机构投资者持股对上市公司信息披露质量的影响

The Influence of Institutional Investors’ Shareholdings on Quality of Information Disclosure in Listed Companies

中文关键词:  机构投资者持股比例  长期机构投资者  短期机构投资者  信息披露质量

英文关键词:shareholding ratio of institutional investor  long-term institutional investor  short-term institutional investor  quality of information disclosure

中文摘要:

      选取2009—2011年深交所A股上市公司为研究样本,分别研究了机构投资者持股时间及其持股比例对信息披露质量的影响。研究结果发现,长期机构投资者持股有利于信息披露质量的提高,短期机构投资者持股行为不仅不能促进公司治理效率的提高,还可能产生不利于会计信息披露的影响。但是,当机构投资者作为第一大股东持股时,或者在没有重仓持股情况下的相对长期持股行为,反而表现出不利于上市公司信息披露质量提高的倾向。

英文摘要:

      The A-shares in Shenzhen Stock Exchange from 2009 to 2011 are selected as research sample to study the influence of shareholding’s time and ratio respectively. The research finds that the long-term institutional investors’ shareholding would have the positive influence on the quality of information disclosure and the short-term institutional investors’ shareholding would fail to promote the efficiency of corporate governance and adversely affect the accounting information disclosure. However, if an institutional investor is the largest shareholder or the shareholding time is comparable to a long-term, the institutional investors’ shareholding would have the bad influence on the quality of information disclosure. 