An Empirical Research On Information Disclosure Of China's Listed Company Influenced By Institutional Investors

After 10 years of institutional investors in China's development has become the most important investment securities market forces affecting the securities market is also growing. As the main body of information disclosure, information disclosure of listed companies stock market is the core content of information disclosure system. But academia is for institutional investors can play to promote the role of information disclosure of listed companies have been inconclusive. Institutional investors, information disclosure of listed companies to become investors in the research, theory community, government and public attention.In this paper, both theoretical and empirical discussion of institutional investors were listed company information disclosure and the relationship between. In theory, this paper first analyzes the current development of institutional investors in China, the basic features; followed by analysis of the information disclosure system and information disclosure of listed companies problems; the last set of institutional investors affect the information disclosure of listed companies the motivation and means. Empirical side, this year 1476 to 2006-2008 Shenzhen listed companies to institutional investors holding the sample for the study, empirical tests of institutional investors and the relationship between information disclosure and its influencing factors. Analysis revealed by institutional investors holdings can improve the transparency of information disclosure of listed companies. Ownership concentration of institutional investors from the perspective of the impact of information disclosure, found that the excessive focus on institutional investors will hinder the disclosure behavior of listed companies. This last, the results of empirical analysis and the corresponding countermeasures and suggestions for further research prospects.