| 摘要: |
| 随着我国资本市场的发展，监管机构和市场投资者对上市公司信息披露的质量提出更高要求，而作为重要的利益相关者，共同机构投资者连结企业之间的经济关联在资本市场中越来越常见，探讨机构共同持股对公司透明度的影响对于完善和发展我国证券市场具有深刻意义。本文以2007－2019年A股上市公司为研究样本，考察机构共同持股对公司透明度的影响。实证结果表明，机构共同持股能够显著提高公司透明度。同时，进一步研究发现，机构共同持股通过减少恶性竞争、降低披露的专有成本和缓解代理问题，降低代理成本这两条路径提高公司透明度。在国有企业、创新型企业中，机构共同持股更能提高公司透明度。本文结论为推进股票发行注册制，进一步完善以信息披露为核心的制度体系提供了理论指导，为资本市场信息环境的改善提供了理论支持。 |
| 关键词: 机构共同持股；专有成本；代理成本；公司透明度 |
| DOI： |
| 分类号:F832.5；F275 |
| 基金项目:西南大学研究阐释党的二十大精神专项项目重点项目“新发展格局下加快建设制造强国的路径与机制研究”（SWU2209058）；中央高校基本科研业务费专项资金项目“共同分析师、生产网络与企业数字化转型”（SWU2209217）。 |
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| Common Institutional Ownership and Corporate Transparency |
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DU Yong，LIU Qin
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(School of Economics and Management,Southwest University)
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| Abstract: |
| With the development of China’s capital market,regulators and market investors put forward higher requirements for the quality of information disclosure of listed companies.As an important interest-related person,the economic associated between joint institutional investors connects enterprises is increasingly in the capital market.The more common,the impact of exploring the impact of joint shares on the company on the company’s transparency is undoubtedly profound on the improvement and development of muthy country’s securities market.This article uses the samples of the A-share listed company from 2007 to 2019,and inspected the impact of the joint shares of the institution on the company’s transparency.Empirical results show that the joint holding of institutions can significantly increase the transparency of the company.At the same time,further research has found that the institutional shares jointly increase the transparency of the company by reducing malignant competition,reducing the proper costs of disclosure,and alleviating agency problems,reducing the two paths of agency costs.Among the state-owned enterprises and innovative enterprises,the co-ownership of institutions can increase the transparency of the company.This article concludes that it provides theoretical guidance for promoting stock issuance registration system,further improvement of information disclosure as the core system,and providing theoretical support for the improvement of the information environment of the capital market. |
| Key words: Common Institutional Ownership;Proprietary Costs;Agency Costs;Corporate Transparency |
