Abstract: Based on the quasi-natural experiment of the Shanghai-Shenzhen Stock Exchange's staggered release of information disclosure guidelines for listed companies by sub-sector, this paper empirically tests the impact of disclosure by industry on the structure of corporate ownership. The difference-in-difference model result shows that the implementation of disclosure policies in different industries is associated with an increase in the total number of a firm's shareholders. Specifically, we find that while policy implementation is associated with an increase in share ownership of individual and foreign institutional investors, it is associated with a decrease in share ownership of domestic institutional investors. Further evidence shows that this asymmetric shift in share ownership is more pronounced for more complex firms. This paper not only enriches the relevant literature on the economic consequences of disclosure by industry and the factors of the structure of corporate ownership, but also has an important enlightenment on the reform of information disclosure system in China's capital market.

Key words: disclosure by industry, ownership structure, information environment, investor cognition