摘要
信息不对称是导致中小投资者在资本市场遭受利益损失的重要原因,本文以会计盈余质量作为衡量中小投资者保护水平的指标,以2003-2005年沪、深两市A股为样本,实证检验了中国机构持股对中小投资者保护的影响。结果发现,机构持股降低了会计盈余质量,没有发挥保护中小投资者的利益的作用。上述研究发现,对理解机构持股的经济后果具有重要意义,有助于更加深入地理解机构持股影响中小投资者利益保护的制度条件,也为投资者保护研究提供了一个有益的视角。
Information asymmetry is the important reason that results in losses of minority investors. Taking accounting earnings quality as the index of investor protection level, we examine the effect of institutional ownership on investor protection with the data of companies listed in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2003 - 2005. The result shows that, institutional ownership reduces accounting earnings quality and jeopardizes the interest of minority investors. This conclusion helps understand the economic consequence of institutional ownership and provide a perspective for investor protection research.
出处
《上海金融》
CSSCI
北大核心
2009年第3期63-67,共5页
Shanghai Finance
关键词
机构持股
投资者保护
会计盈余质量
Institutional Ownership
Investor Protection
Accounting Earnings Quality
