The Research on the Institutional Investors’s Influence to the Information Disclosure Quality of the Listed Company
|School||Zhejiang University of Finance|
|Keywords||Institutional investors Disclosure quality corporate governance listed company|
Information disclosure is to protect the interests of investors and safeguard the healthy development of the capital market factors. Appear on the market the company’s disclosure of information as a capital markets and listed companies of the connection link and Bridges, to the capital market stable development plays an important role. Shenzhen from each year for the information disclosure of evaluation result, the listed companies in China information disclosure of the overall quality is not high, and excellence rate is very low, it also reveals the development of capital market in China there are many shortcomings and to perfect place. So, how to ensure the disclosure of information is true, complete and timely, will become the capital market stability of the orderly development of the important guarantee.In recent years, with the development of the institutional investor team and influence of the deep, institutional investors in the perfect company management, maintenance of investors, stable capital markets, and optimize the allocation of resources in the role of the more and cause the attention of people. Explore institutional investors in improving corporate governance disclosure quality and promote the level of ascension in the role of the correct guidance for institutional investors and promote the healthy development of the capital market is of great significance.Based on the principal-agent theory, and institutional investor actively socialist in theory, with company management as the breakthrough point, in order to promote the healthy development of China’s capital market for the purpose of regulating the use of research and empirical research, and the combination of qualitative analysis and quantitative analysis with the combination of research methods, both in domestic and abroad are summarized research is discussed on the basis of institutional investors involving in corporate governance motivation, field and way, and from the Angle of internal and external governance mechanism was discussed influence investors information disclosed two mechanism, finally to 2006 to 2009 years of shenzhen exchanges during A shares listed companies as A sample data, using statistical analysis method to institutional investors, corporate governance and disclosure quality level of the relationship between the empirical test.These mainly six chapters, the first chapter for the introduction, the second to the fifth chapter of the main body part for this paper, theoretical exploration and empirical test is divided into two parts, the sixth chapter for the conclusion and suggestion. The first chapter for the introduction section, in this section of this paper mainly introduces the background, research topic selection of purpose and meaning, the main contents, research methods and research of innovation and insufficiency.Theoretical exploration part includes the second chapter, chapter 3, mainly from this paper analyzes theoretically the theoretical basis of research both at home and abroad, and the situation in corporate governance as the breakthrough point discusses institutional investors influence the listed company information disclosure mechanism of action, for the next step of empirical studies and how to correctly guide institutional investors to participate in the company management, provides the theoretical basis and analysis perspective.The second chapter as the theoretical basis and literature review. Theory and basic part, mainly from the agency theory and institutional investor actively socialist these two aspects to analysis, through the principal-agent theory we know to institutional investors itself is double principal-agent, from the theory of socialist institutional investor actively to institutional investors in corporate governance role the historical evolution of the have a clear understanding, and the role brings the evolution of the positive results. Literature review of the mechanism analysis of main investors participate in the company management, and participation in the influence factors of motivation and participation in the way, based on the ownership structure, the board of directors and senior management incentive characteristics such as discussed several perspective to the corporate governance structure and quality of information disclosure, the relationship between the last to domestic and international institutional investors and information disclosure about the quality of the relationship between the literature review and classified.Chapter three analyzes the institutional investors influence the quality of the information disclosure mechanism. Mainly analysis the institutional investors involving in corporate governance motive of the three main areas: institutional investors attribute, the need for cooperation and income strategy incentive factors. Institutional investors involving in corporate governance from the field, it can be seen that the institutional investors involved involving in corporate governance of the scope of widely and discusses the institutional investors corporate decisions affect the internal and external two kind of way, on the analysis of the two kinds of effects on the basis of the way, we put forward the institutional investors influence the quality of the information disclosure of two mechanism, including use of the articles of association of the given to vote, through the shareholders’ meeting, board of directors and the management of the internal mechanism directly influence the information disclosure, and we call the internal mechanism and institutional investors through the external capital market on the management as information disclosure form pressure, further influence the information disclosure of management decision, which we call external mechanism.Empirical test part includes chapter 4, chapter 5, in the paper theoretical basis and institutional investors influence the quality of the information disclosure mechanism based on the analysis, this paper puts forward the relevant research hypotheses, to study the definition and measurement of variables, by establishing the corresponding analysis model of this empirical study, relevant empirical study results prove the company level of management of part variables in the institutional investors influence the quality of the information disclosure process has played important intermediary function, but also exists between the cross time influence each other relations. According to the results of the study, puts forward the correct guidance of institutional investors involving in corporate governance and how to further perfect our country’s capital market information disclosure system opinion.The fourth chapter for research hypothesis and model design. This chapter is already in the related theory on the basis of analysis, combined with the aim of research in this paper, put forward the relevant research hypotheses, with the appropriate design of model to analyze the research hypotheses of authenticity verification, and to the article study sample selection and data collection paper summarizes and, thereby, to the results of the study in this paper that laid the foundation.Chapter 5 for empirical research results and analysis. The main section in the previous chapter is based on the design of hypothesis and model, and statistical analysis of SPSS software regression equation of related statistical analysis, this paper concluded that the results of the study, through to the different research variables descriptive analysis, reveals the present study facing situation, this paper research background and purpose is very good evidence; Through the group contrast test draw any institutional investors holding relative to no institutional investors company has the high quality information disclosure, and Mann-Whitney inspection also prove that the results are reliable; Through to the institutional investors, the company level of management and information disclosure quality the relationship among inspection, we can increase institutional investors holding ratio to the board of directors can produce positive impact on the set, by increasing the number of board of directors, the board of directors and the senior managers, and to increase the share ratio of the executive compensation levels are able to improve the company’s disclosure quality, and company level of management in the institutional investors influence the quality of the information disclosure in the process is an intermediary function, and it also verify the institutional investors and information disclosure between quality of the relationship between the cross time influence each other.In chapter 6 of conclusions and Suggestions. The results section of this chapter is mainly to the fifth chapter empirical research results of a summary and generalization, suggested that part is the result of an empirical study of a kind of outspread and development. This article through to the results of the study and analysis concludes that institutional investors in the level of management and improve the level and information disclosure is playing an increasingly important role, accordingly, we put forward some Suggestions: to speed up the building for institutional investors’ development and capital market a virtuous circle of the ecological environment, perfect for listed companies as information disclosure of supervision and examination policy, many grow to have long-term strategic investors.The innovation of this paper mainly lies in institutional investors in corporate governance, the level and quality of information disclosure into the same model, set up institutions influence the quality of the information disclosure investors internal role model, the empirical study inspection company management level and the mediating role of institutional investors in order to verify the information disclosure influence the quality of the existence of the internal mechanism. And the research based on dynamic perspective to the institutional investors and disclosure quality of relationship between the cross time, to make up for the existing research in this deficiency.