以2006~2015年深交所443家上市公司为研究样本,在动态内生性的分析视角下,运用动态面板系统GMM估计方法,探讨机构投资者持股与信息披露质量二者的交互跨期关系。结果表明:在控制了变量间的动态内生性后,当期机构投资者持股对当期信息披露质量没有显著影响,前期机构投资者持股对当期信息披露质量有显著正向影响,前期和当期信息披露质量均显著正向影响当期机构投资者持股。 Taking 443 listed companies in Shenzhen Stock Exchange from 2006 to 2015 as the research samples, this paper uses dynamic panel system GMM estimation method from the perspective of dynamic endogenous analysis to explore the intertemporal relationship between institutional investors’ holdings and the quality of information disclosure. The results show that: after controlling the dynamic endogenous variables, the current institutional investors ’holdings have no significant effect on the current information disclosure quality; the previous institutional investors’ shares have a significant positive impact on the current information disclosure quality; the previous and current information Disclosure quality significantly positive impact on the current institutional investors holding.