机构投资者持股与上市公司信息披露行为研究

A Research on Information Disclosure Behavior of the Institutional Investor Holding and Listed Companies

研究采用我国上市公司2005年至2008年会计年报数据,实证检验机构投资者持股对于多角度公司信息披露行为的影响。研究发现机构持股比例越高的公司年报披露越及时,但是持有同一家上市公司的机构数量越多反而会延迟年报的披露;同时还发现机构持股对于上市公司年报的审计意见类型和年报的补充公告影响并不显著,说明我国机构投资者对于上市公司的内部治理作用还十分有限。

The research adopts accountant annual data of China＇ s listed companies from 2005 to 2008. The institutional investor holding has been checked by the research to influence company information disclosure behavior. The study indicates that the higher the proportion of institution investors＇ holding, the more timely the annual report discloses. However, more holding the same listed company will delay the disclosure of annual report. Institution investor holding does not significantly influence the types of auditing and supplementary announcement of company annual report, which shows that the role of internal governing listed companies of China＇ s institutional investors is limited.