理公司、投资集团）、学术研究机构对上市公司信息披露的影响并不显著。另外，从本文的实证分析结果同样可以发现：对上市公司信息披露质量有显著影响的因素包括：机构投资者年度平均持股比例、上市公司的独立董事比例、上市公司的规模和净资产收益率。文章最后根据理论分析和实证结果从发展机构投资者、加强资本市场制度建设等方面提出了具体的建议。
[Abstract]:Institutional investors are not only the backbone of the development of securities markets in various countries, but also an important factor to optimize corporate governance and improve the quality of information disclosure of listed companies.In this paper, the institutional investors of listed companies in China are taken as the research object to study the influence of institutional investors on the information disclosure of listed companies.Focusing on the principal-agent theory and institutional shareholder activism as the basis of institutional investors to influence the information disclosure of listed companies,On the basis of analyzing the essential attributes and investment characteristics of institutional investors, this paper expounds the internal motivation and influence ways for institutional investors to influence the information disclosure of listed companies, and makes an empirical analysis based on the data of A-share main board listed companies in Shanghai Stock Exchange.This paper discusses the nature and influence of institutional investors on information disclosure of listed companies.The empirical results of this paper show that among the many institutional investors, funds (general securities investment funds) and social security funds have a significant impact on the information disclosure of listed companies, and other types of institutional investors such as QFII, insurance funds, enterprise annuity,Financial companies, comprehensive securities firms, trust and investment companies, banks, other financial institutions (such as investment companies, asset management companies, investment groups, academic research institutions) have no significant impact on information disclosure of listed companies.In addition, from the empirical analysis of this paper, we can also find that the factors that have a significant impact on the quality of information disclosure of listed companies include: the average annual shareholding ratio of institutional investors, the proportion of independent directors of listed companies.The size and return on equity of listed companies.Finally, according to the theoretical analysis and empirical results, the paper puts forward some specific suggestions from the aspects of developing institutional investors and strengthening the construction of capital market system.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F233;F224

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