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本文以2002~2014年深交所上市公司为研究样本,使用会计信息透明度、股价信息透明度、公司治理透明度三个维度指标来度量公司综合透明度,基于静态和动态角度的研究发现,对于三个维度的信息透明度,机构投资者持股比例均表现出显著的正向促进作用。由于机构投资者与公司信息透明度的关系比较复杂,本文又采用联立方程模型,进一步研究了机构投资者与公司信息透明度的因果关系,较为全面地证实了机构投资者持股比例对公司综合信息透明度显著的正向促进作用。
This paper takes the listed companies of Shenzhen Stock Exchange from 2002 to 2014 as the research samples, and uses the three dimensions indicators of accounting information transparency, stock information transparency and corporate governance transparency to measure the company’s overall transparency. Based on the static and dynamic perspectives, Information transparency, institutional investors share ratio showed a significant positive role in promoting. Because of the complicated relationship between institutional investors and corporate information transparency, this article adopts the simultaneous equation model to further study the causal relationship between institutional investors and the company’s information transparency. It fully confirms the relationship between the institutional investors’ shareholding and the company’s comprehensive information Significant positive effect of transparency.