中国机构投资者对公司价值影响的实证研究

发布时间：2018-01-05 02:10

本文关键词：中国机构投资者对公司价值影响的实证研究　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：在监管当局于2001年提出“超常规发展机构投资者”口号后的十余年间,机构投资者保持着发展壮大的态势,其在市场上的持股占比不断增长,市场力量也越来越强。与此同时,国内金融市场也处在不断完善的进程中,因此在内外部两个因素的共同作用下,机构投资者对于公司价值的影响程度也随之被放大。全文通过理论分析和实证检验来探讨机构投资者持股对于公司价值的影响作用。本文首先整理机构投投资者与公司治理和公司价值相关的国内外文献,并对机构投资者参与公司治理的动因以及对于公司价值的提升作用进行了分析整理,随后基于A股上市公司的数据,采用多元回归的方法进行了实证检验。回归结果表明,机构投资者的持股参与能有效降低公司代理成本,并提高上市公司价值。本文还采用了两阶段最小二乘法,在消除内生性问题后,进一步研究机构投资者持股如何影响公司价值。我们发现,“用手投票”和“用脚投票”两种效应并存,即机构投资者倾向于投资市场业绩表现好的公司,并且在随后的投资阶段,起到提升公司价值的作用。本文更进一步选取了持股期限这一个视角,把机构投资者分为长期和短期两种群体,实证结果显示,相比于短期机构投资者,长期机构投资者持股与公司价值提升的相关性更高。并且不同类型的机构投资者对于公司价值提升的影响程度存在巨大差别,其中以基金与公司价值之间的正相关关系最为显著。最后,结合上述理论分析和实证检验,我们认为目前国内机构投资者仍处于初步发展阶段,机构投资者参与公司治理的程度不高,因此对于公司价值的提升作用也都比较有限。建议全面协调发展机构投资者,并在此基础上,推进不同类型机构投资者之间的联合行动。
[Abstract]:The regulatory authorities put forward the "extraordinary development of institutional investors" slogan in 2001 after more than ten years, institutional investors maintain a growth trend in the market, the shareholding proportion is growing, the market power is more and more strong. At the same time, the domestic financial market is in the process of continuous improvement, therefore in the common role two internal and external factors under the influence of institutional investors on the value of the company will be enlarged. The paper through theoretical analysis and empirical test to investigate the impact of institutional investors on the value of the company. This paper first finishing mechanism investor and corporate governance and corporate value of related literature at home and abroad, and the motivation of institutional investors participate in corporate governance and to enhance the value of the company was analyzed, then the A shares of listed companies based on the data, using multiple regression The method of the empirical test. The regression results show that the holdings of institutional investors participation can effectively reduce agency cost, and increase the value of listed companies. This paper also uses two stage least squares method in nature eliminating after further study of institutional investors holding shares how to affect the value of the company. We found that the "vote" and the "vote by foot" two effects coexist, namely institutional investors tend to invest in the market performance of a good company, and in the subsequent stages of the investment, to enhance the company value. This paper further selects the perspective of the institutional investors holding period, divided into short-term and long-term two groups, positive the results show that, compared to the short-term institutional investors, long-term relationship between institutional investors and corporate value is higher. And the different types of institutional investors on corporate value There is a huge difference between the value of influence degree of ascension, which is a positive correlation between the fund and the company value is the most significant. Finally, combining the above theoretical analysis and empirical test, we believe that the current domestic institutional investors are still in the preliminary stage of development, institutional investors are not high degree of participation in corporate governance, thus to enhance the role of the value of the company is are relatively limited. Suggestions for comprehensive and coordinated development of institutional investors, and on this basis, to promote joint action between different types of institutional investors.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F271;F832.51

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