机构投资者持股对信息披露质量影响的研究

发布时间：2018-11-10 10:48

【摘要】：资本市场源源不断的产生着各种信息,信息作为最重要的无形资源是连接投资者和资本市场的纽带,资本市场上信息直接影响着投资者的各种决策以及管理层的经营管理,它直接指引着资源的优化配置,同时它也关系着证券市场能否平稳健康发展。近些年来,随着我国证券市场上机构投资者的迅猛发展,机构投资者俨然已成为资本市场上的主力,因此国内外诸多学者开始了对机构投资者的研究,他们对机构投资者在改善公司治理结构完善企业信息披露方面充满了期待,在此我们研究机构投资者与上市公司信息披露质量之间的关系对正确引导机构投资的发展和资本市场的建设具有重大现实意义。本文首先对前人的研究文献进行了一个梳理,在前人研究成果的基础上,分析了机构投资者参与上市公司治理并积极影响上市公司信息披露质量的理论基础,即代理理论和股东积极主义理论,然后又对机构投资者参与上市公司的动因及途径做了进一步的说明,在此基础上提出实证假设进行研究设计,与以往研究不同,本文在研究机构投资者总体持股对信息披露质量影响的基础上又进一步将机构投资者划分为基金持股和一般法人持股两种类型,并分别建立模型检验两者在影响上市公司信息披露质量方面是否存在着差异,通过实证结果表明机构投资者在影响上市公司信息披露质量方面存在着差异,基金持股可以显著提升上市公司信息披露质量而一般法人持股影响非常有限。最后,本文通过实证检验结果,并结合我国的具体国情,在对如何引导机构投资者发展以及如何完善资本市场来提高资本市场信息披露透明度和完整度方面给出了自己的政策建议。
[Abstract]:As the most important intangible resource, the information is the link between the investor and the capital market. The information in the capital market directly affects the investors' decision-making and the management. It is a direct guide to the optimal allocation of resources, and it is also related to the stable and healthy development of the securities market. In recent years, with the rapid development of institutional investors in China's securities market, institutional investors have become the main force in the capital market. They are full of expectations for institutional investors to improve corporate governance structures and improve corporate information disclosure. Here we study the relationship between institutional investors and the quality of information disclosure of listed companies. It is of great practical significance to correctly guide the development of institutional investment and the construction of capital market. Based on the previous research results, this paper analyzes the theoretical basis for institutional investors to participate in the governance of listed companies and positively affect the quality of information disclosure of listed companies. That is, agency theory and shareholder activism theory, and then make a further explanation of the motivation and ways for institutional investors to participate in listed companies. On this basis, the empirical hypothesis is put forward to carry out research and design, which is different from previous studies. On the basis of studying the influence of institutional investors' total shareholding on the quality of information disclosure, this paper further divides institutional investors into two types: fund holding and general legal person holding. Models are established to test whether there are differences in the quality of information disclosure between the two companies, and the empirical results show that institutional investors have differences in influencing the quality of information disclosure of listed companies. Fund shareholding can significantly improve the quality of information disclosure of listed companies, but the impact of corporate shareholding is very limited. Finally, through the empirical test results, and combined with the specific situation of China, Some policy suggestions are given on how to guide the development of institutional investors and how to improve the transparency and completeness of capital market information disclosure.
【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】：F832.51;F275

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