机构投资者网络对公司治理绩效影响研究

发布时间：2018-05-26 01:11

本文选题：机构投资者网络 + 公司治理绩效　；参考：《天津财经大学》2012年硕士论文

【摘要】：机构投资者网络现象在中国上市公司中已经成为一个普遍存在的现象,但国内外学者的研究却很少探讨中国机构投资者网络现象。因此,本文基于机构投资者网络现象进行了相关概念探讨和实证研究,旨在使我们对机构投资者网络有一个较为深入的认识,并为中国公司治理实践提供指引。本研究从理论上对我国机构投资者网络含义、相关特征以及形成机制进行深入探讨；对机构投资者网络介入公司治理的理论基础进行分析,并在此基础上提出研究假设；对机构投资者网络介入公司治理微观因素进行分析,并对本研究的理论逻辑架构模型进行构建。在研究方法上,首先采用了描述性统计分析方法对我国机构投资者网络发展现状进行描述,现状描述包括我国机构投资者网络存在的普遍性、机构董事分布、机构投资者网络规模以及各类机构投资者每年持股变化情况,并对本研究选取的自变量、因变量以及控制变量进行描述性统计。接下来对面板数据模型进行选择,并通过相关性检验后进行实证研究。本研究以上海证券交易所2008-2010年存在机构投资者的252家上市公司为样本,以Tobin's Q为衡量公司治理绩效的因变量,以机构投资者网络总体持股规模、机构投资者网络持股集中度以及机构董事比例为自变量,采用面板数据模型深入考察机构投资者网络对公司治理的绩效实际影响进行实证研究检验。研究结果表明：机构投资者网络持股规模的增加可以提高公司绩效；机构投资者网络集中度越高,对公司治理绩效产生不利的影响。
[Abstract]:The phenomenon of institutional investor network has become a common phenomenon in listed companies in China, but few scholars at home and abroad have explored the phenomenon of institutional investor network in China. Therefore, based on the phenomenon of institutional investor network, this paper carries on the related concept discussion and the empirical research, in order to make us have a deeper understanding to the institutional investor network, and provides the guidance for the practice of corporate governance in China. This study theoretically discusses the meaning, relevant characteristics and formation mechanism of institutional investor network in China, analyzes the theoretical basis of institutional investor network intervention in corporate governance, and puts forward the research hypothesis on this basis. This paper analyzes the micro factors of institutional investor network involvement in corporate governance, and constructs the theoretical logical framework model of this study. In the aspect of research methods, firstly, the descriptive statistical analysis method is used to describe the current situation of institutional investor network in China, including the universality of institutional investor network and the distribution of institutional directors. The scale of institutional investor network and the changes of institutional investors' stock holdings are analyzed. The independent variables, dependent variables and control variables selected in this study are analyzed. Then the panel data model is selected, and the empirical research is carried out after the correlation test. This study takes 252 listed companies with institutional investors in Shanghai Stock Exchange from 2008 to 2010 as a sample, takes Tobin's Q as the dependent variable to measure corporate governance performance, and takes the total shareholding scale of institutional investor network as a whole. The degree of institutional investor network ownership concentration and the proportion of institutional directors are independent variables. The panel data model is used to investigate the actual impact of institutional investor network on corporate governance. The results show that: the increase of institutional investors' network shareholding scale can improve corporate performance, and the higher the concentration of institutional investors' network, the more adverse impact on corporate governance performance.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F270.7;F224;F832.4

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