导　　师： 沈乐平

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 机构投资者不仅是各国证券市场发展的中坚力量，也是优化公司治理、改善上市公司信息披露质量的重要因素。本文以我国上市公司机构投资者为研究对象，研究机构投资者对上市公司信息披露的影响，重点阐述以委托代理理论和机构股东积极主义为基础的机构投资者影响上市公司信息披露的原理，在分析机构投资者的本质属性和投资特性的基础上阐述机构投资者影响上市公司信息披露的内在动因和影响途径，并结合我国沪市A股主板上市公司的数据进行实证分析，讨论我国的机构投资者对上市公司信息披露的作用性质及其影响程度。 本文实证分析结果表明在众多机构投资者中基金（指一般证券投资基金）和社保基金对上市公司信息披露的影响较为显著，其他类型的机构投资者如QFII、保险基金、企业年金、财务公司、综合类券商、信托投资公司、银行、其他金融机构（如投资公司、资产管理公司、投资集团）、学术研究机构对上市公司信息披露的影响并不显著。另外，从本文的实证分析结果同样可以发现：对上市公司信息披露质量有显著影响的因素包括：机构投资者年度平均持股比例、上市公司的独立董事比例、上市公司的规模和净资产收益率。文章最后根据理论分析和实证结果从发展机构投资者、加强资本市场制度建设等方面提出了具体的建议。 Institutional investors are not only the backbone of the national securities market, butalso an important fact to optimize corporate governance and to improve the quality ofinformation disclosure of listed companies. The paper is based on the institutional investors oflisted companies in China, researching the institutional investors on the impact of informationdisclosure of listed companies. We focus on the theory of this impacting mechanism which isprincipal-agent theory and institutional shareholder activism. The paper elaborates theintrinsic motivation and the ways of affection role of institutional investors on the informationdisclosure of listed companies after analysis of the essential attribute of the institutionalinvestors and investment characteristics. Combined with data of Shanghai’s Main Board listedcompany for the empirical analysis and discussion of the nature role and influence of China'sinstitutional investors on listed companies' information disclosure. The empirical analysis shows that in a number of institutional investors, the funds /(referto the general securities investment funds/) and social security funds affecting the informationdisclosure of listed companies are more significant, other types of institutional investors,such as QFII, insurance funds, corporate annuities, financial companies integrated securitiesfirms, trust investment companies, banks, other financial institutions /(such as investmentcompanies, asset management companies, investment groups/), academic and researchinstitutions, their impaction of information disclosure of listed companies is not significant. Inaddition, from the empirical results also can be found that the quality of informationdisclosure of listed companies have significant influence factors including: institutionalinvestors annual average shareholdings of listed companies, the proportion of independentdirectors of listed companies, the size and Rate of return on common stockholders’ equity.Finally, based on theoretical analysis and empirical results, the specific recommendations areputting forward from the development of institutional investors, strengthen the capital marketsystem.

关 键 词： 机构投资者 上市公司 信息披露

分 类 号： [F832.51 F233 F224]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]