风险提示信息、分析师跟进与机构投资者持股  

Risk Warning Information,Analyst Follow-up and Institutional Equity Holding

作　　者：林钟高 杨雨馨 

机构地区：[1]安徽工业大学商学院,安徽马鞍山243002

出　　处：《财经理论与实践》2017年第5期64-72,共9页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金项目(71572002;71272220)

摘　　要：与先前主要研究机构投资者持股的影响因素及经济后果的文献不同,基于机构投资者群体的异质性,考察分析师跟进对机构投资者持股决策的影响及其企业风险提示信息的调节作用。研究发现:机构投资者整体持股比例随分析师跟进数量的增加而增加,但增加的程度因机构投资者类型的不同而产生差异,风险提示信息的加入会减弱分析师跟进的促进效应;进一步研究发现,风险提示信息产生的持股减弱效应显著改善了异质性机构投资者持股的公司治理效果。研究结果表明:机构投资者持股决策是否采纳分析师的跟进意见,既与机构投资者的不同类型有关,也与风险提示信息的决策价值相关,对风险信息的考量有助于异质性机构投资者持股的公司治理效果的改善。Different from the previous literature on influencing factors and economic consequences of institutional equity holding, this paper, based on the heterogeneity of institutional investors,investigates the influence of analyst follow-up on institutional investors＇ decision-making and the regulatory role of corporate risk information.The research shows that the overall share- holding of institutional investors increased as the number of analysts increased, but the extent of the increase vary with different types of institutional investors, and the addition of risk information will diminish the promotion effect of the analyst follow-up at the same time.Further study found that the weakening effect of the stock generated by the risk of information improves the corporate governance effect of heterogeneous institutional investors significantly. It was sug- gested that whether the institutional investors＇ holding decision is adopted by the analyst＇s follow- up is related to the different types of institutional investors and to the decision-making value of the risk information.The consideration of risk information contributes to the improvement of the corporate governance effect caused by heterogeneous institutional investors＇ holdings. Therefore, institutional investors should focus on the joint action of the two kinds of information at the same time, so as to make the right decision for the development of capital market and the improvement of corporate governance.

关 键 词：分析师跟进 机构投资者持股 风险提示信息 

分 类 号：F275.5[经济管理—企业管理]