证券投资基金持股期限对上市公司绩效的影响研究

发布时间：2018-04-03 14:55

本文选题：证券投资基金　切入点：公司治理　出处：《西安电子科技大学》2013年硕士论文

【摘要】：以证券投资基金为代表的机构投资者发展迅速，在资本市场中起到了越来越重要的作用，但是我国机构投资者多以短期投资为主，使得其难以正常发挥影响公司治理的作用。本文正是从证券投资基金持股期限这个角度出发，把握其影响上市公司治理的内在机理，选取578个上市公司样本连续7个季度（2010年1季度至2011年3季度）中前十大流通股东的证券投资基金持股期限数据，经过相关性分析和回归检验，讨论基金持股期限与上市公司绩效的关系，完成证券投资基金持股期限与上市公司绩效的实证研究，结果表明证券投资基金持股期限与上市公司绩效存在显著的正相关关系，并且在上市公司性质和股权集中度的限制下，这种相关关系表现出明显的差异性。本文对证券投资基金参与上市公司治理进行全面和深入的研究，旨在发现证券投资基金持股期限与公司治理之间的关系，从而更好发挥证券投资基金的稳定作用，，以期对上市公司的治理结构产生一定的积极影响，为基金行业的快速健康发展提供一些有意义的理论指导。
[Abstract]:The institutional investors, represented by securities investment funds, have developed rapidly and played a more and more important role in the capital market. However, the majority of institutional investors in our country mainly invest in the short term, which makes it difficult for them to play a normal role in influencing corporate governance.From the perspective of the stock holding period of the securities investment fund, this paper tries to grasp the internal mechanism of its influence on the governance of the listed company.The stock holding term data of the top 10 circulating shareholders of 578 listed companies for 7 consecutive quarters (from the first quarter of 2010 to the third quarter of 2011) were selected and analyzed by correlation analysis and regression test.This paper discusses the relationship between the duration of the fund holding and the performance of the listed company, and completes the empirical study of the duration of the stock holding of the securities investment fund and the performance of the listed company. The results show that there is a significant positive correlation between the duration of the stock holding of the fund and the performance of the listed company.And under the limitation of the nature of listed company and the degree of equity concentration, the correlation relationship shows obvious difference.This paper makes a comprehensive and in-depth study on the participation of securities investment funds in the governance of listed companies, in order to find out the relationship between the duration of securities investment funds' shareholding and corporate governance, so as to give better play to the stabilizing role of securities investment funds.In order to have a certain positive impact on the governance structure of listed companies and provide some meaningful theoretical guidance for the rapid and healthy development of the fund industry.
【学位授予单位】：西安电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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