机构投资者持股与上市公司研发投入关系的研究

发布时间：2018-01-21 22:09

本文关键词： 机构投资者公司治理研发投入实证研究　出处：《湖南大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着机构投资者持股比例的上升、政府管制的放松与积极推动，美、英等西方国家的机构投资者逐渐放弃了过去消极的“用脚投票”方式，开始采用积极的“用手投票”方式。这种股东积极主义的兴起引起了国内外学者的广泛关注。同时，研发活动不仅是企业生存和发展的动力，还是投资者预测企业发展前景的重要因素。因此，研发投入将成为机构投资者关注的话题。基于上述背景，本文立足股东积极主义理论和委托代理理论，对机构投资者行使积极权力进行了探索，紧接着从动因分析和影响方式两个方面分析了机构投资者参与公司治理影响研发投入的必然性，最后进一步探讨了研发投入对机构投资者持股的影响。在实证检验的部分，本文选取2007-2010年深市有机构投资者持股的A股上市公司为样本，分别以机构投资者整体持股比例、不同类型的机构投资者持股比例和研发强度作为解释变量，，考察机构投资者与上市公司研发投入的关系。研究发现，总体来说，我国的机构投资者能促使上市公司加大研发投入力度，但不同类型的机构投资者对上市公司研发投入的影响不同，同时，上市公司加大研发投入会吸引部分机构投资者增持股份。这说明我国机构投资者的发展尚不均衡，仍需要不断改革与完善。最后，根据本文的研究结论，建议我国应大力发展机构投资者，优化机构投资者结构；适当放宽或解除机构投资者参与公司治理的相关法律法规；加大上市公司的研发投资力度，使上市公司和机构投资者实现双赢。
[Abstract]:With the rise of institutional investors' shareholding ratio and the relaxation and active promotion of government regulation, institutional investors in the United States, Britain and other western countries have gradually abandoned the past passive "voting with their feet" method. This kind of shareholder activism has aroused the widespread concern of scholars both at home and abroad. At the same time, R & D activities are not only the motive force for the survival and development of enterprises. Therefore, R & D investment will become a topic of concern to institutional investors. Based on the above background, based on the shareholder activism theory and principal-agent theory, this paper explores the positive power of institutional investors. Then it analyzes the inevitability of institutional investors' participation in corporate governance to influence R & D investment from two aspects: motivation analysis and influence mode. Finally, it further discusses the impact of R & D investment on institutional investors' shareholding. In the part of empirical test, this paper selects A-share listed companies with institutional investors' holdings in Shenzhen from 2007-2010 as a sample. The relationship between institutional investors and R & D investment of listed companies is investigated by using institutional investors' overall shareholding ratio, different types of institutional investors' shareholding ratio and R & D intensity as explanatory variables. In general, the institutional investors in China can urge listed companies to increase R & D investment, but different types of institutional investors have different effects on R & D investment of listed companies, at the same time. Increasing R & D investment by listed companies will attract some institutional investors to hold more shares, which indicates that the development of institutional investors in China is not balanced, and it still needs to be reformed and perfected. Finally, according to the conclusion of this paper, it is suggested that China should develop institutional investors and optimize the structure of institutional investors. Appropriate relaxation or release of institutional investors to participate in corporate governance related laws and regulations; Increase the R & D investment of listed companies, so that listed companies and institutional investors to achieve win-win.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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