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  

Is the Timeliness of Information Disclosure Influenced by Institutional Investors?——Empirical Evidence from Listed Companies in China from 2005 to 2007

作　　者：刘建勇[1] 朱学义[1] 

机构地区：[1]中国矿业大学管理学院,江苏徐州221116

出　　处：《云南财经大学学报》2009年第3期78-83,共6页Journal of Yunnan University of Finance and Economics

基　　金：国家社会科学基金资助项目(07BJY028);江苏省高校哲学社会科学基金资助项目(06SJD630059);中国矿业大学青年科研基金资助项目(2006A025)

摘　　要：从理论上分析了机构投资者与信息披露及时性之间的关系，并以2005—2007年中国上市公司为样本对两者的关系进行了实证检验，研究结果发现：机构投资者持股影响上市公司信息披露及时性，机构投资者入主的公司年报披露及时性好于没有机构投资者入主的公司，并且机构投资者持股比例越高的公司，其年报披露越及时，机构投资者持股比例与报告时滞显著负相关。对此，可通过发展机构投资者来改善上市公司的信息披露质量，从而将建立信息披露制度的强制性要求变为市场效率的自觉行为。An empirical test is made on the relationships between institutional investors and information disclosure by taking listed companies in China from 2005 to 2007 as samples. The results show that shareholding of institutional investors influences the timeliness of information disclosure of Chinese listed companies, and the timeliness of information disclosure of annual report in companies with institutional investors ＇ participation is better than thgse without their participation. The more the institutional investor holding shares, the better the timeliness of information disclosure of the company＇s annual report. That is, the share proportion of institutional investors is negatively correlated with the time - delay of annual reports. Therefore, the quality of listed companies＇ information disclosure can be improved by developing institutional investors, and the compulsory requirement to setting up information disclosure system can be changed into conscious behaviors of market efficiency.

关 键 词：机构投资者 信息披露 及时性 

分 类 号：F276.6[经济管理—企业管理]