机构投资者、信息披露质量与公司绩效

摘要

本文以深交所信息披露考评结果作为信息披露质量的替代变量，从信息披露的视角考察了机构投资者在我国上市公司的持股行为和治理效应，研究发现上市公司信息披露质量对机构投资者的持股决策具有正向影响，机构投资者的持股比例在信息披露质量较好的公司显著高于信息披露较差的公司，随着信息披露质量改善，机构投资者持股比例增加；机构投资者的治理作用因信息披露质量存在显著差异，随着信息披露质量提高，机构投资者对公司业绩的改善逐渐凸显出来，而在信息披露质量很差的公司其治理作用受到限制。换言之，机构投资者的治理作用受制于公司信息环境的影响，改善公司信息披露质量对促进机构投资者发挥其应有作用具有重要启示意义。%From the perspective of informations disclosure , this paper investigates whether information disclosure quality affects the stock holding behavior and governance effects of institutional investors in Chinese listed companies .The re-search finds that the information disclosure quality of listed companies is important to institutional investors ′stock holding decision:the ownership of institutional investors is significantly higher in good information disclosure companies than that in poor information disclosure companies , and with the information disclosure quality improving , the ownership of institu-tional investors increases; the governance role of institutional investors is also different due to the information disclosure quality, with the improvement of information disclosure quality , institutional investors will increasingly enhance the cor-porate performance , but the governance role of institutional investors is restricted in such companies which the informa -tion disclosure quality is rather poor .In other words , the governance role of institutional investors is subject to corporate information environment , improving the quality of corporate information disclosure has an important theoretical and practi -cal implication in promoting institutional investors to play a monitoring role .