As a financial innovation product,ETF(Exchange Traded Fund)has garnered significant attention for its low fees,high transparency,and investment convenience.Taking Chinese A-share listed companies from 2006 to 2022 as the re-search sample,a model was employed to examine the relationship between ETF holdings and the value relevance of account-ing information.The study revealed a significant positive correlation between ETF holdings and the value relevance of ac-counting information of listed companies,which becomes more pronounced as ETF holdings increase.Compared to state-owned enterprises,the enhancement of accounting information value relevance due to ETF holdings and increases in holdings is more significant for non-state-owned enterprises.The increase in ETF holdings not only motivates more analysts to dig into information and improve stock liquidity,but also improves the internal governance structure of companies,curbing self-serving management behaviors and thereby enhancing the value relevance of accounting information of listed companies.Therefore,regulatory authorities should further improve the ETF regulatory system,promote ETF product innovation,encourage listed companies to continuously improve governance levels,and encourage ETF investors to actively participate in the governance of listed companies,jointly advancing the coordinated development and prosperity of listed companies,investors,and the capital market.
关键词
交易型开放式指数基金持股/会计信息价值相关性/分析师关注/公司治理
Key words
ETF Holdings/Value Relevance of Accounting Information/Analyst Focus/Corporate Governance
维普
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