机构投资者持股与会计盈余宣告的信息含量

本文以我国2001—2004年机构投资者持股的上市公司为样本，从机构投资者对上市公司信息利用状况的视角出发，分析了机构投资者持股与会计盈余宣告信息含量的关系，研究结果发现：机构投资者能够相对较早地解读会计盈余信息，其持股比例越高，盈余宣告后的市场反应越小．会计盈余宣告的信息含量越低。在会计盈余宣告前，机构投资者的持股比例高低与市场的累计超额回报正相关；而在盈余宣告后，机构投资者待股公司的市场累计超额回报出现反转。

Institutional Holding and Earnings Announcement Content

This paper empirically examines the relationship between institutional holding and market reaction to company earnings announcements in China 200l- 2004. The results indicate that institutional investors have advantages in reading and understanding the accounting information. The higher their holding in a company, the lower the price volatility and information content after corporate release, And the institutional holdings variable is positively correlated with the observed abnormal returns before earnings announcements, but abnormal returns have a reversion after earnings announcements.