机构投资者与公司综合信息透明度

Institutional Investors and the Corporate Comprehensive Transparency

本文以2002~2014年深交所上市公司为研究样本,使用会计信息透明度、股价信息透明度、公司治理透明度三个维度指标来度量公司综合透明度,基于静态和动态角度的研究发现,对于三个维度的信息透明度,机构投资者持股比例均表现出显著的正向促进作用。由于机构投资者与公司信息透明度的关系比较复杂,本文又采用联立方程模型,进一步研究了机构投资者与公司信息透明度的因果关系,较为全面地证实了机构投资者持股比例对公司综合信息透明度显著的正向促进作用。

Based on the Shenzhen Stock Exchange listed companies in 2002-2014 as the samples, the paper measures the company's comprehensive transparency in three dimensions which integrated the accounting information transparency, stock information transparency, and corporate governance transparency. From the study of static and dynamic point of view, the results show that, the proportion of institutional investors share holding exhibited a significant positive role in promoting the three dimensions information transparency. However, the relationship between institutional investors and company information transparency is more complex, the paper builds a set of simultaneous equations further straightening the causal relationship between institutional investors and company information transparency. The paper confirmed the proportion of institutional investors share holding positively promotes the company's information transparency significantly and comprehensively.