机构投资者对上市公司信息披露影响的实证研究
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摘要
我国机构投资者经过十几年的发展已成为证券市场最主要的投资力量,对证券市场的影响也日益增强。而作为信息披露的主体,上市公司信息披露是证券市场信息公开制度的核心内容。但学术界对于机构投资者是否能够起到促进上市公司信息披露的作用一直都没有定论。机构投资者对上市公司信息披露的研究成为投资者、学术界、政府和公众关注的焦点。
本文从理论和实证两方面分别讨论机构投资者与上市公司信息披露之间的关系。理论上,本文首先分析我国机构投资者的发展现状、基本特征;其次分析我国信息披露制度及上市公司信息披露存在的问题;最后阐述了机构投资者影响上市公司信息披露的动机和途径。实证方面,本文以2006-2008三年1476个深市机构投资者持股上市公司为研究样本,实证检验机构投资者与信息披露之间的关系及其影响因素。通过实证分析揭示了机构投资者持股能提高上市公司信息披露透明度。从机构投资者股权集中度角度分析对信息披露的影响,研究发现机构投资的过度集中将阻碍上市公司的信息披露行为。本文的最后,结合实证分析结果提出相应的对策建议及进一步研究展望。
After 10 years of institutional investors in China's development has become the most important investment securities market forces affecting the securities market is also growing. As the main body of information disclosure, information disclosure of listed companies stock market is the core content of information disclosure system. But academia is for institutional investors can play to promote the role of information disclosure of listed companies have been inconclusive. Institutional investors, information disclosure of listed companies to become investors in the research, theory community, government and public attention.
In this paper, both theoretical and empirical discussion of institutional investors were listed company information disclosure and the relationship between. In theory, this paper first analyzes the current development of institutional investors in China, the basic features; followed by analysis of the information disclosure system and information disclosure of listed companies problems; the last set of institutional investors affect the information disclosure of listed companies the motivation and means. Empirical side, this year 1476 to 2006-2008 Shenzhen listed companies to institutional investors holding the sample for the study, empirical tests of institutional investors and the relationship between information disclosure and its influencing factors. Analysis revealed by institutional investors holdings can improve the transparency of information disclosure of listed companies. Ownership concentration of institutional investors from the perspective of the impact of information disclosure, found that the excessive focus on institutional investors will hinder the disclosure behavior of listed companies. This last, the results of empirical analysis and the corresponding countermeasures and suggestions for further research prospects.
本文从理论和实证两方面分别讨论机构投资者与上市公司信息披露之间的关系。理论上,本文首先分析我国机构投资者的发展现状、基本特征;其次分析我国信息披露制度及上市公司信息披露存在的问题;最后阐述了机构投资者影响上市公司信息披露的动机和途径。实证方面,本文以2006-2008三年1476个深市机构投资者持股上市公司为研究样本,实证检验机构投资者与信息披露之间的关系及其影响因素。通过实证分析揭示了机构投资者持股能提高上市公司信息披露透明度。从机构投资者股权集中度角度分析对信息披露的影响,研究发现机构投资的过度集中将阻碍上市公司的信息披露行为。本文的最后,结合实证分析结果提出相应的对策建议及进一步研究展望。
After 10 years of institutional investors in China's development has become the most important investment securities market forces affecting the securities market is also growing. As the main body of information disclosure, information disclosure of listed companies stock market is the core content of information disclosure system. But academia is for institutional investors can play to promote the role of information disclosure of listed companies have been inconclusive. Institutional investors, information disclosure of listed companies to become investors in the research, theory community, government and public attention.
In this paper, both theoretical and empirical discussion of institutional investors were listed company information disclosure and the relationship between. In theory, this paper first analyzes the current development of institutional investors in China, the basic features; followed by analysis of the information disclosure system and information disclosure of listed companies problems; the last set of institutional investors affect the information disclosure of listed companies the motivation and means. Empirical side, this year 1476 to 2006-2008 Shenzhen listed companies to institutional investors holding the sample for the study, empirical tests of institutional investors and the relationship between information disclosure and its influencing factors. Analysis revealed by institutional investors holdings can improve the transparency of information disclosure of listed companies. Ownership concentration of institutional investors from the perspective of the impact of information disclosure, found that the excessive focus on institutional investors will hinder the disclosure behavior of listed companies. This last, the results of empirical analysis and the corresponding countermeasures and suggestions for further research prospects.
