信息披露对机构投资者持股行为影响的研究

发布时间：2018-02-25 21:36

本文关键词： 信息披露质量机构持股评级变动　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国机构投资者不断发展壮大,其越来越成为资本市场中重要的投资主体。同时由于专业投资者的身份及竞争性的加强,促使机构投资者逐渐改变了投资策略：从被动的“用脚投票”策略转变为主动积极的“用手投票”策略；从“距离保持”型转变为“导向控制”型；从盲目投资转向专注投资；从不关注信息甄别转变为主动分析信息披露程度；从股东消极主义转变为股东积极主义。为了展开更加科学合理的投资,这就要求机构投资者对上市公司信息披露的质量要求越来越高,更多机构投资者积极影响着上市公司信息披露问题。同时通过研究上市公司信息披露质量对机构投资者持股行为的影响,有利于上市公司重视信息披露质量的提高,从而吸引机构投资者这一重要的投资主体。文章采用2009-2013年深圳证券交易所主板A股上市公司作为研究样本数据,使用深圳证券交易所公布的信息披露考评结果衡量信息披露质量,以机构持股比例代表机构投资者持股行为,实证研究上市公司信息披露质量对机构投资者持股行为的影响,以及信息披露质量的上升或下降对机构投资者持股变化的影响,同时对机构投资者进行两种不同分组来分析机构投资者对公司信息披露质量变化的敏感性,最后,采用审计意见、披露天数、停复牌和处罚次数和年报重述作为信息披露质量要求的替代向量,考察对机构投资者总体持股行为的影响。实证研究发现,机构投资者持股(流通股)比例与信息披露质量呈显著正相关。公司信息披露质量越高,机构投资者持股(流通股)比例就越高。机构持股(流通股)比例变动与信息披露质量下降呈显著负相关,但机构投资者持股(流通股)比例变动与信息披露评级上升正相关,不显著。与机构持股较低的公司相比,机构持股较高的公司持股变动对公司信息披露质量变化更敏感。机构持股比例高组的持股比例变动与信息披露评级下降显著负相关,而与信息披露评级上升不显著相关；机构持股比例低组的持股比例变动对信息披露评级上升的显著性高于信息披露评级下降的显著性。与境内机构投资者相比,境外机构投资者的持股变动率对公司信息披露质量变化更敏感。机构投资者持股(流通股)比例与审计意见显著正相关,与停复牌次数显著负相关。
[Abstract]:With the development of institutional investors in China, they have become more and more important investors in the capital market. At the same time, due to the strengthening of the identity and competitiveness of professional investors, Institutional investors have gradually changed their investment strategies: from passive "voting with feet" strategy to active "hand voting" strategy, from "distance keeping" type to "guiding control" type, from blind investment to focused investment; Never focus on information screening to actively analyze the extent of information disclosure; shift from shareholder passivity to shareholder activism. This requires institutional investors to have higher and higher requirements for the quality of information disclosure by listed companies. More institutional investors positively affect the information disclosure of listed companies. At the same time, by studying the influence of the quality of information disclosure on the behavior of institutional investors, it is helpful for the listed companies to attach importance to the improvement of the quality of information disclosure. In order to attract institutional investors as an important investor, this paper uses the Shenzhen Stock Exchange mainboard A share listed companies as the sample data from 2009 to 2013. The information disclosure evaluation results published by Shenzhen Stock Exchange are used to measure the quality of information disclosure, and institutional shareholding ratio is used to represent institutional investors' shareholding behavior, and the effect of information disclosure quality on institutional investors' shareholding behavior is studied empirically. At the same time, two different groups of institutional investors are carried out to analyze the sensitivity of institutional investors to changes in the quality of corporate information disclosure. Using audit opinion, disclosure days, the number of suspension of trading and punishment and annual report restatement as the alternative vector of information disclosure quality requirements, this paper examines the impact on the overall ownership behavior of institutional investors. The proportion of institutional investors' shareholding (tradable shares) is positively correlated with the quality of information disclosure. The higher the proportion of institutional investors (tradable shares) is, the negative correlation exists between the change of institutional shareholdings (tradable shares) and the decrease of information disclosure quality, but the change of institutional investors' shareholdings (tradable shares) is positively related to the increase of information disclosure rating. Compared with the companies with lower institutional shareholding, the change of corporate stock holding is more sensitive to the change of corporate information disclosure quality. The change of shareholding proportion in the group with higher institutional shareholding proportion is negatively correlated with the decrease of information disclosure rating. However, there was no significant correlation between the increase of information disclosure rating and the significance of the increase of information disclosure rating in the change of shareholding proportion in the group with low institutional shareholding ratio, which was higher than that in the decline of information disclosure rating. Compared with domestic institutional investors, The change rate of foreign institutional investors' shareholding is more sensitive to the change of the quality of company information disclosure. The proportion of institutional investors' shareholding (tradable shares) is significantly positively correlated with audit opinions and negatively correlated with the number of rescheduling.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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