中文摘要：

本文探讨了中国A股市场中机构持股度与信息延迟度之间的关系。采用Hou与Moskowitz（2005）提出的信息延迟指标作为信息传递速度的度量，在季度数据下，发现机构持股会显著增加信息延迟度，然后在模型中加入机构持股度的一期滞后项，发现其系数显著为负，这说明前一期的机构持股比例对当期的信息延迟度有反向效应。在根据股权分置改革将样本划分为两个子期间以及基于年度的检验中，我们发现这一结论依然是稳健的。

英文摘要：

This paper gives an empirical test on the effect of institutional investors＇ holding shares on information delay in Chinese stock markets. Based on the Delay advocated by Hon and Moskowitz （2005）, we find that the institutional investors＇ holding shares can significantly increase the Delay in quarterly data. Then, we add the lag Delay into the model and find the negative relations between the institutional investors＇ previous holding and the Delay. We confirm the robustness of our results by splitting the sample period into two different sub sample periods.