机构投资者持股比例对股价同步性的影响--基于年报可读性的中介效应检验

Influence of Institutional Investor s Shareholding Ratio on Stock Price Synchronicity——A Verification of the Mediating Effect of Annual Report Readability

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.