机构投资者持股对制造业上市公司绩效的影响研究

发布时间：2018-03-27 04:54

本文选题：机构投资者　切入点：上市公司　出处：《安徽财经大学》2014年硕士论文

【摘要】：一直以来,关于机构投资者持股影响上市公司绩效的研究从来没有停止过,并且随着机构投资者的不断发展与壮大,其广泛地参与到公司治理中去并对公司绩效产生影响,这使得机构投资者持股与上市公司绩效之间的关系研究受到了学术界的不断关注。从已有的文献并综合国内外学者的观点来看,对机构投资者持有上市公司股份影响公司绩效的结论具体分为以下三种：一是机构投资者持股与上市公司绩效正相关；二是机构投资者并没有很好的发挥提高上市公司绩效的作用；三是不同类型的机构投资者对上市公司绩效的影响具有差异性。由以上结论可以看出,目前对于机构投资者持股影响上市公司绩效的研究还没有形成统一的定论。本文在总结前人研究的基础上,选取制造业上市公司作为我国上市公司的代表,选取制造业作为研究样本的主要原因为：首先,我国制造业上市公司在所有上市公司中占据60%以上的比重,具有代表性；其次,由于制造业的增加值在我国GDP中占据40%以上的比重,其作为影响我国经济发展的重要力量具有现实的研究意义。因此本文选取制造业上市公司作为研究对象,探讨机构投资者持股对制造业上市公司绩效的影响。本文以机构投资者与上市公司之间的相关理论为基础,在衡量上市公司绩效方面运用托宾Q值法和财务指标法,在实证部分具体通过描述性统计、单位根检验、格兰杰因果检验、变量之间的相关性分析、多元回归等分析方法,实证检验了机构投资者持股与制造业上市公司绩效评价指标之间的关系,并考察了机构投资者总体持股和不同类型机构投资者持股对制造业上市公司绩效的影响,研究结论得出机构投资者总体持股和压力抵制型机构投资者持股与制造业上市公司绩效正相关,而压力敏感型机构投资者持股对制造业上市公司绩效没有显著影响。文章最后对实证结论进行了分析,并提出要积极发展机构投资者、优化机构投资者结构等政策建议。
[Abstract]:All along, the research on institutional investor's stock holding influence the performance of listed company has never stopped, and with the continuous development and expansion of institutional investors, its extensive participation in corporate governance and its impact on corporate performance. This makes the research on the relationship between institutional investors' shareholding and the performance of listed companies getting more and more attention in academic circles. From the existing literature and from the point of view of domestic and foreign scholars, The conclusions that institutional investors hold shares of listed companies affect the performance of companies are divided into the following three types: first, institutional investors holding shares and listed company performance is positively correlated; Second, institutional investors do not play a good role in improving the performance of listed companies; third, different types of institutional investors have different effects on the performance of listed companies. At present, there is no uniform conclusion that institutional investors' shareholding affects the performance of listed companies. On the basis of summarizing the previous studies, this paper selects the manufacturing listed companies as the representative of the listed companies in our country, and the main reasons for selecting the manufacturing industry as the research samples are as follows: first, China's manufacturing listed companies account for more than 60% of all listed companies, which is representative. Secondly, because the manufacturing value added accounts for more than 40% of GDP in China, Therefore, this paper selects the listed companies in manufacturing industry as the research object, and discusses the impact of institutional investors' shareholding on the performance of listed manufacturing companies. Based on the relevant theories between institutional investors and listed companies, this paper applies Tobin Q value method and financial index method to measure the performance of listed companies. In the empirical part, it passes descriptive statistics and unit root test. Granger causality test, correlation analysis among variables, multiple regression and other analytical methods, empirically test the relationship between institutional investors' shareholding and the performance evaluation index of listed manufacturing companies. The effects of institutional investors' overall shareholding and different types of institutional investors' shareholding on the performance of listed manufacturing companies are also investigated. It is concluded that the overall ownership of institutional investors and the holding of pressure-resistant institutional investors are positively correlated with the performance of listed manufacturing companies. However, there is no significant effect on the performance of listed manufacturing companies by holding shares of pressure-sensitive institutional investors. Finally, the paper analyzes the empirical conclusions and puts forward some policy suggestions such as actively developing institutional investors and optimizing the structure of institutional investors.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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