Research On The Institutional Investors Affect The Quality Of Information Disclosure

Capital markets generate a variety of information. As the most important intangible resources,information is the connection link between investors and capital markets. Capital markets information directly affect investor decision-making and management of the various management. It is directly guided to optimize the allocation of resources, it also relates to the healthy development of the securities market smooth. In recent years, with the rapid development of China’s stock market institutional investors, institutional investors seems to have become the main in the capital market, so many domestic and foreign scholars began the study of institutional investors on improving their corporate governance structure to improve disclosure of corporate information Institutional investors is full of expectations. So the study,about the relationship between institutional investors and quality of information disclosure of listed companies,and this relationship how to construct capital markets and guide the development of the institutional investors is very significant.We first conducted the research literature a sort predecessors, On the basis of previous research,we analysis of the theoretical basis of institutional investors to participate in the governance of listed companies and a positive impact on the quality of information disclosure of listed companies.These theories are mainly positive agency theory and shareholder theory. Then we make a further explanation on the motives and means institutional investors to participate in the listed company. On this basis, we propose empirical hypothesis, design the research. Different from previous studies, we divide institutional investors into two types,one is the general legal person shares,the other one is the fund’s holdings. Make the model and test whether there are differences on the influence about quality of information disclosure of listed companies. The empirical results show that institutional investors in influencing the quality of information disclosure of listed companies there are differences, the fund’s holdings can significantly improve the quality of information disclosure of listed companies and holdings is very limited impact on the general legal. Finally, through testing the empirical results o, combined with China’s specific national conditions, we put forward t our own policy suggestions about how to improve the capital market to raise capital market transparency and Integrity.