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机构投资者异质性对高管变更影响的实证研究

发布时间:2019-02-09 07:30
【摘要】:随着机构投资者在我国资本市场上的蓬勃发展及其地位的迅速攀升,机构投资者在公司治理机制中所起到的作用日益受到大家的关注。介于目前越来越多的正规专业机构的引入,机构投资者是否能够有效行驶其监督权,对公司重大决策的制定会产生举足轻重的影响。高管职位变更,尤其是高管的非自愿变更,作为公司的一项重大事件,会从某个角度上反映出公司绩效变化以及公司管理情况。同样通过这一决策的制定,也可以反映出公司管理者以及监管者的态度,从而进一步能够考量出作为监管者新生力量的机构投资者,其参与公司治理的积极性究竟如何。然而,不同类型的机构投资者由于自身特点以及投资偏好的差异,并不是都有意愿或是有能力发挥其监督管理作用,因此,机构投资者在公司治理中到底扮演着怎样的角色,起到怎样的作用,又与上市公司存在着怎样的关系?本文将就如上问题进行实证分析研究。本文选择高管职位变更这一研究视角,选取2011-2013年间沪深A股且发生过高管非自愿变更的上市公司为研究样本,在将机构投资者划分为压力敏感型与压力抵制型的基础上,来进一步实证研究机构投资者参与公司治理对于高管职位变更这一公司重大决策的实际影响。经过实证研究分析后得到结果显示,机构投资者整体持股比例越高,则因业绩下滑而导致的高管非自愿变更的可能性越小,这表明机构投资者通常在公司治理中没有起到积极有效的监管作用;压力敏感型机构投资者产生的影响不显著;压力抵制型机构投资者在持股比例较高的情况下,通常能积极地参与到公司治理中去。综上所述,本文认为我国机构投资者参与公司治理的积极性与监管力度还有待于进一步加强。
[Abstract]:With the vigorous development of institutional investors in China's capital market and the rapid rise of their status, the role of institutional investors in the corporate governance mechanism has attracted more and more attention. At present, with the introduction of more and more formal professional institutions, whether the institutional investors can effectively drive their supervisory power will have a significant impact on the making of major decisions of the company. The change of executive position, especially the involuntary change of executive position, as a major event of the company, can reflect the change of the company's performance and the management of the company in a certain way. By making this decision, we can also reflect the attitude of corporate managers and regulators, so that we can further consider the enthusiasm of institutional investors, as the new forces of regulators, to participate in corporate governance. However, different types of institutional investors, due to their own characteristics and differences in investment preferences, are not willing or able to play their supervisory and managerial role. Therefore, what role does institutional investors play in corporate governance? What role does it play, and what kind of relationship does it have with listed companies? This article will carry on the empirical analysis research to the above question. In this paper, we choose the research perspective of senior management position change, and select listed companies with Shanghai and Shenzhen A shares which have changed executives involuntarily from 2011-2013 as the research sample, on the basis of classifying institutional investors as stress-sensitive and pressure-resistant. To further empirically study the actual impact of institutional investor participation in corporate governance on executive position change, which is a major decision of the company. After empirical analysis, the results show that the higher the proportion of institutional investors' overall ownership, the less likely it is for executives to change involuntarily as a result of performance decline. This shows that institutional investors usually do not play an active and effective regulatory role in corporate governance; The influence of pressure sensitive institutional investors is not significant, and pressure resistance institutional investors usually participate actively in corporate governance in the case of high shareholding ratio. To sum up, this paper believes that the enthusiasm and supervision of institutional investors to participate in corporate governance need to be further strengthened.
【学位授予单位】:辽宁大学
【学位级别】:硕士
【学位授予年份】:2015
【分类号】:F272.91;F832.51

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