机构投资者改善信息披露质量的异质性行为研究——来自2004～2010年深市A股的经验证据

本文以深交所发布的"上市公司信息评级考评结果"作为上市公司信息披露质量衡量指标,研究了合计持股规模持续占据所有机构投资者90%以上的基金和一般法人对所持股公司信息披露质量改善作用的异同。基于对2004-2010年深市A股3090个样本公司的实证分析发现,基金对其持股公司的信息披露质量改善具有促进作用,且随着基金持股比例的增加,其持股公司的信息披露质量提高;而一般法人持股并不存在这种改善作用。这一结论为我国大力发展以基金为首的机构投资者提供经验证据,同时对规范和监督国内一般法人这类机构投资者提出了迫切要求。

Heterogeneous Action of Institutional Investors Improving the Quality of Information Disclosure

With the evaluating value of the Shenzhen Stock Exchange(SSE) as a proxy for information disclosure quality of listed firms,this paper explores the heterogeneous effects between fund and general legal person shareholdings,which occupy 90% of the whole institutional investors shareholding scale,on the improvement of corporate disclosure quality.Based on the empirical analysis of 3090 samples in SSE from 2004 to 2010,we find that fund shareholdings do have a remarkable influence on the improvement of corporate transparency,and with the increase of fund shareholdings,the quality of information disclosure of the target firm is increased;while this promoting action cannot be found at general legal person shareholdings.This study not only provides empirical evidence to the development of fund-led institutional investors in China,but also gives an earnest request to the supervision of general legal person.