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论文编号：	6417
作者编号：	2120122525
上传时间：	2014/6/10 8:03:37
中文题目：	机构投资者与市场稳定性：自愿信息披露及时性的中介作用
英文题目：	Institutional Investors and Market Stability with Timeliness of Voluntary Information disclosure as Mediator
指导老师：	林润辉
中文关键字：	机构投资者；及时性；市场稳定；盈利预测；信息披露
英文关键字：	Institutional Investors; Market Stability; Timeliness of Voluntary Information Disclosure
中文摘要：	证券市场上，投资者和上市公司管理者之间是委托——代理关系，双方存在信息不对称，而企业信息披露是解决这种信息不对称的重要手段。自深交所、上交所分别于1991年、1993年作出准许机构入市的决策以来，我国机构投资者发展迅速，在市场上扮演着重要的角色。截至2010年11月底，机构持股占流通A股的市值比例已达到70%。关于机构投资者的影响，有宏观和微观两个层面。宏观来说，机构投资者对市场的稳定发展、股价的波动有重要影响；微观来说，机构投资者对上市公司治理水平亦有重要的影响。但是，目前学术界对机构投资者的这两重影响是积极还是消极，并未达成共识。因此，本文以沪深两市2012年业绩预告数据为样本，通过实证研究，试图从机构持股时间角度出发，将机构投资者分为长期与短期机构，研究不同机构对上市公司自愿盈利预测信息披露及时性策略的影响、对市场股价异常波动的影响，以及上市公司自愿盈利预测信息披露及时性策略的中介作用。研究发现，一般法人和非金融类机构等长期机构投资者能起到稳定市场、促进上市公司信息披露的积极作用；而证券投资基金、券商等短期机构投资者反而加剧了市场股价波动，抑制了上市公司信息披露。同时上市公司自愿盈利预测信息披露及时性策略在机构持股比例与上市公司股价异常波动间起中介作用。
英文摘要：	In the stock market, it is the principal-agent relationship between the investors and managers of listed companies. There is information asymmetry on both sides, and information disclosure is the way to make it transparent. Institutional investors are not allowed to enter into the stock market before 1991. During these decades, institutional investors grew up very fast, and now, institutional investors play an important role in today’s market. At the end of November 2010, institutional ownership of A-share market value had reached to 70%. Institutional investors have macroscopic and microscopic impact. For the market, institutional ownership is related to the market volatility. For the listed companies, institutional ownership is related to the corporate governance. But now, the academy is not sure about whether the impact is positive or negative. Therefore, this paper try to figure out the different impact of long-term institutional investors and short-term institutional investors in this empirical study, using the earnings preannouncement of 2012 as the sample. The objective of this paper is to study the relationship of institutional investors and voluntary earnings disclosures, the relationship of institutional investors and corporate governance and the intermediation of the voluntary earnings disclosure. The results show that long-term institutional investors have the positive impact on the stock market and listed companies. The long-term institutional investors can stabilize market and promote the information disclosure. While the short-term institutional investors are quite on the contrary. Findings also indicate the mediating effect of voluntary earnings disclosure.
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