【作者】 楼瑜；

【导师】 汪炜；

【作者基本信息】 浙江大学 ， 金融学， 2007， 硕士

【摘要】 市场是信息的集合体，上市公司是资本市场的基石，而信息则是连接上市公司与资本市场的桥梁与纽带，上市公司信息披露是证券市场信息公开制度的核心内容，是资本市场效率的一个重要评价指标。同时，机构投资者的迅猛发展也使得有关机构投资者与上市公司信息披露之间关系的研究成为理论界一个重要的课题而备受关注。本文对该课题从理论和实证上作一个初探。顺延该领域的研究发展脉络，本文从理论上和实证上分别讨论了机构投资者持股与上市公司信息披露之间的关系。理论上，本文首先揭示了促使机构投资者影响上市公司信息披露的深层次原因；其次在回顾现有文献的基础上，归纳了体现两者关系的几点表现；最后，本文重点阐释了机构投资者作用于上市公司信息披露的运作机制，并从内部机制与外部机制两个角度分别展开讨论。在理研究的基础上，本文采集了深圳证券交易所477家样本上市公司05年数据并进行了截面分析，利用Ordered Probit模型考察了机构投资者与上市公司信息披露之间的关系及其影响因素。实证结果证实了机构投资者的持股能够积极作用于上市公司信息披露，同时，我们考虑了模型存在的内生性问题，并使用了两阶段同步回归模型对内生性问题进行了克服，确保了研究成果的稳健性。此外，我们还从机构投资者股权集中度、机构投资者结构以及上市公司股份流通性角度考察了影响两者关系的外生因素，发现机构投资者股权的过度集中将阻碍公司的公开信息披露；实际流通A股比例越高，公司透明度越高，并且经历了股权分置改革的上市公司，其机构作用能力要高于未改革的上市公司；平衡型投资者将不同于交易频繁型投资者和集中型投资者显著正向作用于上市公司信息披露。文章的最后，将对本文的研究做一个总结，并据此提出相应的建议与展望。更多还原

【Abstract】 Corporate disclosure becomes an important topic in academic community with the rapid development of incorporated enterprise, which contributes to the transparency of the capital market as well as its efficiency. Financial reporting and disclosure are potentially important means for management to communicate firm performance and governance to outsider investors. At the same time, institutional investors become more and more powerful in the world. Therefore, the study on the two fields thoroughly has great theoretical and practical significance.This paper investigates the relationship of the institutional ownership with properties of corporate disclosure practice, providing a framework for analyzing managers’ reporting and disclosure decisions in a capital markets setting, and identify key research questions. We review current empirical research on disclosure regulation, information intermediaries, and the determinants and economic consequences of corporate disclosure The first section expatiated on the research background and gave a theoretical explanation about the causes of the effect as well as the mechanism of the effect. The second section set up Ordered-Probit model to explain the property of the effects. Out finding indicate that higher disclosure rankings are directly associated with more institutional ownership, whereas the concentrated institutional ownership is negatively associated with disclosure practice. Besides, we employed the Factor-Cluster analysis method to categorize institutional investors, and found significant differences in the sensitivity of institutional investor to corporate disclosure practice. In the end, we put forward some advice to strengthen corporate governance更多还原