年报特质性信息与机构投资者持股决策

Firm-Specific Information in Annual Reports and Institutional Investors’Shareholding Decisions

本文基于2012—2022年A股上市公司年报文本,实证检验了年报特质性信息披露水平对机构投资者持股决策的影响及影响机制。研究发现,年报特质性信息披露水平越高,机构投资者持股比例越高。机制检验发现,较高的年报特质性信息披露水平可以改善企业的信息环境,降低企业的信息不对称程度,进而提高机构投资者的持股比例。进一步研究表明,年报特质性信息对机构投资者持股决策的影响在非“四大”审计企业、内部控制质量较低企业以及财务型机构投资者的样本中更加显著。本文的研究结论有助于提高企业对年报文本信息披露数量和质量的重视程度,也为监管部门完善文本信息披露相关制度提供了重要参考。

Based on the annual report text data of A-share listed companies from 2012 to 2022,this paper empirically tests the impact of the level of firm-specific information disclosure in annual reports on institutional investors’shareholding decisions and the mechanism behind such impact.The research shows that the higher the level of firm-specific information disclosure in annual reports,the higher the shareholding ratio of institutional investors.The mechanism test finds that a higher level of firm-specific information disclosure in annual reports can improve the company’s information environment,reduce the degree of information asymmetry of the company,and thus increase the shareholding ratio of institutional investors.Further research finds that the impact of firm-specific information disclosure in annual reports on institutional investors’shareholding decisions is more significant in the samples of companies not audited by the“Big Four,”those with poor internal control quality,and among financial institutional investors.The conclusions of this paper help improve the degree of emphasis of the quantity and quality of annual report text information disclosure for companies and provide an important reference for regulatory bodies to improve the text information disclosure related systems.