上市公司信息透明度对基金持股状况的影响-会计学专业论文.docxVIP

浙江大学硕士学位论文 浙江大学硕士学位论文 上市公司信息透明度对基金持股状况的影响 Abstract The global research of ErnstYoung shows that transparency is considered to be the most important factor in decision making．As the institutional investor has been developing，company is eager to get the attention of it by improving the information transparency．Now in China,after more than ten years’development，we have established fundamental institution system based on disclosure in capital market，but how is the listed company’S disclosure，and whether transparency influenced institutional investor the same as in developed country,remains unanswered，that is what my paper tend to focus on． My study started from the definition of transparency,introduced all kinds of transparency measurements in use and analyzed its applicability in China；then concluded that the disclosure score declared by Shenzhen Stock Exchange is the most suitable measurement for OUr listed company’S transparency．Then，standing on the institutional investor side．I used disclosure score declared by Shenzhen Stock Exchange as transparency measurement，examined how transparency influenced institutional investor through linear regression． Finally,we can find that transparency influenced institutional investor in direct and indirect ways．On the one hand，the higher transparency the company disclosures， the more stock institutional investor will keep on buying and holding．On the other hand，the improvement of the information transparency call observably enhance the influence of the payoff to the institutional investor．In other words，the higher transparency the company disclosures，the more reorganization it’S ability will get from institutional investor,the more stock institutional investor will keep on buying and holding． My study wants to afford the primary evidence of the use of information transparency and the necessity of construction and supervision of information disclosure policy to Chinese capital marke