摘要
为了完善上市公司治理机制,对机构投资者持股比例与股价同步性进行研究,实证检验了机构投资者持股比例、年报可读性和股价同步性之间的关系,研究结果发现:机构投资者能够通过提高年报可读性来降低股价同步性,验证了年报可读性存在显著的中介效应。这个结论有助于引导我国A股资本市场资金流向高效、优质的上市公司。
In order to improve the governance mechanism of listed companies,this paper studies the relationship between institutional investor s shareholding ratio and stock price synchronization,and empirically tests the relationship among institutional investor s shareholding ratio,annual report readability and stock price synchronization.The results show that institutional investor can reduce stock price synchronization by improving annual report readability,which verifies the significant mediating effect of annual report readability.This conclusion is helpful to improve the capital flow of China s A-share capital market to efficient and high-quality listed companies.
作者
杨晓丹
朱慧婷
Yang Xiaodan;Zhu Huiting(School of Economics and Management,East China Jiao Tong University,Nanchang,Jiangxi 330013)
出处
《嘉兴学院学报》
2021年第2期108-113,共6页
Journal of Jiaxing University
基金
江西省教育厅科学技术项目(GJJ170389)。
关键词
机构投资者
持股比例
年报可读性
股价同步性
中介效应
institutional investor
shareholding ratio
annual report readability
stock price synchronicity
mediating effect