基金投资者网络与企业自愿性信息披露——来自中国证券市场的经验证据  

Fund Investor Network and Corporate Voluntary Information Disclosure:Empirical Evidence From China Stock Markets

作　　者：梁雯 宋思淼 姚晓林[3] LIANG Wen;SONG Simiao;YAO Xiaolin(School of Accounting, Hangzhou Dianzi University, Hangzhou 310018, China;School of Accounting, Dongbei University of Finance and Economics, Dalian 116025, China;School of Information and Business Management, Dalian Neusoft University of Information, Dalian 116023, China)

机构地区：[1]杭州电子科技大学会计学院,浙江杭州310018 [2]东北财经大学会计学院,辽宁大连116025 [3]大连东软信息学院信息与商务管理学院,辽宁大连116023

出　　处：《审计与经济研究》2020年第6期78-87,共10页Journal of Audit & Economics

基　　金：浙江省教育厅一般科研项目(Y202044428);国家社会科学青年基金项目(16CJY006);浙江省软科学年度课题(2019C35012)。

摘　　要：以2004—2018年持有我国深市A股上市公司的公募基金为样本,探究基金投资者网络对企业自愿性信息披露的影响。研究表明:基金投资者的网络中心度越高,企业进行自愿性信息披露的倾向就越强,且这一关系在非国有企业和基金持仓比例较高的样本企业中更为显著。进一步研究发现,基金网络在此过程中主要发挥监督职能和降低信息披露成本作用,且其不但会影响重仓持股公司,还会对行业内非基金持股公司产生溢出效应,从而优化行业信息环境。研究结论为我国机构投资者治理角色提供理论解释和经验证据,也为政府监管部门的制度设计提供参考。Taking the public fund of China's Shenzhen A-share listed company in 2004—2018 as a sample,this paper explores the impact of the fund investor network on the voluntary information disclosure of enterprises.The research shows that the higher the network center of fund investors,the stronger the tendency of enterprises to disclose information on a voluntary basis,and this relationship is more significant in sample enterprises with non-state-owned enterprises and a higher proportion of fund positions.Further research found that the fund network mainly played the role of supervision and reduced the cost of information disclosure in this process.And the fund investor network will not only affect its heavy holding company,but also have spillover effects on non-fund holding companies in the industry,thus optimizing the industry information environment.The research conclusions provide a theoretical explanation and empirical evidence for the institutional investor governance role in China.It also provides a reference for the institutional design of government regulatory authorities.

关 键 词：基金投资者网络 自愿性信息披露 监督治理 信息披露成本 信息溢出 

分 类 号：F832.5[经济管理—金融学]