摘要
本文选取深沪两市2003年至2007年(非金融类)机构持股比例占流通股5%以上的上市公司的数据,采用年度和机构持股分类两种方案,对机构投资者与价值相关性两者的关系进行了实证研究。研究发现:机构持股比例越高的上市公司价值相关性越强,说明机构投资者在一定程度上参与了上市公司的公司治理,影响了会计信息质量。机构持股比例越高的上市公司价值相关性越强。股权分置改革对机构投资者参与公司治理有影响但是不明显。
The paper chooses the data from listed companies of institutional holding above 5% in Shenzhen and Shanghai Stock Market from 2003-2007,adopting two methods of annual and institutional holding.This paper makes a positive analysis through correlation of institutions and value relation.Research shows that with mounting institutional holding,their correlation with value relation rises It is indicated that institutions are beginning to play a role in corporate governance in recent years.Reform of the shareholde...
关键词
机构投资者
价值相关性
会计信息质量
公司治理
institutional investors
value relation
quality of accounting information
corporate governance
