资本市场动机、机构投资者和信息透明度

发布时间：2018-01-02 19:05

本文关键词：资本市场动机、机构投资者和信息透明度　出处：《苏州大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文以2009—2012年深交所主板上市公司数据为样本，对资本市场动机（包括规避退市动机、股权再融资动机）和信息透明度的关系，以及机构投资者与信息透明度的关系分别进行理论分析和实证研究。研究结果表明,上市公司存在股权再融资动机时，信息透明度会提高；而存在规避退市动机时则会产生相反的影响。总体而言,机构投资者能够提高公司信息透明度。此外，通过设置交乘项，本文检验了在上市公司存在资本市场动机的情况下，机构投资者对信息透明的作用是否会发生改变。结果表明，当上市公司存在不同的资本市场动机时，机构投资者的反应也是有明显区别的。当存在退市风险的时候，机构投资者因其持股量大而不能在短期内大量抛售股票。为此，机构投资者可能会扮演内部控制人的同谋，恶化信息质量，或者以“用脚投票”的方式默认内部控制人的行为。而当上市公司存在股权再融资动机时，，机构投资者提高信息透明度的正向作用会加强。本文为研究机构投资者的治理作用提出了一个新的研究视角,延伸了关于信息透明度影响因素的相关研究。本文共分为六章：第一章为绪论，阐述了研究的背景、意义以及研究方法、研究框架、创新之处；第二章为文献综述，分别对国内外关于机构投资者、股权再融资动机、规避退市动机、信息透明度的相关研究进行回顾和梳理；第三章提出了研究假设；第四章介绍了样本筛选和变量选取的过程，模型和变量的设计；第五章是实证结果及分析；第六章为研究总结，包括结论、启示以及本文的局限性。
[Abstract]:Based on the data of listed companies on the main board of Shenzhen Stock Exchange from 2009 to 2012, this paper discusses the relationship between capital market motivation (including delisting motivation, equity refinancing motivation) and information transparency. And the relationship between institutional investors and information transparency is analyzed theoretically and empirically. The results show that information transparency will be improved when listed companies have equity refinancing motivation; In general, institutional investors can improve the transparency of corporate information. In addition, by setting a yield term. This paper examines whether the role of institutional investors on information transparency will change when listed companies have capital market motives. The results show that when listed companies have different capital market motives. The reactions of institutional investors are also distinct. When there is a risk of delisting, institutional investors, because of their large holdings, cannot sell stocks in a large amount in the short term. Institutional investors may act as accomplices of internal controllers, worsen the quality of information, or "vote with their feet" to default on the behavior of internal controllers. And when listed companies have equity refinancing incentives. The positive role of institutional investors in improving information transparency will be strengthened. This paper provides a new research perspective for the study of the governance role of institutional investors, extending the relevant research on the factors affecting information transparency. This paper is divided into six chapters: the first chapter is the introduction, the background, significance, research methods, research framework, innovation; The second chapter is the literature review, respectively on the institutional investors, equity refinancing motivation, motivation to avoid delisting, information transparency related to the review and comb; The third chapter puts forward the research hypothesis; Chapter 4th introduces the process of sample selection and variable selection, the design of model and variable; Chapter 5th is the empirical results and analysis; Chapter 6th is a summary of the research, including conclusions, revelations and limitations of this paper.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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