引文
[1] Jensen M.C.,Meckling.W H.Theory of the firm,managerial behavior,agency cost and ownership structure [J].Journal of Financial Economics,1976(3):305-306.
[2] S.A.Ross.The Determination of Financial Structure:the Incentive Signaling Approach[J].Bell Journal of Economics,1977(8).
[3] Jiambalvo,J.,S. Rajgopal,and M. Venkatachalam.Institutional ownership and the extent to which stock prices reflect future earnings[J].Contemporary Accounting Research 2002,19(1):117-145.
[4] EL-Gazzar , S . Predisclosure Information and Institutional ownership : A Cross-Sectional Examination of Market Revaluations During Earning Announcement Periods [J].The Accounting Review,1998(1):119-301.
[5]Shleifer,Andrei and Vishny,Robert W.Large Shareholders and Corporate Control[J].The Journal of Political Economy,1986(94):461-488.
[6] Grier P,E. J Zychowicz.Institutional investors,corporate dis2cipline,and t he role of debt [J ].Journal of Economics and Business,1994,46:1 - 11.
[7]Brent A.Some funds t ry shareholder activism [J]. MutualFund Market News, 2002, 25:1-3.
[8] Bipin Ajinkya,Sanjeev Bhojraj.The Association Between Outsder Directors,Institutional Investors and the Properties of Management Earnings Forecasts[J].Journal of Accouting Research,2005(3):343-373.
[9] CHUNG,FIRTH,KIM.InstitutionalMonitoring and Opportunistic EarningsManagement [J].Journal of Cor2porate Finance, 2002 (8):29-48.
[10] Warfield,J.Wild.Managerial ownership、accounting choices、and informativeness of earnings [J].Journal of Accounting and Economics,1995 (20):61 -91.
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[12] Bushee,B.The Influence of Institutional Investors on Myopic R&D Investment Behavior [J].The Accounting Review,1998,73 (7):305-330.
[13] Byrne,J.When Capital Gets Antsy [J].Business Week,1999(9):72-76.
[14] Sharma Vineeta D:Board of director characteristics, institutional ownership, and fraud:evidence from Australia [J].Auditing:a Journal of Practice &Theory,2004(2).
[15] Velury Uma.The effect of Institutional Ownership on the Quality of Earings.The Ph.D Dissertation University of South Carolina.1999.
[16] Pound,John.Proxy contest and the efficiency of shareholder oversight[J].Journal of Financial Economics,1998(20):237-265.
[17] Kim O.Disagreements among shareholders over a firm’s disclosure policy[J].Journal of Finance,1993(48):747-760.
[18] Porter G.Accounting earings announcements,institutional Investor concentration and common stock returns[J].Journal of Accounting Research,1992,30(1) :146-155.
[19] Renneboog L.Ownership,managerial cont rol and t he governance of companies listed on t he Brussels stock exchange [J].Journal of Banking and Finance,2000,24 :1959 - 1995.
[20] Megumi S,T Masashi. Behavioral Biases of J apanese Institutional Investors :fund management and corporate governance[J].Corporate Governance :An International Review,2005,13 :466 - 477.
[21]方军雄,洪剑峭.信息披露透明度及其经济后果性的实证研究[J].经济研究,2004(4):1-22.
[22]唐盛培.机构投资者与上市公司会计信息相关性分析[J].证券市场导报,2006 (5):49-52.
[23]程书强.机构投资者持股与上市公司会计盈余信息关系实证研究[J].管理世界,2006 (9):129-136.
[24]罗栋梁.我国机构投资者与上市公司治理的实证研究.西南财经大学,2007
[25]侯宇,叶冬艳.机构投资者、知情人交易和市场效率-来自中国资本市场的实证证据[J].金融研究,2008 (4):131 - 145.
[26]叶建芳,李丹蒙,丁琼.真实环境下机构投资者持股与公司透明度研究——基于遗漏变量与互为因果的内生性检验分析视角[J].财经研究,2009 (1):49– 60.
[27]丁方飞,范丽.我国机构投资者持股与上市公司信息披露质量——来自深市上市公司的证据[J].软科学,2009 (5):18– 23.
