基金持股波动性与公司信息披露质量的关联性——来自深市上市公司2005～2013年的经验证据

Study on Correlation Between Investment Fund Shareholding & Fluctuation of Investment Fund and Company Information Disclosure Empirical Evidence from Companies Listed on Shenzhen Stock Exchange through 2005 to 2013

本文从基金持股的集中程度和持股稳定性两个角度,探讨了基金改善其持股公司信息披露质量的微观行为。结果表明,与分散持股相比,基金的集中持股有助于改善其持股公司信息披露质量;同时,基金对其持股公司信息披露质量的改善还依赖于其持股稳定性,即:在基金持股相对集中的观测样本中,基金持股的稳定性进一步强化基金对其持股公司信息披露质量的改善作用。本文不但丰富了基金持股微观行为的实证研究,也为我国进一步鼓励和支持证券投资基金发展提供经验证据和决策支持。

This paper explores the micro-mechanism of fund shareholdings on the improvement of corporate disclosure level by characterizing the funds＇ action as concentration of fund in top10 tradable shareholdings and quarterly or annual fluctuation of fund shareholding. Based on the Empirical Evidences from Listed companies of SSE Between 2005~2013,we find that, compared with companies with less-concentration shareholding, concentrated funds do have a remarkable influence on the improvement of corporate transparency. With the stable shareholding of funds, the quality of information disclosure is increased. This paper not only refines the empirical study on fund shareholding at a micro level also could be referenced by government agencies in policy making on enhancing investment fund scale with hard data.