机构投资者一直以具有较好的选股能力立足于资本市场。本文利用2004-2007年深交所的上市公司为样本,从信息透明度角度检验机构投资者的选股能力。实证研究发现：与预期一样,在信息透明度评级较高的公司,机构持股比例会较高和持股机构数目会较多,短线机构持股比例会较高;在信息透明度评级上升的公司,机构会调高持股比例和增加机构数目,短线机构会调高持股比例,长线机构投资者并不会基于信息透明度评级的变化调节其持股比例;与预期相反,在信息透明度评级较高的公司长线机构持股比例会较高。因此,提高公司持股机构化的同时拓宽机构投%It is well-known that institutional investors have the ability to select stocks in the capital market.In this paper,we test institutional investors＇ stock-selecting ability from the perspective of information transparency by drawing upon companies listed in Shenzhen Stock Exchange from 2004 to 2007.The results show that highly information-transparent companies are characterized by higher proportion of institutional ownership,larger number of institutional investors and higher proportion of short-term institutional ownership;when a company＇s information transparency is rated higher,institutions would increase their shareholdings and the number of institutional investors and short-term institutional investors would increase their shareholdings.Long-term institutional investors may not adjust their shareholdings on the basis of information transparency rating change.Contrary to expectations,the proportion of long-term institutional ownership may be high in companies with high rating of information transparency.
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