摘要
证券投资基金能否发挥监督优势、参与所持股公司的外部治理,一直是学术界关注的热点。因此,利用深圳证券交易所2004-2010年之间所公布的信息作为研究材料实证检验基金持股对信息披露质量的改善作用。研究结果表明,基金持股改善了所持股公司的信息披露质量,且随着基金持股比例的增加,所持股公司的信息披露质量随之提升。
The question that whether the securities investment fund plays an important role in the supervision advantage and outside governance of shareholding companies has always been the focus of study. This paper explores the effect of fund shareholdings on the improvement of corporate disclosure level by evaluating the value of the Sbenzhen Stock Exchange between 2004 -2010 as the measure of information disclosure level of listed companies. We find that fund shareholdings do have a remarkable influence on the improvement of corporate transparency. With the increase of fund shareholdings, the quality of in- formation disclosure of the target company improves.
出处
《审计与经济研究》
CSSCI
北大核心
2012年第2期97-103,共7页
Journal of Audit & Economics
关键词
证券投资基金
信息披露质量
基金持股
公司治理水平
信息不对称
securities investment fund
information disclosure quality
fund shareholdings
company governance level
information asymmetry