资本市场动机、机构投资者与信息透明度

Incentives in the Capital Market, Institutional Investors and Information Transparency

本文从上市公司的资本市场动机入手,分析了机构投资者与信息透明度的关系。研究发现:(1)当上市公司存在再融资动机时,信息透明度会显著提高;当上市公司存在规避退市动机时,信息透明度则会降低。(2)机构投资者持股比例与信息透明度呈正向关系,表明在我国机构持股具有治理效应。(3)当上市公司存在再融资动机时,机构持股比例与信息透明度的正向关系会更加显著;但当上市公司存在规避退市动机时,机构持股比例与信息透明度的正向关系并无差异。本文的研究结论对正确定位和理解市场中机构投资者角色和功能,以及规范上市公司治理具有重要研究意义。

With incentives in the capital market as a point of departure, this paper studies the correlation between institutional investors and information transparency. It finds( 1)that listed companies which have motivation of equity refinancing will increase their information transparency(;2)that companies intending to avoid delisting will do the opposite, though, in general, institutional investors can improve the transparency of the company;(3)that in the case of the listed company having refinancing motivation, positive relationship between institutional ownership and information transparency will be more significant, but when a listed corporation has the motivation to avoid delisting, no significant change in the correlation between institutional ownership and information transparency has been found.