机构投资者独立性与公司绩效关系的研究

发布时间：2018-04-05 01:09

本文选题：独立性　切入点：压力敏感型机构投资者　出处：《西安电子科技大学》2013年硕士论文

【摘要】：在中国证监会提出超常规发展机构投资者的战略下，近年来我国以证券投资基金为代表的机构投资者快速发展，逐渐成为我国资本市场的主导力量，而且逐步形成了机构投资者多元化格局。机构投资者的多元化格局意味着除证券投资基金外的机构者持股达到了一定规模，并对资本市场产生重要影响。机构投资者的多元化发展引起了学者对机构投资者异质性的关注，进一步深化到研究独立性不同的机构投资者。由于我国上市公司股权结构存在很多问题，公司内部治理机制和外部治理机制发挥的作用有限。随着机构投资者的迅速发展，其在上市公司中的持股比例越来越大，为实现股东利益最大化，机构投资者越来越多的参与到公司治理中。相对于个人投资者，机构投资者具备规模、信息和人员等优势，所以机构投资者能够克服个人投资者在公司治理上的搭便车问题，从而改善公司治理和提高公司绩效。但是，不同的机构投资者在诸多方面存在着重要差异，所以机构投资者对公司治理和公司绩效会产生不同的影响。本文以理论分析、定量和定性分析相结合的方式研究了机构投资者独立性对公司绩效的影响。文章首先对机构投资者异质性和独立性进行定义，在代理理论和产权理论的基础上分析了机构投资者参与公司治理的机制。然后陈述了我国机构投资者的发展历程，并对其现状和结构特点进行具体的解析。最后实证分析了机构投资者整体、压力抵制型机构投资者和压力敏感型机构投资者的持股比例与公司绩效的关系，并进一步实证分析股权制衡结构对机构投资者独立性与公司绩效之间关系的影响。理论与实证分析表明，压力抵制型机构投资者比压力敏感型机构投资者更能积极的参与公司治理，从而更有利于公司绩效的提高。而且抵制型机构投资者在股权制衡度低的上市公司中参与公司治理的能力受到限制。本文研究丰富了机构投资者的文献，，对于正确理解机构投资者的作用具有现实意义。
[Abstract]:Under the strategy of the China Securities Regulatory Commission (CSRC) to develop the institutional investors, the institutional investors, represented by the securities investment funds, have developed rapidly in recent years, and gradually become the leading force in the capital market of our country.And has gradually formed the institutional investor diversification pattern.The diversified pattern of institutional investors means that the institutional holdings of institutional investors have reached a certain scale in addition to the securities investment funds and have an important impact on the capital market.The diversified development of institutional investors has aroused scholars' attention to the heterogeneity of institutional investors, and further deepened the research of institutional investors with different independence.Due to many problems in the ownership structure of listed companies in China, the internal and external governance mechanisms play a limited role.With the rapid development of institutional investors, the proportion of their shares in listed companies is increasing. In order to maximize the interests of shareholders, institutional investors are more and more involved in corporate governance.Compared with individual investors, institutional investors have the advantages of scale, information and personnel, so institutional investors can overcome the free-rider problem of individual investors in corporate governance, thereby improving corporate governance and corporate performance.However, different institutional investors have important differences in many aspects, so institutional investors will have different effects on corporate governance and corporate performance.In this paper, the influence of institutional investor independence on corporate performance is studied by theoretical analysis, quantitative analysis and qualitative analysis.This paper first defines the heterogeneity and independence of institutional investors and analyzes the mechanism of institutional investors' participation in corporate governance on the basis of agency theory and property right theory.Then the development of institutional investors in China is described, and the current situation and structural characteristics of institutional investors are analyzed in detail.Finally, the paper empirically analyzes the relationship between corporate performance and the shareholding ratio of institutional investors, pressure-resistant institutional investors and pressure-sensitive institutional investors.And further empirical analysis of the impact of equity balance structure on the relationship between institutional investor independence and corporate performance.Theoretical and empirical analysis shows that pressure-resistant institutional investors can participate in corporate governance more actively than pressure-sensitive institutional investors, which is more conducive to the improvement of corporate performance.Moreover, the ability of boycott institutional investors to participate in corporate governance in listed companies with low equity checks and balances is restricted.This study enriches the literature of institutional investors and has practical significance for the correct understanding of the role of institutional investors.
【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】：F832.51

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