机构投资者抱团与公司前瞻性信息披露

Institutional Investors’Clique and Companies’Forward-looking Information Disclosure

提高信息披露水平是缓解公司内部管理层与外部投资者之间信息不对称的关键机构投资者作为长期资金提供者,更关注企业的前景和成长性,因此会格外关注公司的前瞻性信息披露。国内外现有研究对中国实践情境下机构投资者持股抱团现象缺乏关注,尤其是尚未探讨机构投资者持股抱团与上市公司前瞻性信息披露之间的关系。基于2007—2019年中国A股上市公司数据,通过复杂网络分析方法构建机构投资者重仓持股网络,并借助模块度的社区算法(Louvain算法)提取机构投资者网络团体,同时采取Word2Vec神经网络模型算法构建上市公司前瞻性信息披露指标,进而考察机构投资者网络抱团对公司前瞻性信息披露的影响。研究发现:机构投资者抱团持股比例与公司前瞻性信息披露呈现显著正相关关系,即机构投资者抱团后,公司年报中将来时态的词频显著提高。机制检验发现,机构投资者通过持股抱团增强其对管理层监督的动机与能力,以及机构投资者抱团促使公司增加披露前瞻性描述内容与描述语气,以上两条机制来增加年报中对未来展望的描述。进一步分析发现,机构投资者抱团对前瞻性信息的正向效应存在于民营企业与分析师关注度较高的企业。研究结论通过一系列稳健性检验仍显著成立,加深了公司治理中机构投资者治理角色的认知,促进发挥机构投资者抱团的长期投资作用,对于资本市场持续稳定发展具有启示意义。

Improving the level of information disclosure is the key to alleviating the information asymmetry between the company’s internal management and external investors.Institutional investors,as long-term capital providers,pay more attention to the company’s prospects and growth,so they will pay special attention to the company’s forward-looking information disclosure.Existing research at home and abroad has not paid much attention to the phenomenon of institutional investors’clique in China’s practice situation,especially the relationship between institutional investors’clique and the forward-looking information disclosure of listed companies has not been explored.On the basis of complex network theory,taking China’s A-share main-board listed companies from 2007 to 2019 as the sample and adopting Louvain algorithm to construct the shareholding network of institutional investors and identify the network cliques,the word frequency of future development description in the annual reports of listed companies is obtained through word2vec machine learning and text analysis methods,the forward-looking disclosure indicators of listed companies are constructed,and this paper applies the fixed effect regression model to analyze the influence of institutional investors’cliques on forward-looking information disclosure.It is found that there is a significant positive correlation between the proportion of shares held by institutional investors clique and forward-looking information disclosure.The mechanism test finds that institutional investors enhanced their motivation and ability to supervise management through network cliques,and institutional investors clique to promote the company to increase the disclosure of forward-looking description content and description tone,the above two mechanisms to increase the description of the outlook in the annual report.The specific differences are as follows:on the one hand,the larger the number of network groups of institutional investors,the stronger their supervision motivation to the management.And the stronger the relative power of institutional investor network group shareholding,the stronger its ability to supervise the management,so as to promote the company to increase the disclosure of forward-looking information.On the other hand,the innovative information of forward-looking representative content is mined,which finds that institutional investors unite to promote the company to increase the disclosure of innovative information.And the positive tone of management’s future outlook is mined,which finds that the group of institutional investors prompts the company’s management to describe the future with positive tone,so as to promote the increasing of the forward-looking information disclosure.And further analysis shows that the positive effect of institutional investor clique on forward-looking information exists in private enterprises and enterprises with high analyst attention.In private enterprises,institutional investors clique will significantly prompt companies to increase forward-looking information disclosure;In companies with high analyst attention,institutional investors clique will significantly prompt companies to increase forward-looking information disclosure.It is initially found that the influence of institutional investors’clique on the company’s forward-looking information disclosure is heterogeneous and different,and the results emphasize the importance of reducing agency problems,optimizing corporate governance,and improving the information environment.The research conclusion is still valid through a series of robustness tests,which shows deepening the cognition of institutional investors’governance role in corporate governance and leveraging the long-term investment role of institutional investors’clique.It plays an important role in the continued stability of the capital market.