摘要
这是一项关于新的信息环境和制度背景下 ,企业信息的关键使用者———机构投资者信息需求的最新研究。本研究对中国机构投资者使用公司报告的主要目的、投资决策模式、信息需求的影响因素、信息需求偏好以及他们对公司报告质量的评价等进行了全面调查。研究表明 :目前中国机构投资者的投资理念与其投资决策模式尚未能够有效耦合 ;因特网已成为机构投资者获取更为广泛丰富的公司信息的最主要的渠道 ,但是 ,公司网站披露信息的质量存在缺陷 ;在法定年报中 ,财务信息仍是机构投资者关注的重点 ;机构投资者对简明财务信息有明显偏好 ,对“年报补丁”非常反感 ;目前的财务报告并不存在明显信息冗余 ,相反 ,存在披露不足 ,机构投资者的信息需求与公司报告实务之间仍存在巨大期望差距。本文对调查结果进行了系统分析 ,并提出相应的政策建议。
The paper is a new investigation on information needs of Chinese institutional i nvestors who are key users of corporation information in current info environmen t and institutional background.We survey fully Chinese institutional investors' purpose of utilizing business reporting,decision-making models,factors impac ting information needs,preference of information needs and their opinions about financial reporting quality.Our research indicates:institutional investors fai l to couple their idea of long term investment and decision-making models;Inte rnet has been primary channel to get corporation information,but the quality of information on the websites of corporations is very unsatisfactory;Institution al investors still stress financial information that is segment of business repo rting and obviously prefer concise financial information,and are disgusted with “mend reporting”;Furthermore,institutional investors believe there is no ob vious redundancy in business reporting,in contrast,information disclosured is insufficiency;There is a big gap between investors' information needs and corp orate disclosure practices.Moreover,the paper analyzes systemically the results of our investigation and offer accordingly some advices.
出处
《会计研究》
CSSCI
北大核心
2004年第12期14-22,共9页
Accounting Research
基金
国家自然科学基金项目 (编号 :70 3 72 0 2 4)的阶段性研究成果。