[28]胡国柳,韩葱慧.机构投资者与会计信息质量之关系的实证研究[J].财经理论与实践,2009 (11):56– 60.
[29]肖星,王琨.证券投资基金:投资者还是投机者[J].世界经济,2005 (8) :73 - 79.
[30]傅勇,谭松涛.股权分置改革中的机构合谋与内幕交易[J].金融研究,2008,(4) :88 - 102.
[31]李艳,张巧良.基于投资者保护的会计信息披露的实证研究——机构投资者参股效应分析视角[J].商场现代化,2009(4):332– 333.
[32]赵敏,张莉芳.机构投资者在第二类委托——代理问题中的监督作用研究[J].南京财经大学学报,2008(5):29– 31.
[33]续芹,叶陈刚.机构投资者对上市公司作用的实证研究——依据我A股市场的经验证据[J].审计与经济研究,2009(9):94–98.
[34]刘建勇,朱学义.机构投资者影响信息披露及时性吗?——来自2005—2007年中国上市公司的经验证据[J].云南财经大学学报,2009(3):78– 83.
[35]王斌,梁欣欣.公司治理、财务状况与信息披露质量[J].会计研究,2008(3):31–38.
[36]崔学刚.公司治理机制对公司透明度的影响——来自中国上市公司的经验数据[J].会计研究,2004(8):72–80.
[37]周舒.浅谈上市公司会计信息披露存在的问题及对策[J].长春金融高等专科学校学报,2008(4):18–20.
[38]李维安,李滨.机构投资者介入公司治理效果的实证研究——基于CCGINK的经验研究[J].南开管理评论,2008(11):4–14.
[39]刘立国,杜莹.公司治理与会计信息质量关系的实证研究[J].会计研究,2003 (12):28–36.
[40]耿志民.中国机构投资者研究[M].北京:中国人民大学出版社,2002.
[41]赵利人.中国证券市场机构投资者研究机构投资者,吉林大学博士学位论文,2005.
[42]万俊毅.机构投资股东:理论、实践与政策研究,暨南大学博士学位论文,2004.
[43]王帅.机构投资者参与公司治理研究,山东大学硕士学位论文,2008.
[2] S.A.Ross.The Determination of Financial Structure:the Incentive Signaling Approach[J].Bell Journal of Economics,1977(8).
[3] Jiambalvo,J.,S. Rajgopal,and M. Venkatachalam.Institutional ownership and the extent to which stock prices reflect future earnings[J].Contemporary Accounting Research 2002,19(1):117-145.
[4] EL-Gazzar , S . Predisclosure Information and Institutional ownership : A Cross-Sectional Examination of Market Revaluations During Earning Announcement Periods [J].The Accounting Review,1998(1):119-301.
[5]Shleifer,Andrei and Vishny,Robert W.Large Shareholders and Corporate Control[J].The Journal of Political Economy,1986(94):461-488.
[6] Grier P,E. J Zychowicz.Institutional investors,corporate dis2cipline,and t he role of debt [J ].Journal of Economics and Business,1994,46:1 - 11.
[7]Brent A.Some funds t ry shareholder activism [J]. MutualFund Market News, 2002, 25:1-3.
[8] Bipin Ajinkya,Sanjeev Bhojraj.The Association Between Outsder Directors,Institutional Investors and the Properties of Management Earnings Forecasts[J].Journal of Accouting Research,2005(3):343-373.
[9] CHUNG,FIRTH,KIM.InstitutionalMonitoring and Opportunistic EarningsManagement [J].Journal of Cor2porate Finance, 2002 (8):29-48.
[10] Warfield,J.Wild.Managerial ownership、accounting choices、and informativeness of earnings [J].Journal of Accounting and Economics,1995 (20):61 -91.
[11] B Lev.Toward a theory of equitable and efficient accounting policy[J].The Accounting Review,1988(63):1-22.
[12] Bushee,B.The Influence of Institutional Investors on Myopic R&D Investment Behavior [J].The Accounting Review,1998,73 (7):305-330.
[13] Byrne,J.When Capital Gets Antsy [J].Business Week,1999(9):72-76.
