异质机构投资者与企业绩效的关系研究

发布时间：2018-04-05 23:36

本文选题：异质机构投资者　切入点：大股东资金占用水平　出处：《山东大学》2017年硕士论文

【摘要】：由于政治经济环境的变化,机构投资者在证券市场中迅速崛起。随着持股比例的不断增加和法律政策的逐渐宽松,机构投资者开始慢慢地摆脱消极、沉默的形象,以积极的态度参与公司治理,从而获得更多长期的回报。"机构股东积极主义"增强了机构投资者的话语权,有效地保障了各中小股东的利益,让其在公司治理中的重要性逐渐显露出来。在国外成熟资本市场,机构投资者已经被很多学者证明是一种非常有效的外部治理机制,他们可以通过纠正管理者的短视行为来提高公司的价值。我国政府也通过制定相关法规试图引导机构投资者参与公司治理,但是却依然出现各种投机行为。有学者认为,中国机构投资者的股东积极主义会受到法律和现实背景的限制。因此,作为一个具有独特股权特征,尚处在资本市场发展阶段的国家,机构投资者是否可以确实提高公司的治理水平,仍需进行进一步研究。有别于国外对于机构投资者异质性各种深入的研究,我国目前仍处于整体研究的阶段,异质性研究较少。为了与国际主流接轨,本文在借鉴国内外学者的基础上,按照持股独立性把机构投资者分为压力敏感型和压力不敏感型两种,分别研究其对企业绩效的影响。同时,由于机构投资者与企业绩效之间传导链条过长,可能会产生"伪回归"等问题,影响研究结果的准确性,因此本文选取大股东资金占用水平和关联担保作为中介变量,研究机构持股与企业绩效的传导路径,增强结果的可靠性。在研究设计方面,本文选取长期绩效作为因变量,不仅可以消除机构投资者与企业绩效的内生性,还可以反映出机构投资者对绩效的长期影响,以及关联担保和大股东资金占用对企业长期绩效的影响。在进行面板数据处理后,本文得出以下结论:(1)压力不敏感型的机构投资者持股比例与企业绩效正相关,而压力敏感型的机构投资者持股比例与企业绩效不相关;(2)压力不敏感型的机构投资者持股与大股东的资金占用水平及关联担保水平负相关;而压力敏感型的机构投资者持股与大股东资金占用水平及关联担保水平不相关。(3)大股东资金占用水平和关联担保会对企业绩效产生不利影响;(4)大股东资金占用及关联担保在压力不敏感型的机构投资者持股与企业绩效的关系中起到中介作用;而由于压力敏感型的机构投资者并不会对企业绩效产生影响,因此大股东资金占用及关联担保无法在此二者的关系中起到传导作用。通过本文的研究,可以在很大程度上弥补现有研究的不足,还可以为我国机构投资者的发展提供依据,为有关部门提供合理的建议。
[Abstract]:As a result of the change of the political economy environment, the institutional investor rises rapidly in the stock market.With the increasing shareholding ratio and the gradual loosening of legal policy, institutional investors are slowly getting rid of the negative and silent image and participating in corporate governance in a positive manner, thus obtaining more long-term returns. "Institutional shareholder activism "strengthens the voice of institutional investors, effectively protects the interests of small and medium-sized shareholders, and gradually reveals its importance in corporate governance."In foreign mature capital markets, institutional investors have been proved by many scholars to be a very effective external governance mechanism, they can improve the value of the company by correcting managers' short-sighted behavior.Our government also tries to guide institutional investors to participate in corporate governance by making relevant laws and regulations, but there are still various speculative behaviors.Some scholars believe that the shareholder activism of Chinese institutional investors will be restricted by the legal and realistic background.Therefore, as a country with unique equity characteristics and at the stage of capital market development, it is still necessary to further study whether institutional investors can improve the corporate governance level.Different from the in-depth research on institutional investor heterogeneity in foreign countries, our country is still in the stage of overall research, and the research on heterogeneity is less.In order to connect with the mainstream of the world, based on the reference of domestic and foreign scholars, this paper divides institutional investors into stress-sensitive type and non-stress-sensitive type according to the independence of shareholding, and respectively studies their impact on corporate performance.At the same time, because the transmission chain between institutional investors and enterprise performance is too long, there may be some problems such as "pseudo regression", which will affect the accuracy of the research results. Therefore, this paper selects the level of capital occupation of large shareholders and the associated guarantee as intermediary variables.To study the transmission path between institutional shareholding and firm performance to enhance the reliability of the results.In the aspect of research and design, this paper chooses long-term performance as dependent variable, which can not only eliminate the endogeneity of institutional investors and firm performance, but also reflect the long-term impact of institutional investors on performance.And the influence of related guarantee and large shareholder capital occupation on the long-term performance of the enterprise.After panel data processing, this paper draws the following conclusion: 1) the proportion of institutional investors holding shares in a stress-insensitive type is positively correlated with corporate performance.However, the proportion of institutional investors holding shares is not related to firm performance. (2) the proportion of institutional investors holding shares is negatively correlated with the level of capital occupation and the level of associated guarantee of large shareholders;However, stress-sensitive institutional investors' shareholding is not related to the level of capital occupation of large shareholders and the level of related guarantee. 3) the level of capital occupation of large shareholders and the associated guarantee will have a negative impact on the performance of the enterprise.The related guarantee plays an intermediary role in the relationship between the holding of institutional investors and the performance of the firm;Since the stress-sensitive institutional investors do not have an impact on the performance of the firm, the capital occupation of large shareholders and the associated guarantee can not play a conductive role in the relationship between the two.Through the research of this paper, we can make up the deficiency of the existing research to a great extent, also can provide the basis for the development of the institutional investors in our country, and provide reasonable suggestions for the relevant departments.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.39

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