企业转型升级信息披露能否促进机构持股?——基于制造业上市公司的经验证据

Can the Transformation and Upgrading Information Disclosure Promote Institutional Shareholding?——Based on Empirical Evidence of Listed Manufacturing Companies

基于汉语词汇学理论,利用“类词缀”特征的文本分析方法建立了企业转型升级词库,并对转型升级信息披露水平进行了测度;以2009~2021年A股制造业上市公司为样本的实证研究发现:转型升级信息披露水平与机构持股比例显著负相关,且分析师预测分歧发挥加剧抑制作用的调节效应;进一步明晰了转型升级信息披露对异质性机构投资者持股的不同影响,从转型升级绩效的调节作用、企业市场价值的中介作用及其脉冲响应,揭示了转型升级信息披露影响机构持股的转型升级绩效不佳的替代机制、市场价值反应的滞后机制。

Based on the theory of Chinese lexicology,the text analysis method of"affix-like"characteristics is used to establish the transformation and upgrading thesaurus in order to measure its information disclosure.Taking A-share listed manufacturing companies from 2009 to 2021 as samples,the empirical study found that the transformation and upgrading information disclosure(TUD)was significantly negatively correlated with in-stitutional shareholding,and the divergence predicted by analysts would play a moderating effect of exacerba-ting inhibition.It further clarifies the different effects of TUD on heterogeneous institutional investors'share-holding,shows the impact mechanism of TUD on institutional shareholding,which goes from moderating transformation and upgrading performance to mediating enterprise market value,and reveals the substitution mechanism of the poor transformation and upgrading performance of institutional shareholdings,brought about by the transformation and upgrading information disclosure,and the lag mechanism of market value response.