机构投资者持股比例与公司信息的相关性研究——来自中国证券市场的经验证据

The Relevance between Institutional Ownership and Companies Information of Listed Companies in China: Empirical Evidence from Listed Companies in China

本文对2001-2004年间我国A股市场上机构投资者（主要指证券投资基金）持股比例与其所持有公司的会计信息、市场表现信息、公司治理信息，以及公司综合信息的相关性进行了实证研究。研究发现：我国上市公司会计信息和市场表现信息与机构投资者持股比例的相关性较强；公司治理信息与机构投资者持股比例的相关性较弱；公司综合信息与机构投资者持股比例的相关性最强。而且，上市公司分类信息和综合信息与机构投资者持股比例的相关性均呈现出逐年递增的趋势。其具体表现为：机构投资者持股比例的高低与公司的规模、负债率、盈利状况、资金占用程度、上市年限、换手率、市价与股票回报率存在显著线性相关关系，而与第一大股东的持股比例呈现正“U”型关系。

This study empirically examines the relevance between institutional ownership, mainly refer to security investment funds, and accounting information, marketing manifestation information, corporate governance information of listed companies in China from 2001 to 2004. The results indicate that institutional ownership is strongly related with accounting information and marketing manifestation information, but is weakly related with corporate governance information of listed companies. The relevance is increasing year by year. We also find that a significant linear relationship exists between institutional ownership and the size, debt to asset ratio, profit capability ,embezzlement intensity of funds, listing age, turnover, market price and stock market return. And a significant ＂U-shaped＂ relationship is found between institutional ownership and the first block shareholder＇s ownership,