我国机构投资者与上市公司财务绩效的实证研究

发布时间：2018-08-02 09:43

【摘要】：在全球资本市场中，机构投资者占据越来越重要的地位。从上世纪90年代开始，机构投资者在英、美等资本市场相对比较成熟的国家就已经发挥着主导作用，积极参与公司治理。我国自1997年对机构投资者敞开大门以来，机构投资者伴随股票市场的发展也逐步壮大起来，机构投资者已经成为我国金融市场的主体。本文拟基于机构投资者与公司治理、与财务绩效理论，借鉴国外对机构投资者的研究方法，围绕我国资本市场上的机构投资者与上市公司财务绩效这一主题展开实证分析。通过检验机构投资者与上市公司财务绩效的关系，来判断我国机构投资者是否已具备“价值发现者”的条件，机构投资者的存在对上市公司财务绩效究竟有没有影响，同时不同类型的机构投资者对上市公司的作用机制是怎样的。通过实证研究，发现我国机构投资者并未扮演好其“价值发现者”的角色，对上市公司财务绩效的改善能力也存在局限性。但是，不同类型的机构投资者对上市公司的财务绩效的作用是不同的，其中证券投资基金在我国资本市场中占据主导地位。这主要是由于我国资本市场不够完善，机构投资者在选择适当有利的投资对象时受到诸多不利因素的限制，同时在实际参与上市公司治理时，机构投资者能够产生的积极影响可能有限。另外，盈余管理的存在也可能导致我国机构投资者的持股比例之和与上市公司财务绩效之间的相关关系不显著。最后，根据实证结论，获取两点启示：一是我国机构投资者尚未发挥其“价值发现”和“价值创造”功能，二是不同类型机构投资者对上市公司以及资本市场的影响不同。同时，，提出应当完善我国资本市场建设、规范上市公司的行为、加强上市公司盈余管理、健康发展我国机构投资者并积极引导机构投资者参与上市公司治理。
[Abstract]:In the global capital market, institutional investors play an increasingly important role. Since the 1990s, institutional investors have played a leading role in corporate governance in countries with relatively mature capital markets such as the United Kingdom and the United States. Since our country opened the door to the institutional investors in 1997, the institutional investors have gradually strengthened with the development of the stock market, and institutional investors have become the main body of the financial market in our country. Based on the theory of institutional investor and corporate governance and financial performance, this paper intends to make an empirical analysis on the subject of financial performance of institutional investors and listed companies in China's capital market by referring to the research methods of institutional investors in foreign countries. By examining the relationship between institutional investors and the financial performance of listed companies, we can judge whether the institutional investors have the conditions of "value discoverers", and whether the existence of institutional investors has any influence on the financial performance of listed companies. At the same time, different types of institutional investors on the listed companies how the role of the mechanism. Through the empirical research, it is found that the institutional investors in our country have not played the role of "value discoverer", and the ability to improve the financial performance of listed companies is also limited. However, different types of institutional investors play different roles in the financial performance of listed companies, in which the securities investment funds play a dominant role in the capital market of our country. This is mainly due to the fact that the capital market of our country is not perfect enough, institutional investors are restricted by many unfavorable factors when they choose suitable and favorable investment objects, and at the same time, when they actually participate in the governance of listed companies, The positive impact that institutional investors can have may be limited. In addition, the existence of earnings management may lead to the lack of significant correlation between the sum of the shareholdings of institutional investors and the financial performance of listed companies. Finally, according to the empirical conclusions, two enlightenments are obtained: first, the institutional investors in China have not yet played their "value discovery" and "value creation" functions, and the other is the different types of institutional investors have different influences on listed companies and capital markets. At the same time, we should perfect the construction of our country's capital market, standardize the behavior of listed companies, strengthen the earnings management of listed companies, develop our institutional investors healthily and actively guide institutional investors to participate in the governance of listed companies.
【学位授予单位】：中南民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】