[14] Sharma Vineeta D:Board of director characteristics, institutional ownership, and fraud:evidence from Australia [J].Auditing:a Journal of Practice &Theory,2004(2).
[15] Velury Uma.The effect of Institutional Ownership on the Quality of Earings.The Ph.D Dissertation University of South Carolina.1999.
[16] Pound,John.Proxy contest and the efficiency of shareholder oversight[J].Journal of Financial Economics,1998(20):237-265.
[17] Kim O.Disagreements among shareholders over a firm’s disclosure policy[J].Journal of Finance,1993(48):747-760.
[18] Porter G.Accounting earings announcements,institutional Investor concentration and common stock returns[J].Journal of Accounting Research,1992,30(1) :146-155.
[19] Renneboog L.Ownership,managerial cont rol and t he governance of companies listed on t he Brussels stock exchange [J].Journal of Banking and Finance,2000,24 :1959 - 1995.
[20] Megumi S,T Masashi. Behavioral Biases of J apanese Institutional Investors :fund management and corporate governance[J].Corporate Governance :An International Review,2005,13 :466 - 477.
[21]方军雄,洪剑峭.信息披露透明度及其经济后果性的实证研究[J].经济研究,2004(4):1-22.
[22]唐盛培.机构投资者与上市公司会计信息相关性分析[J].证券市场导报,2006 (5):49-52.
[23]程书强.机构投资者持股与上市公司会计盈余信息关系实证研究[J].管理世界,2006 (9):129-136.
[24]罗栋梁.我国机构投资者与上市公司治理的实证研究.西南财经大学,2007
[25]侯宇,叶冬艳.机构投资者、知情人交易和市场效率-来自中国资本市场的实证证据[J].金融研究,2008 (4):131 - 145.
[26]叶建芳,李丹蒙,丁琼.真实环境下机构投资者持股与公司透明度研究——基于遗漏变量与互为因果的内生性检验分析视角[J].财经研究,2009 (1):49– 60.
[27]丁方飞,范丽.我国机构投资者持股与上市公司信息披露质量——来自深市上市公司的证据[J].软科学,2009 (5):18– 23.
[28]胡国柳,韩葱慧.机构投资者与会计信息质量之关系的实证研究[J].财经理论与实践,2009 (11):56– 60.
[29]肖星,王琨.证券投资基金:投资者还是投机者[J].世界经济,2005 (8) :73 - 79.
[30]傅勇,谭松涛.股权分置改革中的机构合谋与内幕交易[J].金融研究,2008,(4) :88 - 102.
[31]李艳,张巧良.基于投资者保护的会计信息披露的实证研究——机构投资者参股效应分析视角[J].商场现代化,2009(4):332– 333.
[32]赵敏,张莉芳.机构投资者在第二类委托——代理问题中的监督作用研究[J].南京财经大学学报,2008(5):29– 31.
[33]续芹,叶陈刚.机构投资者对上市公司作用的实证研究——依据我A股市场的经验证据[J].审计与经济研究,2009(9):94–98.
[34]刘建勇,朱学义.机构投资者影响信息披露及时性吗?——来自2005—2007年中国上市公司的经验证据[J].云南财经大学学报,2009(3):78– 83.
[35]王斌,梁欣欣.公司治理、财务状况与信息披露质量[J].会计研究,2008(3):31–38.
[36]崔学刚.公司治理机制对公司透明度的影响——来自中国上市公司的经验数据[J].会计研究,2004(8):72–80.
[37]周舒.浅谈上市公司会计信息披露存在的问题及对策[J].长春金融高等专科学校学报,2008(4):18–20.
[38]李维安,李滨.机构投资者介入公司治理效果的实证研究——基于CCGINK的经验研究[J].南开管理评论,2008(11):4–14.
[39]刘立国,杜莹.公司治理与会计信息质量关系的实证研究[J].会计研究,2003 (12):28–36.
[40]耿志民.中国机构投资者研究[M].北京:中国人民大学出版社,2002.
[41]赵利人.中国证券市场机构投资者研究机构投资者,吉林大学博士学位论文,2005.
[42]万俊毅.机构投资股东:理论、实践与政策研究,暨南大学博士学位论文,2004.
[43]王帅.机构投资者参与公司治理研究,山东大学硕士学位论文,2008.