产品市场竞争、机构投资者与信息披露

以2007-2009年深交所主板上市公司数据为基础,实证分析产品市场竞争、机构投资者持股和信息披露质量之间的关系,可表明,产品市场竞争和机构投资者持股量均与信息披露质量呈正相关关系。保持适度的市场竞争强度,可同时发挥各种治理机制的优势,从而提升上市公司信息披露质量。

The Market Competition in Products,Institutional Investors and the Information Disclosure

Based on the data,from 2007 to 2009,on the Main Board companies listed on Shenzhen Securities Exchange,we have,in this article,explored the realationship between the market competition,institutional investors＇ share-holding and the information disclosure.The results of the study show that the market competition and institutional investors＇ share-holding are both positively correlated with the quality of information disclosure.This conclusion implies that to maintain an appropriate intensity of competition,which can play the advantages of these two governance mechanisms to improve the quality of information disclosure.