CAJ | 학술논문

选取2009--2011年深交所A股上市公司为研究样本，分别研究了机构投资者持股时间及其持股比例对信息披露质量的影响。研究结果发现，长期机构投资者持股有利于信息披露质量的提高，短期机构投资者持股行为不仅不能促进公司治理效率的提高，还可能产生不利于会计信息披露的影响。但是，当机构投资者作为第一大股东持股时，或者在没有重仓持股情况下的相对长期持股行为，反而表现出不利于上市公司信息披露质量提高的倾向。
선취2009--2011년심교소A고상시공사위연구양본，분별연구료궤구투자자지고시간급기지고비례대신식피로질량적영향。연구결과발현，장기궤구투자자지고유리우신식피로질량적제고，단기궤구투자자지고행위불부불능촉진공사치리효솔적제고，환가능산생불리우회계신식피로적영향。단시，당궤구투자자작위제일대고동지고시，혹자재몰유중창지고정황하적상대장기지고행위，반이표현출불리우상시공사신식피로질량제고적경향。
The A-shares in Shenzhen Stock Exchange from 2009 to 2011 are selected as research sample to study the influ- ence of shareholding＇ s time and ratio respectively. The research finds that the long-term institutional investors＇ shareholding would have the positive influence on the quality of information disclosure and the short-term institutional investors＇ shareholding would fail to promote the efficiency of corporate governance and adversely affect the accounting information disclosure. However, if an institutional investor is the largest shareholder or the shareholding time is comparable to a long-term, the institutional inves- tors＇ shareholding would have the bad influence on the quality of information disclosure.