基金持股对信息披露质量的改善作用研究——来自深圳证券交易所2004—2010年上市公司的经验证据

A Research on the Improvement Effect of Fund Shareholdings of Corporate Transparency:Empirical Evidence from Listed Companies of SSE Between 2004～2010

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.