| 机构投资者持股对信息披露的治理作用研究——以管理层盈余预告为例 |
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| 引用本文： | 高敬忠,周晓苏,王英允.机构投资者持股对信息披露的治理作用研究——以管理层盈余预告为例[J].南开管理评论,2011,14(5). |
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| 作者姓名： | 高敬忠 周晓苏 王英允 |
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| 作者单位： | 1. 天津财经大学商学院会计学系
2. 南开大学商学院会计系 |
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| 基金项目： | 国家自然科学基金项目(70872053)资助 |
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| 摘 要： | 本文以我国A股上市公司2004-2007年盈余预告披露数据为例,实证检验了机构投资者对信息披露的治理作用。结果发现:(1)随着机构投资者持股比例的增加,管理层采取的盈余预告精确性提高(更具体的形式和更小的误差),及时性也增强;(2)银行、财务公司类机构、一般基金类机构对管理层盈余预告选择的积极治理作用相对较强,而养老、保险类机构对管理层盈余预告选择的积极治理作用则相对较弱;(3)处于不同持股规模时,管理层盈余预告的精确性、及时性均随着机构投资者整体持股比例增大而提高。但是,机构投资者持股比例的提高易导致了管理层盈余预告的乐观态度倾向;(4)股权分置改革后,机构投资者持股对管理层盈余预告披露选择的积极治理作用比股权分置改革前有所增强。建议大力发展机构投资者规模和专业素质以优化投资者结构,促进我国资本市场的健康发展。
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| 关 键 词： | 机构投资者持股 盈余预告 信息披露 治理作用 |
A Study of The Governance Role for Institutional Ownership in Accounting Information Disclosure:Taking the Management Earnings Forecast in China Securities Market as Example |
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| Gao Jingzhong,Zhou Xiaosu,Wang Yingyun.A Study of The Governance Role for Institutional Ownership in Accounting Information Disclosure:Taking the Management Earnings Forecast in China Securities Market as Example[J].Nankai Business Review,2011,14(5). |
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| Authors: | Gao Jingzhong Zhou Xiaosu Wang Yingyun |
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| Institution: | Gao Jingzhong1,Zhou Xiaosu2,Wang Yingyun2 1.Business School,Tianjin University of Finance and Economics,2.Business School,Nankai University. |
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| Abstract: | The information of earnings forecast is very important in securities market.A large number of researches show that the management earnings forecast will affect the price decision and transaction behavior of investors and the information circumstance of whole market,so it get much attention of regulators.In addition,the empirical research result shows that the institutional investors have effect in corporate governance.How will the institutional investors play its governance role in management information di... |
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| Keywords: | Institutional Ownership Management Earnings Forecast Accounting Information Disclosure The Governance Role |
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