分行业信息披露与公司股东结构——基于一项“准自然实验”的证据

Disclosure by Industry and the Structure of Ownership: Evidence from a Quasi-natural Experiment

基于沪深交易所交错发布上市公司分行业信息披露指引这一准自然实验,本文实证考察了分行业信息披露对公司股东结构的影响。双重差分模型的研究结果显示,分行业信息披露政策的实施显著增加了公司股东户数,拓宽了公司股东分布的广度。从内部构成来看,分行业信息披露政策的实施主要增加了个人投资者和境外机构投资者的持股,境内机构投资者持股随之减少。进一步的研究发现,上述非对称性影响在业务复杂度较高的公司样本中表现得更为明显。这些结论表明分行业信息披露有助于降低投资者(特别是个人投资者和境外机构投资者)的信息获取和解读成本,进而建立公平的市场信息环境。本文的研究为深入理解我国上市公司股东结构变化提供了一个新的视角,同时对正在进行的资本市场信息披露制度改革实践也具有良好的启迪。

Based on the quasi-natural experiment of the Shanghai-Shenzhen Stock Exchange’s staggered release of information disclosure guidelines for listed companies by sub-sector, this paper empirically tests the impact of disclosure by industry on the structure of corporate ownership. The difference-in-difference model result shows that the implementation of disclosure policies in different industries is associated with an increase in the total number of a firm’s shareholders. Specifically, we find that while policy implementation is associated with an increase in share ownership of individual and foreign institutional investors, it is associated with a decrease in share ownership of domestic institutional investors. Further evidence shows that this asymmetric shift in share ownership is more pronounced for more complex firms. This paper not only enriches the relevant literature on the economic consequences of disclosure by industry and the factors of the structure of corporate ownership, but also has an important enlightenment on the reform of information disclosure system in China’s capital market.