Research On The Influence Of Institutional Investors’ Shareholding Ratio On Stock Price Information Content Under The Mediation Of Debt Financing

At present,the stock price of China contains a lot of "noise".The stock price information and the asset pricing efficiency are both low,leading resource mismatch and hindering economic development.Institutional investors,especially pressure resistant ones,can influence the stock price information through information transmission and participation in corporate governance.As important sources of debt financing,commercial credit,bank loans and corporate bonds have an important impact on the corporate governance mechanism,thereby affecting the information environment of enterprises and the stock price information.Based on this point,this paper explored the impact and mechanism of securities investment funds,QFII and social security funds on the stock price information,which has strong theoretical and practical significance for optimizing the hierarchical structure of institutional investors,improving the attention to the stock price information,mining value investment,and improving investors’ risk awareness.On the basis of the research background and significance,this paper firstly combed,analyzed and summarized the relevant literature of domestic and foreign institutional investors,debt financing and stock price information.Then defined the three core concepts:institutional investors,debt financing and stock price information content which studied in this paper.Based on the information asymmetry theory,shareholder activism theory,signaling theory,the paper analyzed the reasons for the high or low stock price information and the ways and means that institutional investors and creditors affect the stock price information,and put forward the research hypothesis of this paper.Thirdly Referring to previous scholars’ relevant research,this paper took 14249 observation values from 2812non-financial main board listed companies from 2015 to 2021 as the research sample,and used multiple regression analysis method,with Python and Stata16.0 as tools to test the impact of heterogeneous institutional investors on stock price information and its mechanism.The results showed that the increase of the shareholding ratio of securities investment funds,QFII and social security funds can improve the stock price information.Commercial credit plays a part of mesomeric role in the relationship between shareholding ratio of securities investment funds/social security and stock price information,while the indirect effect is not significant in the relationship between QFII and stock price information.Bank loans have a masking effect in the relationship between the stock holdings of securities investment funds and the stock price information,while the indirect effect is not significant in the relationship between QFII/social security fund holdings and the stock price information.Corporate bonds show partial mesomeric effect in the relationship between securities investment fund holdings and stock price information,while indirect effect is not significant in the relationship between QFII/social security fund holdings and stock price information.In the end,based on the empirical analysis results,this paper put forward countermeasures to improve the stock price information from the two perspectives of guiding institutional investors to play a positive role and strengthening the governance effect of creditors.