CAJ | 학술논문

本文以我国A股上市公司2004-2007年盈余预告披露数据为例,实证检验了机构投资者对信息披露的治理作用。结果发现：（1）随着机构投资者持股比例的增加,管理层采取的盈余预告精确性提高（更具体的形式和更小的误差）,及时性也增强;（2）银行、财务公司类机构、一般基金类机构对管理层盈余预告选择的积极治理作用相对较强,而养老、保险类机构对管理层盈余预告选择的积极治理作用则相对较弱;（3）处于不同持股规模时,管理层盈余预告的精确性、及时性均随着机构投资者整体持股比例增大而提高。但是,机构投资者持股比例的提高易导致了管理层盈余预告的乐观态度倾向;（4）股权分置改革后,机构投资者持股对管理层盈余预告披露选择的积极治理作用比股权分置改革前有所增强。建议大力发展机构投资者规模和专业素质以优化投资者结构,促进我国资本市场的健康发展。
본문이아국A고상시공사2004-2007년영여예고피로수거위례,실증검험료궤구투자자대신식피로적치리작용。결과발현：（1）수착궤구투자자지고비례적증가,관리층채취적영여예고정학성제고（경구체적형식화경소적오차）,급시성야증강;（2）은행、재무공사류궤구、일반기금류궤구대관리층영여예고선택적적겁치리작용상대교강,이양로、보험류궤구대관리층영여예고선택적적겁치리작용칙상대교약;（3）처우불동지고규모시,관리층영여예고적정학성、급시성균수착궤구투자자정체지고비례증대이제고。단시,궤구투자자지고비례적제고역도치료관리층영여예고적악관태도경향;（4）고권분치개혁후,궤구투자자지고대관리층영여예고피로선택적적겁치리작용비고권분치개혁전유소증강。건의대력발전궤구투자자규모화전업소질이우화투자자결구,촉진아국자본시장적건강발전。
The information of earnings forecast is very important in securities market.A large number of researches show that the management earnings forecast will affect the price decision and transaction behavior of investors and the information circumstance of whole market,so it get much attention of regulators.In addition,the empirical research result shows that the institutional investors have effect in corporate governance.How will the institutional investors play its governance role in management information disclosure is a significant question for empirical research.Based on the earnings forecast data from year 2004-2007 of A listed companies in China,we examine the governance role of institutional ownership in accounting information disclosure.We find that（1） With the increase of institutional ownership proportion,the precise,accuracy and timeliness of management earnings forecast will also increase.It means the institutional investors have positive role in management earnings forecast;（2） For different type institutional investors,the governance role may be different.Among them,the positive governance role of institutional ownership of bank,financial corporate and common fund are relatively stronger,but the positive governance role of institutional ownership of pension and insurance fund are relatively weaker;（3） In the quantile test,we find that the governance role of institutional ownership mostly improves with the increase of their ownership proportion in different scale.But for the attitude tendency,the ownership proportion increase are prone to resulting in optimism;（4） After the reform of ownership separation,the governance role of institutional ownership are increased.In conclusion,the results support our expectation in most cases.It also has some accidents.We think that it may relate with the development level and characteristics of institutional investors in China.We recommend that the scale and the professional ability of institutional investors should be improved,so that the structure of investors in China securities market can be optimized and the capital market can developed healthily.