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机构投资者一直以具有较好的选股能力立足于资本市场。本文利用2004-2007年深交所的上市公司为样本,从信息透明度角度检验机构投资者的选股能力。实证研究发现:与预期一样,在信息透明度评级较高的公司,机构持股比例会较高和持股机构数目会较多,短线机构持股比例会较高;在信息透明度评级上升的公司,机构会调高持股比例和增加机构数目,短线机构会调高持股比例,长线机构投资者并不会基于信息透明度评级的变化调节其持股比例;与预期相反,在信息透明度评级较高的公司长线机构持股比例会较高。因此,提高公司持股机构化的同时拓宽机构投资者信息获取通道是当务之急。
Institutional investors have been based on the capital market with good stock selection ability. This paper uses the listed companies of Shenzhen Stock Exchange from 2004 to 2007 as a sample to test the stock selection ability of institutional investors from the perspective of information transparency. Empirical studies have found that, as expected, companies with a high rating on information transparency will have a higher share of institutional ownership and a larger number of shareholding institutions, while short-term institutional ownership will be higher; in companies with a higher rating on information transparency, Institutions will raise the ownership ratio and increase the number of agencies, short-term agencies will raise the proportion of holdings, long-term institutional investors will not be based on changes in the transparency of information ratings to adjust its ownership ratio; contrary to expectations, higher in the transparency of information rating Of the company’s long-term institutional ownership ratio will be higher. Therefore, it is imperative to improve institutionalization of shareholding while broadening access to institutional investors.