基于上市公司信息环境的机构投资者实地调研行为研究——来自深市主板市场的经验证据

发布时间：2018-05-18 04:09

本文选题：机构投资者 + 实地调研　；参考：《江西财经大学学报》2017年04期

【摘要】：实地调研是机构投资者、证券分析师等亲自前往上市公司所在地,与其管理人员和其他工作人员进行面对面交流,参观公司产品线、了解公司发展战略等一系列实地调查研究行为。文章基于手工搜集的2012-2013年深市主板上市公司投资者调研信息,以信息不对称程度衡量上市公司的信息环境,考察了机构投资者实地调研信息的披露形式、行业分布、频率和时间分布等特征以及信息不对称指标对机构投资者实地调研的影响。研究结果表明,上市公司内外部信息环境均会影响机构投资者的实地调研行为。上市公司信息披露质量越高、前期有机构投资者跟随时,机构投资者对上市公司进行实地调研的概率越大、调研的次数越多;公司不确定性仅对机构投资者实地调研的概率产生显著的正向影响。
[Abstract]:Field research is where institutional investors, securities analysts, and so on, go to the location of the listed company in person, have face-to-face contact with their managers and other staff, and visit the company's product lines. Understand the company's development strategy and a series of field research activities. Based on the investor research information collected by hand in the Shenzhen main Board in 2012-2013, this paper measures the information environment of listed companies by the degree of information asymmetry, and investigates the disclosure form and industry distribution of the field investigation information of institutional investors. The characteristics of frequency and time distribution and the influence of information asymmetry index on the field investigation of institutional investors. The results show that the internal and external information environment of listed companies will affect the field research behavior of institutional investors. The higher the quality of information disclosure of listed companies, the greater the probability of institutional investors conducting field research on listed companies, and the more times of investigation; Corporate uncertainty only has a significant positive impact on the probability of institutional investors' field research.
【作者单位】：南京理工大学经济管理学院;
【基金】：国家自然科学基金项目(71302036,71372008,71302037,71602091) 江苏省社会科学基金课题(13GLD022) 南京理工大学自主科研专项计划项目(30920140121011)
【分类号】：F832.51

【相似文献】