The Empirical Study On The Relationship Of Institutional Investors And China’s Listed Companies’ Disclosure Quality

With the maturity of the capital market,the ecological environment of capital market information has become the focus of enterprises and investors. As the connection of investors and capital market, as the source of information in decision, the information environment has become the core of the capital market and also become the evaluation of mature of capital market. And in recent years, institutional has gradually become more and more active and powerful, especially the fund investors, the influence on the quality of information began to get more and more attention by researchers. Therefore, the study has great theoretical and practical significance. This paper is on the research theory of early scholars about institution and information disclosure, and on the base of principal-agent theory and on the actual development of china’s capital market, finds the relationship between institution, especially the fund institution investors, and information disclosure of corporation with the method of demonstration.The structure of this paper is first sum up the research theory of early scholars about the relationship between institution investors and information disclosure, and then on the understanding of these theories, analyzes these theories. In theory, on the definition of institution investors, especially the fund investors, and then summarize the situation of the institution of china and analyzes the information system of china, and then on the theory of principal-agent, analyze the reason of why institution investors want to influence the information disclosure of corporation and how institution investors influence the information disclosure of corporation. About the interaction which institution investors influence information disclosure, this paper mainly study from tow sides:institution investors influence information disclosure positively and institution investors influence information disclosure negatively. To this question, this paper adopt game theory to analyze how much institution investors will pay to influence information disclosure and how much the corporation will disclose their information.On the basis of theoretical analysis, this paper selects484corporations of the main board of the Shenzhen Stock Exchange motherboard, get rid of ST and financial corporations, finally, there are388corporations are accord with this paper. And then this paper select2010year as region to research. Through research of spss, we can find that, there are12.9percentage of corporations of which the quality of information disclosure reach excellence, and69.6percentage of corporations of which the quality of information disclosure reach well, and the other corporation’s quality of information disclosure is bad. From this demonstration, we can find that, the comprehensive quality of corporation are improving, therefore, there are remain many corporation’s quality of information disclosure is bad which demonstrate that, in the capital market, information environment is not well. Therefore, the study has great theoretical and practical significance.Through analysis of the relationship between institution investors and information disclosure of corporation, we get the conclusion that:first, institution investors which hold shares can improve the quality of information disclosure, second, more the institution investors hold shares, better the information disclosure of corporation is, third, more institution investors hold the share of corporation, better the information disclosure is. As the reason of that fund institution investors are different on investment, therefore, this paper divided these fund institution investors as focus investors^balance investors and transfer investors, and then analyze the influence of information disclosure of different fund institution investors, and the conclusion demonstration that balance investors has positive function to the information disclosure, focus investors has negative function to information disclosure, transfer investors has little influence to information disclosure.At the ending of this paper, through the pre-conclusions, we give several advices about improving information level in capital market from the view of fund institution investors. From one hand, our government should build well environment which is helpful to the development of mature institution investor; from another hand, our capital market greatly need a thorough information disclosure system which can effectively measure the quality of information disclosure.