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本文选取2005-2013年中国深市主板上市公司数据为样本,将机构投资者羊群行为作为中介变量,分析了会计信息披露质量与资本市场配置效率之间的关系。研究表明:会计信息披露质量与资本市场配置效率显著正相关,会计信息披露质量的提高能有效抑制机构投资者的羊群行为,机构投资者羊群行为程度降低又能有效提高资本市场的资源配置效率,且机构投资者羊群行为存在部分中介效应,即会计信息披露质量通过影响机构投资者羊群行为来影响资本市场配置效率。
This paper selects the data of main board listed companies in Shenzhen, China, from 2005 to 2013 as a sample, and uses the herd behavior of institutional investors as an intermediary variable to analyze the relationship between the quality of accounting information disclosure and the efficiency of capital market allocation. The research shows that the quality of accounting information disclosure is significantly and positively correlated with the efficiency of capital market allocation. The improvement of the quality of accounting information disclosure can effectively restrain the herd behavior of institutional investors, reduce the herd behavior of institutional investors, and effectively increase the resource allocation in capital markets Efficiency, and institutional investors herd behavior part of the intermediary effect, that is, the quality of accounting information disclosure by affecting institutional investors herd behavior to affect the efficiency of capital market allocation.