机构投资者持股与中小投资者利益保护

发布时间：2017-12-31 05:00

本文关键词：机构投资者持股与中小投资者利益保护　出处：《广东商学院》2013年硕士论文　论文类型：学位论文

【摘要】：从20世纪80年代开始，投资者法人化、机构化已成为国际证券市场的一个发展趋势。随着机构投资者持股比例的不断提高，他们也开始积极参与公司治理。当前，我国上市公司治理广泛存在着内部人控制和控股股东侵犯中小股东利益的问题。在探讨这一问题的解决途径时，很多学者都开始关注机构投资者的作用。不过，理论界对机构投资者能否保护中小投资者的争论还在继续。因此，本文从机构投资者的角度出发，研究机构投资者能否通过参与公司治理，，发挥监督者的作用，保护中小投资者利益。本文选取了2009-2011年在深圳证券交易所主板上市的公司作为研究对象。研究发现，机构投资者持股比例正向作用于上市公司中小投资者保护，机构投资者持股比例越高，对中小投资者保护越好。机构投资者数目越多的公司，对中小投资者保护越好。机构投资者能否保护中小投资者利益取决于机构投资者持股比例的高低和机构投资者数目的多少。
[Abstract]:From the beginning of the 1980s , institutional investors have become a developing trend of international security market . With the increasing proportion of institutional investors , many scholars begin to actively participate in corporate governance . At present , many scholars have begun to pay attention to the role of institutional investors . However , in the discussion of the solution to this problem , many scholars have begun to pay attention to the role of institutional investors . The paper selects the companies listed on the main board of Shenzhen Stock Exchange in 2009 - 2011 as the research object . The research finds that the higher the proportion of institutional investors , the higher the holding proportion of institutional investors , the better the protection of small and medium - sized investors . The larger the number of institutional investors , the better the protection of small and medium - sized investors . Whether the institutional investors can protect the interests of small and medium - sized investors depends on the proportion of institutional investors and the number of institutional investors .

【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【引证文献】