会计学院知识库

机构投资者拥有丰富的风险投资基础、专业的投资分析人才以及广阔的风险评估信息收集和获取的渠道，监管部门普遍认为，机构投资者作为理性投资者的代表，有助于提高企业治理水平，促进资本市场的安全与稳定。调研是机构投资者通过在现场观察项目进度、公司日常生产状况、技术开发情况的方式来获取全面了解被调研公司信息的方式。机构投资者对公司展开的调研活动为其提供了一个进一步全面深入了解企业的良好机会，从而可以有效降低双方之间的信息不对称程度。作为一个新兴金融市场，我国股市的投资者群体结构仍然呈现以散户为主的特征再加上企业自身的问题，这导致我国股市一直存在较高的波动性，股价崩盘的现象层出不穷，股价崩盘不仅会导致投资者损失惨烈，降低投资信心，甚至还会威胁到国家金融体系的安全，阻碍实体经济的健康平稳发展。现有研究表明公司股价大幅下跌的风险主要是由于公司高管人员为了隐瞒公司的坏消息、掩盖自己的恶劣业绩而人为干预信息披露的全过程中所发生的一种自利性行为而导致的。那么，机构投资者是否能够通过调研对被调研对象的股价崩盘风险产生影响呢？

为了探究这个问题，本文以2013—2018年深交所A股上市公司为对象，通过检验得出结论：（1）机构投资者调研与股价崩盘风险负相关；（2）信息披露质量在机构投资者调研对股价崩盘风险的影响中存在部分中介效应。通过本文的研究证明了机构投资者调研作为外部治理的有效性，丰富了信息披露作为公司治理的中介效应途径有关的文献，这也正是文章的创新之处。同时，也为公司的股东提供了一种有效的公司治理机制，对公司管理层形成了一种弹性的约束和监督机制，对机构投资者实施更有针对性的调研以及调研信息的最大化利用等有一定的参考意义。

Institutional investors have a rich foundation of venture capital, specialized talents in risk assessment and analysis, also with extensive broad channels to collect and obtain risk assessment information. As representatives of rational investors, it is generally recognized by securities regulatory authorities that can contribute to elevate the criterion of corporate managerial hierarchy, facilitate the security and orderly of the capital market. Investigation is a way aimed to acquire an comprehensive understanding of company under investigation for institutional investors that includes on-site observation of project progress, daily current production of the firm and technology development circumstances. The research activities carried out by institutional investors provide a good movable platform and opportunity for them to further understand widely the enterprise comprehensively and in-depth knowledge, which could validly lower the extent of information asymmetry between the two sides.  As a burgeoning financial market, the group of China's stock market investor is still gave first place to private investors, add to that the problems of the enterprise themselves, which has led to high variability, and the phenomenon of stock price collapse sharply has come out in an unending flow. The stock price collapse will not only give rise to tragic losses for investors, reduce investment confidence, but also will even imperil the safety of the national financial system and impede the healthy, smooth and steady development of substantial economy. The existing readily available research indicates that the share price fell is primarily resulted by the company executives intervene in the total process of information disclosure of the company's stock price, by way of concealing the bad news of the company and cover up their bad performance, which is a kind of self-interested behavior. In that manner, can institutional investors be in the position to influence the risk of stock price crash through dynamic investigation behavior?

For the sake of making a thorough inquiry of the problem, the paper comes to the following conclusions through empirical test based on the research specimen, which incorporate A-share listed companies in Shenzhen Stock Exchange from 2013 to 2018, (1) Institutional investor research will drop the risk of stock price collapse; (2) Information disclosure quality has mediating effects in the inhibition of the two sides. The conclusion of this paper demonstrates that it plays a valid role in external supervision and administration, and enriches the literature related to information disclosure, which is also the innovation of this paper. Through the research of this paper, it proves the validity of institutional investor research as surface governance, enriches the literature on information disclosure as the intermediary effect. which is also the innovation of this article. Furthermore, it also supplies a resultful corporate management innovation mechanism for the shareholders of the company, forms a flexible restraint and supervision mechanism for the administration of the corporation. It has certain reference significance for institutional investors to implement more targeted research and maximize the use of research information.