机构投资者持股影响因素的实证研究

发布时间：2019-07-02 10:59

【摘要】：随着市场经济的不断发展,我国的投资机构迎来了跨越式的发展,已经成为资金雄厚、拥有巨大市场影响力的主体。越来越多人的经济状况与社会保障基金、证券投资基金等机构投资者在资本市场中的投资经营有关。很多学者的研究认为机构投资者的壮大彻底改变了公司的股权结构,改善了传统的公司治理,成为多数发达资本市场建设过程和上市公司治理进程中不可或缺的重要力量。但是在研究中,他们通常没有对机构投资者的身份进行区分,与个人投资者相比,机构投资者是用别人的资金进行投资,在信息不对称的固有矛盾下具有双重的委托代理的身份,这对机构投资者的投资产生影响。本文通过对影响机构投资者持股因素的分析,力图研究出它们在资本市场上的表现和参与公司治理的程度。首先,在理论上,本文结合委托代理、信息不对称等基础理论,分析机构投资者特殊的双重身份。从上市公司的治理结构上看,机构投资者是它的股东之一,是委托方;而对投资者而言,投资机构主要由融资构成,本身的所有权与经营权也是相分离的,机构投资者的管理层与资金委托人之间也具有委托代理关系,充当代理人的角色。本文在此基础上,对机构投资者的持股决策进行分析,分别从机构投资者的经纪人本质、风险控制、持股特性以及决策选择四个方面进行论述。其次,本文在实证研究中,选取了2007—2009年度在沪、深两市公开发行A、B、H股的上市公司共2856个作为样本。并对这些样本公司的财务信息、市场表现信息以及公司治理信息与机构投资者持股的比率的相关性进行了实证检验,验证了本文提出的假设,即机构投资者持股与上市公司的财务信息、市场表现信息以及公司治理信息存在着显著的相关关系。最后,根据研究结论提出建议,我国在大力发展机构投资者的同时,应该不断完善机构投资者管理、监督制度,加强对机构投资者的教育,从而抑制机构投资者在资本市场中的投机行为,提高自身对公司治理的参与程度,发挥其在资本市场中的积极作用。
[Abstract]:With the continuous development of market economy, the investment institutions in our country have ushered in the leap-forward development, and have become the main body with strong funds and great market influence. More and more people's economic situation is related to the investment and operation of institutional investors such as social security funds, securities investment funds and so on in the capital market. Many scholars think that the growth of institutional investors has completely changed the ownership structure of the company, improved the traditional corporate governance, and become an indispensable and important force in the construction process of most developed capital markets and the governance process of listed companies. However, in the study, they usually do not distinguish the identity of institutional investors. Compared with individual investors, institutional investors invest with other people's funds and have a dual principal-agent status under the inherent contradiction of asymmetric information, which has an impact on the investment of institutional investors. Based on the analysis of the factors affecting institutional investors' shareholding, this paper tries to study their performance in the capital market and the degree of their participation in corporate governance. First of all, in theory, this paper analyzes the special dual identity of institutional investors based on the basic theory of principal-agent, information asymmetry and so on. From the point of view of the governance structure of listed companies, institutional investors are one of its shareholders and entrustors; for investors, investment institutions are mainly composed of financing, their own ownership and management rights are also separated, institutional investors' management and capital principal also have principal-agent relationship, acting as an agent. On this basis, this paper analyzes the shareholding decision of institutional investors, and discusses the nature of brokers, risk control, shareholding characteristics and decision selection of institutional investors. Secondly, in the empirical study, this paper selects a total of 2856 listed companies that issue A, B and H shares in Shanghai and Shenzhen stock markets in 2007 and 2009 as samples. This paper also empirically tests the correlation between the financial information, market performance information and corporate governance information of these sample companies and the ratio of institutional investors to institutional investors' shareholding, and verifies the hypothesis put forward in this paper, that is, there is a significant correlation between institutional investor shareholding and listed companies' financial information, market performance information and corporate governance information. Finally, according to the conclusions of the study, it is suggested that while vigorously developing institutional investors, our country should constantly improve the management and supervision system of institutional investors and strengthen the education of institutional investors, so as to restrain the speculative behavior of institutional investors in the capital market, improve their participation in corporate governance, and give full play to their positive role in the capital market.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F832.51;F224

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