机构投资者积极主义与公司股价关系的实证研究

发布时间：2018-02-02 10:07

本文关键词： 机构投资者积极主义股票价格公司治理　出处：《贵州财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：从上世纪80年代到现在，在全球主要的较成熟资本市场上，随着政府和监管部门对机构投资者投资的相关法律制度的放宽，机构投资者得到了飞速的发展。投资机构化、机构主导化已是证券市场发展的大势所趋。由于其规模的不断扩张，在有关公司治理方面参与的广度和深度也不断加强，在各国掀起了有关机构投资者在公司治理方面的作用和影响的研究热潮。作为一个最有代表的新兴市场，中国的资本市场用十几年的时间走过了发达国家资本市场上百年的路程，可谓突飞猛进、快速成长。自从我国1998年开始进行证券投资基金试点之后，管理部门加快培育和发展机构投资者的步伐，依托于我国经济良好的基本面，机构投资者迅速崛起。这不仅表现在机构投资者数量、规模的急剧扩张上，还表现在机构投资者投资管理理念日益成熟、投资行为日益规范，投资组合管理更加活跃上。本文主要是在前人的研究的基础上对我国机构投资者行为与股票价格的关系进行研究。本文的目的是研究机构投资者积极主义对股东财富的影响，股东财富直接由流通市场上公司的股票价格来反映。在介绍了什么是机构投资者积极主义和机构投资者与股票价格的相关理论和实证研究的基础上，用短期的事件研究法分析了在我国的股票市场上，当公司治理出现问题时，机构投资者积极主义对公司的股票价格会有何影响。在收集整理分析了大量数据和运用SPSS软件进行简单的分析之后得出了结论，即对于那些被中国证券监督管理委员会发布行政处罚的公司，机构投资者积极主义对股票价格有着消极的影响，，即对股东财富会有消极的影响，且引起处罚发布的原因越多则影响就越大。
[Abstract]:From -20s to now, in the major mature capital markets in the world, with the government and regulatory authorities on institutional investors investment related legal system relaxed. Institutional investors have been rapidly developed. Investment institutionalization, institutionalization is the trend of the development of the securities market. Because of its continuous expansion of the scale. The extent and depth of participation in corporate governance has also been strengthened, and the research boom on the role and impact of institutional investors in corporate governance has been raised in various countries. As one of the most representative emerging markets, China's capital markets have gone through hundreds of years' journey in developed countries for more than ten years, which can be described as a rapid development. Rapid growth. Since 1998, China began to carry out the securities investment fund pilot, management departments to speed up the pace of training and development of institutional investors, relying on the sound fundamentals of China's economy. The rapid rise of institutional investors is not only reflected in the rapid expansion of the number and scale of institutional investors, but also in the maturity of the concept of institutional investors' investment management and the increasingly standardized investment behavior. Portfolio management is more active. This paper mainly studies the relationship between the behavior of institutional investors and stock price on the basis of previous studies. The purpose of this paper is to study the influence of institutional investor activism on shareholder wealth. The shareholder's wealth is directly reflected by the stock price of the company in the circulating market. On the basis of introducing what is institutional investor activism and the related theoretical and empirical research of institutional investor and stock price. This paper analyzes the problem of corporate governance in the stock market of our country with the method of short-term event research. How does institutional investor activism affect the stock price of the company? after collecting and analyzing a large number of data and using SPSS software for a simple analysis the conclusion is reached. That is, for those companies issued by China Securities Regulatory Commission administrative penalties, institutional investor activism has a negative impact on stock prices, that is, shareholders will have a negative impact on wealth. And the more reasons that cause punishment to be issued, the greater the impact.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【引证文献】