| 水信息披露、机构投资者异质性与企业价值——来自我国A股制造业上市公司的经验证据 |
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| 引用本文：李世辉，何绍丽，曾辉祥.水信息披露、机构投资者异质性与企业价值——来自我国A股制造业上市公司的经验证据[J].湖南大学学报社会科学版,2018,(4):79-86 |
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| 中文摘要:以我国2011-2016年A股制造业上市公司为研究样本，本文采用面板回归模型实证检验了企业水信息披露对企业价值的影响以及异质机构投资者在二者关系中的调节作用。结果表明：目前企业水信息披露水平整体较低，其对企业价值有显著的负向影响；在该影响中，机构投资者整体有显著的正向调节作用，压力抵制型机构投资者有显著的负向调节作用，而压力敏感型机构投资者无显著的调节作用。 |
| 中文关键词:企业价值 水信息披露 机构投资者 机构投资者异质性 |
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| Water Information Disclosure, Institutional Investors’ Heterogeneity and Firm Value：Evidence from China’s A-share Listed Companies in Manufacturing Industry |
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| Abstract:Based on the analysis of China's A-share listed companies in manufacturing industry from 2011 to 2016, this paper by a panel regression model examines the impact of water information disclosure on firm value and the regulatory role of heterogeneous institutional investors in the relationship between the two . The results show that: the disclosure level of corporate water information, low overall at present, has a significant negative impact on firm value, and on this relationship, the whole institutional investors have a significant positive regulatory effect, the whole pressure-resistant institutional investors have a significant negative regulatory effect, while the whole pressure-sensitive ones are of no significant regulatory effect. |
| keywords:firm value water information disclosure institutional investor heterogeneity of institutional investors |
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