机构投资者持股能提高业绩预告信息质量吗?——基于中小市值企业的实证研究

Could Institutional Investor Improve the Quality of Earnings Preannouncement?——An Empirical Research Based on Data from China’s Small and Medium Capitalization Enterprises

文章以2012-2015年中小市值企业为样本,研究机构投资者对业绩预告信息质量的影响。研究发现：（1）机构投资者持股比例的增加能够提高业绩预告信息的准确度,降低管理层修正业绩预告的概率;（2）机构投资者持股比例与业绩预告及时性、精确性均呈U型关系。文章进一步研究了机构投资者类型的不同对业绩预告信息质量的影响。结果发现,一般基金类机构投资者对业绩预告信息质量的积极影响最大,养老、保险类机构投资者次之,银行、财务公司类产生的正效应最弱。该研究不仅丰富了业绩预告信息质量方面的文献,更重要的是提出了当机构投资者持股比例较小时,业绩预告信息质量各维度之间会相互影响;当持股比例超出一定限度时,机构投资者对企业业绩预告信息质量发挥了积极作用。

This paper makes a research on the impacts of institutional investors on the quality of earnings preannouncements information based on the samples of all companies listed in China＇s small and medium capitalization enterprises from 2012 to 2015. Based on the analysis,we draw following conclusions：（1） Institutional investors can significantly improve the accuracy of earnings forecast disclosure and reduce the probability of modifying earnings preannouncements;（2） The shareholding ratio of institutional investors and the timeliness and accuracy of earnings preannouncements having the relationship of U-shaped. And then we analyze whether the different types of institutional investors have the different effects. The result shows that general fund institutional investors have the strongest impacts on earnings forecast disclosure,followed by pension and insurance institutional investors. Bank and financial institutional investors have the weakest positive effects. This study not only enriches the literature on the quality of earnings preannouncements information,but more importantly puts forward that when the proportion of institutional investors is small,each dimension of earnings preannouncements information will influence each other. When the shareholding ratio exceeds a certain limit,it affirms the positive affects on the quality of earnings preannouncements from institutional investors.