机构持股对中小投资者保护的影响研究

发布时间：2019-05-19 14:43

【摘要】：经历二十多年,我国资本市场有了一定的发展,法律制度逐步完善,但对中小投资者利益的保护仍显不足,企业诚信存在较大问题,违规现象普遍存在,虚假报告、粉饰报表等行为时有发生,内部人侵害中小投资者的行为屡见不鲜。相对于弱势的中小投资者而言,机构投资者具有较强的力量与内部人抗衡,并参与到公司治理当中。二十一世纪初,随着股权分置改革的进行,我国大力倡导发展机构投资者,使得机构投资者的持股比例逐年上升,为其参与公司治理实现了可能。由于我国机构投资者近几年才逐渐发展,机构投资者对中小投资者的保护作用的研究还较少见。在此背景下,本文主要研究机构持股对中小投资者利益保护的影响,从所有权角度寻找保护中小投资者利益的有效途径。本文首先从法律和政府、市场、公司三个层面综述了投资者保护的相关文献和投资者保护的衡量方法,梳理了机构投资者对中小投资者保护影响的相关文献,阐明本文研究的理论基础是信息不对称理论和代理理论,分析了中小投资者利益实现的途径,其次从理论上探讨了机构持股对中小投资者保护的作用机制,在此基础上,构建了公司层面的中小投资者保护指数,通过采集深交所700家上市公司2009年的相关数据,计算并验证该指数,将该指数应用于后文的实证检验。最后,采用相关性分析、参数检验、回归分析等方法,分别检验了机构投资者持股与上市公司信息披露透明度、投资回报、治理结构、公司价值和公司诚信方面的关系,并总体检验了机构持股对中小投资者保护指数的影响。为了验证结论的可靠性,本文还对研究结果进行了内生性检验。实证结果发现,机构持股对上市公司的信息披露透明度、投资者的投资回报、公司治理结构和公司价值有正向作用,而对公司诚信作用不明显,对中小投资者保护指数产生显著正向作用,随着持股比例的提高,这种作用越明显。内生性检验结果也表明,运用工具变量法和联立方程模型控制了内生性问题后,机构持股对小投资者保护具有积极影响的结论依然成立。本文的主要贡献,一是梳理了投资者保护的相关文献,尤其对投资者保护的衡量方法进行了较为详细的整理;二是在现有文献的基础上,构建了公司层面的中小投资者保护指数；三是运用回归分析证实了机构持股对中小投资者保护具有积极影响,为我国中小投资者保护提供了一定的借鉴意义。为了确保实证结果的可靠性,在对机构持股与中小投资者保护指数进行回归分析后,对该结论进行了内生性检验。
[Abstract]:After more than 20 years, China's capital market has developed to a certain extent, and the legal system has been gradually improved, but the protection of the interests of small and medium-sized investors is still insufficient, there are great problems in the integrity of enterprises, violations are widespread, and false reports are widespread. Whitewashing statements and other acts occur from time to time, insiders infringing on small and medium-sized investors is not uncommon. Compared with the weak small and medium-sized investors, institutional investors have a strong force to compete with insiders, and participate in corporate governance. At the beginning of 21 century, with the reform of split share structure, our country strongly advocated the development of institutional investors, which made the proportion of institutional investors increase year by year, which made it possible for them to participate in corporate governance. Due to the gradual development of institutional investors in China in recent years, there are few studies on the protective effect of institutional investors on small and medium-sized investors. In this context, this paper mainly studies the impact of institutional shareholding on the protection of the interests of small and medium-sized investors, from the perspective of ownership to find an effective way to protect the interests of small and medium-sized investors. This paper first summarizes the relevant literature of investor protection and the measurement methods of investor protection from the legal and government, market and company levels, and combs the relevant literature on the impact of institutional investors on the protection of small and medium-sized investors. This paper expounds that the theoretical basis of this paper is the theory of information asymmetry and agency theory, analyzes the ways to realize the interests of small and medium-sized investors, and then theoretically discusses the mechanism of institutional shareholding on the protection of small and medium-sized investors. The protection index of small and medium-sized investors at the corporate level is constructed. by collecting the relevant data of 700 listed companies in Shenzhen Stock Exchange in 2009, the index is calculated and verified, and the index is applied to the empirical test. Finally, the relationship between institutional investor shareholding and information disclosure transparency, investment return, governance structure, corporate value and corporate integrity is tested by means of correlation analysis, parameter test and regression analysis. And the overall test of the impact of institutional shareholding on the protection index of small and medium-sized investors. In order to verify the reliability of the conclusion, the endophytic test of the research results is also carried out in this paper. The empirical results show that institutional shareholding has a positive effect on the transparency of information disclosure of listed companies, the return on investment of investors, corporate governance structure and corporate value, but has no obvious effect on corporate integrity. It has a significant positive effect on the protection index of small and medium-sized investors, and with the increase of the proportion of shareholding, this effect is more obvious. The results of endogeny test also show that the conclusion that institutional shareholding has a positive impact on the protection of small investors is still valid after controlling the endogeny problem by using the tool variable method and the simultaneous equation model. The main contribution of this paper is to sort out the relevant literature of investor protection, especially to sort out the measurement methods of investor protection in detail. Second, on the basis of the existing literature, the protection index of small and medium-sized investors at the corporate level is constructed. Third, it is confirmed by regression analysis that institutional shareholding has a positive impact on the protection of small and medium-sized investors, which provides a certain reference significance for the protection of small and medium-sized investors in China. In order to ensure the reliability of the empirical results, after the regression analysis of institutional shareholding and the protection index of small and medium-sized investors, the endogeny test of this conclusion is carried out.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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