| In the process of China’s economic transformation from high-speed development to high-quality development,capital market is regarded as an important link to optimize resource allocation,and capital asset pricing efficiency plays a key role in this process.The core issue of capital asset pricing is information efficiency.Market participants’disclosure,transmission,acquisition and interpretation of information are closely related to price discovery.In the process of marketization of Chinese capital market,the proportion of funds of institutional investors in securities trading is increasing day by day,and they are playing a more and more important influence.From the perspective of experience judgment,institutional investors have advantages in professional information acquisition channels and knowledge capital reserves,which has a positive promoting effect on market information efficiency.However,considering the reality of China,the current development of institutional investors in China’s capital market is not mature,the securities market supervision and protection mechanism is not perfect,the information disclosure system is not perfect,whether institutional investors can really promote the Chinese market information efficiency remains to be further studied.In the period of rapid development of Internet information exchange media and social networks,existing researches only focus on individual institutional investors,ignoring the extensive and frequent connections between institutional investors,which are easy to connect into a structural shareholding network and influence their own investment decisions through observation and communication.On the one hand,the collective governance of institutional investors network and the rapid dissemination of information can improve the quality of information disclosure and market information efficiency of listed companies.On the other hand,consistent action is also prone to the phenomenon of "group" price raising,which damages the efficiency of market pricing.If the research ignores the social attributes and irrational factors of institutional investors’ behavior,the understanding of market information transmission and information pricing will be easily separated.Therefore,it is necessary to consider a comprehensive analysis of institutional investors’ behavior from the perspective of social network.Based on the existing research,this paper takes the shareholding network of institutional investors for listed companies as the entry point,and uses the complex network model as the research tool to analyze the influence of institutional investors’shareholding network on the information disclosure quality and information efficiency of the subject held.Based on the data of institutional investors’ holdings in the A-share market from 2010 to 2021,this paper conducts an empirical test.The results show that the quality of information disclosure of listed companies located at key nodes of the institutional investors’ holdings network can be significantly improved.In addition,the networked shareholding of institutional investors can improve the marketization attention and internalization governance of information disclosure of listed companies by arousing media attention,improving internal governance level and enhancing equity checks and balances.Furthermore,this paper also finds that the institutional investor shareholding network can improve the information pricing efficiency of the whole securities market.Therefore,the positive promotion effect of institutional investors’networked shareholding runs through the whole process from information disclosure to information pricing.To sum up,this paper proves that the information disclosure quality and market information pricing efficiency of listed companies can be improved by institutional investor shareholding network.This conclusion broadens the research perspective of the impact of institutional investors on information efficiency,clarifies the mechanism by which institutional investors exert the effectiveness of information governance,and provides new ideas and evidence support for the future research on institutional investors’ improvement of the information efficiency of Chinese securities market. |
