机构投资者关注上市公司的信息透明度吗?——基于不同类型机构投资者选股能力视角

Institutional Investors' Stock-selecting Ability and Information Transparency of Listed Companies——An Evidence from Shenzhen Stock Exchange

机构投资者一直以具有较好的选股能力立足于资本市场。本文利用2004-2007年深交所的上市公司为样本,从信息透明度角度检验机构投资者的选股能力。实证研究发现:与预期一样,在信息透明度评级较高的公司,机构持股比例会较高和持股机构数目会较多,短线机构持股比例会较高;在信息透明度评级上升的公司,机构会调高持股比例和增加机构数目,短线机构会调高持股比例,长线机构投资者并不会基于信息透明度评级的变化调节其持股比例;与预期相反,在信息透明度评级较高的公司长线机构持股比例会较高。因此,提高公司持股机构化的同时拓宽机构投资者信息获取通道是当务之急。

It is well-known that institutional investors have the ability to select stocks in the capital market.In this paper,we test institutional investors＇ stock-selecting ability from the perspective of information transparency by drawing upon companies listed in Shenzhen Stock Exchange from 2004 to 2007.The results show that highly information-transparent companies are characterized by higher proportion of institutional ownership,larger number of institutional investors and higher proportion of short-term institutional ownership;when a company＇s information transparency is rated higher,institutions would increase their shareholdings and the number of institutional investors and short-term institutional investors would increase their shareholdings.Long-term institutional investors may not adjust their shareholdings on the basis of information transparency rating change.Contrary to expectations,the proportion of long-term institutional ownership may be high in companies with high rating of information transparency.